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XS Financial Upsizes Lease Facility with Ayr Wellness up to $21.4MM

July 22, 2021, 07:18 AM
Filed Under: Cannabis

XS Financial Inc., a specialty finance company providing equipment leasing solutions to cannabis companies in the United States, announced the company has upsized Ayr Wellness’ equipment lease facility from $5.3 million, as previously announced Nov. 2, 2020, to $21.4 million.

Ayr Wellness has fully utilized the original lease facility and, with its recent drawdown, has received a total of $11.8 million across 21 lease schedules.

"The XS team has done an outstanding job simplifying the process to acquire state-of-the-art equipment across our markets, allowing us to continue to achieve our mission of being the largest producer of high-quality cannabis at scale.” said Brad Asher, Chief Financial Officer of Ayr Wellness. “The on-demand, non-dilutive financing that we can draw on as needed with no commitments or fees with unused availability provides our company with tremendous flexibility as we continue to scale to meet consumer demand for our offerings."

Antony Radbod, Chief Operating Officer of XS Financial, said, "We are pleased to support Ayr Wellness with their nationwide expansion and are thrilled to upsize our financing commitment. Following our initial lease, this upsized facility is a natural next step in a long-term relationship with Ayr Wellness and we look forward to supporting their growing needs as they advance their market-leading business in high-growth markets.

Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator.

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