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XS Financial Upsizes to $37.4MM CAPEX Facility for Ayr Wellness

May 10, 2022, 07:15 AM
Filed Under: Cannabis

XS Financial Inc., a specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States, announced it has upsized its lease facility with Ayr Wellness  up to $37.4 Million including an immediate drawdown of $12 million, bringing the total usage to over $33.1 million.

Brad Asher, Chief Financial Officer, of AYR Wellness said, "Working with the XS team has been a seamless process over the last two years. They are fully integrated as an extension of our procurement and development teams, who have benefitted from their deep industry knowledge in state-of-the-art equipment. We are proud of our long-standing partnership with the XS team and their commitment to achieving our mission of being the largest producer of high-quality cannabis at scale."

David Kivitz, CEO of XS Financial, said, "We are thrilled to expand our relationship with one of our longest-tenured customers as their needs have increased. We work with AYR to provide an equipment financing solution that has flexibility for their business while never charging non-utilization fees. AYR is one of the largest cannabis companies in the U.S., and as their facilities and footprint continue to grow and scale, so do their infrastructure requirements. We expect more requests for large-scale CAPEX from the industry, including cultivation, manufacturing, and processing equipment and will be financing more of these mission-critical items for qualified customers."

Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator focused on delivering the highest quality cannabis products and customer experience throughout its footprint.

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