Cannabis real estate investment trust (REIT) NewLake Capital Partners said it has now fully committed the capital raised in a $100 million initial public offering last year by investing $50 million in three properties.
The three deals were with two undisclosed, publicly held multistate marijuana operators, according to a news release.
NewLake said it:
- Acquired a 38,000-square-foot cultivation facility in Pennsylvania for $14.5 million.
- Acquired a 56,000-square-foot cultivation facility in Nevada for $13.6 million. The Connecticut-based REIT said Nevada is a new market for the company.
- Invested $21 million into an already-completed, 50,000-square-foot expansion at an existing cultivation facility.
“Through these transactions, we have added a new publicly-traded MSO tenant partner, a new market to NewLake’s portfolio and taken advantage of built-in growth in our portfolio,” NewLake CEO David Weinstein said in the release.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Pre-order your 2023 MJBiz Factbook now!
- 200+ pages and 50 charts with key data points
- State-by-state guide to regulations, taxes & opportunities
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
NewLake owns 31 cultivation facilities and dispensaries that are leased back to cannabis operators.
The company, which also has provided two loans totaling $35 million, recently signed a $30 million credit facility to bolster its cannabis investments.