XS Financial Upsizes Lease Facility With Ayr Wellness Up To $21.4M

XS Financial Inc. reported Wednesday that it is upsizing Ayr Wellness AYR AYRWF with an equipment lease facility from $5.3 million to $21.4 million.

The vertically integrated cannabis company has completely utilized the original lease facility while obtaining a total of $11.8 million across 21 lease schedules, including its recent drawdowns.

Antony Radbod, COO of XS Financial, said he was pleased to support Ayr Wellness’ nationwide expansion through upsizing of "our financing commitment,” calling it “a natural next step” in collaboration with the cannabis company.

“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,” Brad Asher, CEO of Ayr Wellness, said.

The New York-headquartered multi-state cannabis operator has been expanding its presence around the country over the past period.

In March, the company disclosed plans to purchase GSD NJ, LLC, which is doing business as Garden State Dispensary in a $101 million deal, ahead of closing the acquisition of Ohio-based Parma Wellness Center LLC in a $17 million cash deal.

In addition, Ayr Wellness cut the ribbon on several new retail locations over the same period, including Liberty Health Sciences stores in Florida, located on the main strip of downtown Key West, and in Hollywood, Fla.

In fact, after selling two Boston dispensaries last week, tripling its grow capacity in Massachusetts, and buying cannabis cultivator Tahoe Hydroponics Company, LLC in a $17 million stock, cash and debt deal, Ayr Wellness was listed as one of the six companies the Green Market Report Cannabis Company Index plans to add for the third quarter due to the company's outstanding performance.

Photo: Courtesy of Benjamin Brunner on Unsplash