Cannabis REIT NewLake invests $50 million in three properties

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.

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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.