Xtraction Reports Second Tranche Drawdown with PharmaCann
MAY 22, 2020 - 6:28 am
PharmaCann, a privately held and vertically-integrated cannabis company, continues to draw down on its lease amount from Xtraction Services (XS), a specialty finance company engaged in equipment leasing in the U.S.
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 $0.94 million for new equipment, which allows PharmaCann to expand their manufacturing capabilities in multiple markets including Ohio, Illinois, Massachusetts and Pennsylvania, and now New York.
David Kivitz, chief executive officer of XS, commented, “We are pleased to provide continual support to PharmaCann’s growth initiatives. This additional draw down will allow them to enter a new state, New York, which has an anticipated rapid growth rate for cannabis usage. We are proud to be able to provide tailored and flexible equipment leasing solutions to allow companies to achieve their goals without worrying about extensive capital outlays, excessive dilution or cumbersome financing solutions.”
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