XS Financial Inc. (“XS Financial”, “XSF” or the “Company”) (CSE:XSF) (OTCQB:XSHLF), a specialty finance company providing equipment leasing solutions to cannabis companies in the United States, announced today that the Company has upsized Ayr Wellness (“Ayr) (CSE: AYR.A) (OTCQX: AYRWF) equipment lease facility from $5.3 million, as previously announced on November 2, 2020, to $21.4 million. All amounts are in U.S. dollars.
Ayr Wellness has fully utilized the original lease facility and, with its recent drawdown, has received a total of $11.8 million across 21 lease schedules.
Brad Asher, CFO of Ayr Wellness, commented: “The XS team has done an outstanding job simplifying the process to acquire state-of-the-art equipment across our markets, allowing us to continue to achieve our mission of being the largest producer of high-quality cannabis at scale. The on-demand, non-dilutive financing that we can draw on as needed with no commitments or fees with unused availability provides our company with tremendous flexibility as we continue to scale to meet consumer demand for our offerings.”
Antony Radbod, COO of XS Financial, commented: “We are pleased to support Ayr Wellness with their nationwide expansion and are thrilled to upsize our financing commitment. Following our initial lease, this upsized facility is a natural next step in a long-term relationship with Ayr Wellness and we look forward to supporting their growing needs as they advance their market-leading business in high-growth markets.
