XS Financial Inc.
The Los Angeles-based specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States intends to use loan proceeds and cash on hand to fund additional CAPEX and equipment leases with new and existing customers.
“This credit facility provides XS Financial with additional resources to expand our market-leading portfolio of equipment leases,” David Kivitz, CEO of XS Financial commented. “Our ability to close this credit facility with favorable pricing and terms in the current environment exhibits our financial strength and the high-quality customers we support, including several of our industry’s largest companies. We are thrilled to continue funding our existing and target borrowers at scale for their critical expansion projects when other capital sources are slowing.”
Meanwhile, according to data from the federal financial watchdog, the number of banks and credit unions reportedly working with cannabis companies is at a record high, with a total of 812 financial institutions reported working with cannabis businesses in the second quarter of 2023.