LOS ANGELES, CA / ACCESSWIRE / February 1, 2021 / XS Financial Inc. ("XS Financial", "XSF" or the "Company") (CSE:XSF) (OTCQB:XSHLF), an equipment finance and leasing company serving cannabis and hemp companies in the United States, announced today that the Company has advanced approximately $3,200,000 to Columbia Care Inc. (NEO:CCHW ) (OTCQX:CCHWF) representing Columbia Care's first and second drawdowns against the $5.0 million leasing facility announced on December 3, 2020. This second tranche has a term of 48 months. All amounts are in U.S. dollars.
David Kivitz, CEO of XS Financial commented: "Our advances to Columbia Care demonstrate XS Financial's ability to support industry leading companies by rapidly deploying capital for equipment and CapEx. Columbia Care is one of the largest and most experienced multi-state operators in the cannabis industry, with licenses in 18 jurisdictions in the United States and the European Union. The amount announced today will finance equipment Columbia Care needs for its operations in New Jersey, Virginia, Florida, and Massachusetts. We look forward to expanding our financing relationship with Columbia Care as they achieve significant growth and increase the depth of their nationwide footprint."
Joshua Snyder, VP Business Development of Columbia Care commented: "This non-dilutive equipment financing from XS Financial provides us with increased flexibility and allows us to more quickly acquire and deploy cultivation and manufacturing hardware needed to increase our capacity in advance of market expansions and adult use transitions. XS Financial has been a terrific partner ensuring that funding is properly matched to equipment needs at attractive rates, while freeing up our cash for acquisitions and other growth initiatives."
About XS Financial
Founded in 2017, XSF specializes in providing equipment leasing solutions in the United States to owner/operators of cannabis and hemp companies, including cultivators, oil processors, manufacturers and testing laboratories. In addition, XSF provides a full range of consulting services including equipment selection and procurement, through its network of preferred vendor partnerships with original equipment manufacturers and equipment distributors. This powerful dynamic provides an end-to-end solution for customers which results in recurring revenues, strong profit margins, and a proven business model for XSF stakeholders. The Company's common shares are traded on the Canadian Securities Exchange under the symbol "XSF" and in the United States on the OTCQB under the symbol " XSHLF." For more information, visit: www.xsfinancial.com.
For inquiries please contact:
David Kivitz
Chief Executive Officer
Antony Radbod
Chief Operating Officer
Tel: 1-310-683-2336
Email: ir@xsfinancial.com
Forward-Looking Information
This press release contains "forward-looking information" and may also contain statements that may constitute "forward-looking statements", collectively "forward-looking information", within the meaning of applicable Canadian securities legislation. Such forward-looking information is not representative of historical facts or information or current condition, but instead represent the beliefs and expectations regarding future events about the business and the industry and markets in which XS Financial operates, as well as plans or objectives of management, many of which, by their nature, are inherently uncertain. Generally, such forward-looking information can be identified by the use of terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information contained herein may include but is not limited to, any additional leasing opportunities and the ability to capitalize on such and the timing thereof. Forward-looking information is not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Accordingly, readers should not place undue reliance on forward-looking information, which are qualified in their entirety by this cautionary statement. XS Financial Inc., does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: XS Financial
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