XS Financial Confirms Third Tranche Drawdown with PharmaCann
JUL 13, 2020 - 6:45 am
XS Financial (XS), a specialty finance company engaged in equipment leasing in the U.S., confirmed that PharmaCann, a privately held and vertically-integrated cannabis company, continues to draw down on its lease amount.
PharmaCann was approved for an equipment lease of up to $3.4 million for new equipment purchases to be deployed in tranches on a pro-rata basis and based on 48-month terms. This drawdown brings the total drawn to date to approximately $2.8 million for new equipment, which allows PharmaCann to expand its manufacturing capabilities in multiple markets, including Ohio, Illinois, Massachusetts, Pennsylvania and New York. More than 90 pieces of various equipment were sourced from 36 vendors who are part of the company’s preferred vendor program.
“It’s a pleasure working with XS,” Brett Novey, CEO of PharmaCann, said. “Their internal procurement team provides valuable support in addition to the capital provided, and XS continues to be a great partner. This equipment allows PharmaCann to expand our production capabilities in high-growth, limited-license jurisdictions in a more capital-efficient manner.”
“As our customers grow, XS will be there to support their needs and provide tailored and flexible equipment leasing solutions to mitigate large capital outlays or excessive dilution,” David Kivitz, CEO of XS, said. “PharmaCann is one of the largest vertically-integrated cannabis companies in the United States, and we are very pleased to work with them.”
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