XS Financial Retires urban-gro Convertible Note for $2.3MM

urban-gro, an integrated professional services and design-build firm offering solutions to the controlled environment agriculture and commercial sectors, entered into an agreement related to its investment in a private placement convertible note with XS Financial, an equipment finance company to the U.S. cannabis industry.

Both companies mutually agreed that XSF would retire the company’s convertible note for $2.3 million, a 10% discount to the company’s current book value of the investment. The $2.3 million cash payment received is in addition to the $0.3 million of interest earned and received since making the original $2.5 million investment in Q4/21.

“We believe XS Financial is a great company working to support the cannabis industry by helping clients finance their capital expenditures and we look forward to continuing our strategic relationship,” Bradley Nattrass, chairman and CEO, said. “As we look ahead and position ourselves for the future, we are focused internally on sound capital management, maintaining a healthy balance sheet, and executing on our multi-sector business development plan.”

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