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XS Financial Announces $30MM Upsized CAPEX Facility for PharmaCann

December 13, 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 PharmaCann Inc. up to $30 million.

Patrick Unzicker, Chief Financial Officer of PharmaCann, said, "XS Financial is a great capital provider and distinguishes itself with deep industry knowledge with equipment financing solutions tailored to meet our needs. By financing through XS, PharmaCann is able to match the useful life of the equipment with the leasing term which optimizes our cost of capital and preserves our liquidity and other financing sources for other longer-term growth investments."

David Kivitz, CEO of XS Financial, said, "We are thrilled to expand our relationship with one of our longest-tenured customers (since 2019) as their needs have increased. PharmaCann currently operates in 8 states across the United States, and XS provides the equipment financing solution that has flexibility for their business while never charging non-utilization fees. As PharmaCann grows and scales, so do its infrastructure requirements. We expect more requests for large-scale CAPEX from the industry, including cultivation, manufacturing, and processing equipment and will finance more of these mission-critical items for qualified customers."

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