XS Financial Inc.,  a specialty finance company providing scalable equipment leasing solutions to cannabis and hemp companies in the United States, announced it has entered into a lease agreement with Skymint Brands (formerly known as Green Peak Innovations), Michigan's leading vertically integrated cannabis operator and the largest holder of recreational use and medical cannabis licenses in the state.

Skymint Brands has been approved for an equipment lease facility of up to $5 million for new equipment to be deployed in multiple tranches on a pro-rata basis and based on 48-month terms. Skymint Brands has already begun to draw down on the lease facility to assist with its strong growth in Michigan.

"Our financing will enable Michigan's leading vertically integrated recreational and medical cannabis company to obtain mission-critical equipment,” said David Kivitz, CEO of XS Financial. “This transaction exemplifies our strategic focus, which is to collaborate with premier cannabis and hemp operators and support their growth, resulting in larger leasing agreements and the potential for repeat business. We believe this is just the start of a long term, mutually beneficial relationship with Skymint Brands, and we look forward to growing alongside them as they continue to scale and capture market share."

Al Gever, President of Skymint Brands, said: "On the heels of strong performance in our first full year of operations, we are thrilled to have identified a strategic partner with extensive experience and deep expertise as a cannabis equipment financier. XS Financial will play a critical role in financing our growth capital as we significantly scale our operations heading into 2021 and extend our leadership position in Michigan."

For more information on XS Financial, which changed its name from Xtraction Services, see Equipment Finance Advisor’s interview with Kenneth Senter.