Connecticut-based NewLake Capital Partners plans to invest as much as $34 million in a marijuana cultivation operation in Missouri.
NewLake, which provides real estate capital to cannabis operators, said in a news release it will:
- Commit $7.3 million to purchase a 40,000-square-foot industrial property in O’Fallon, Missouri, and lease the facility back to an affiliate of Michigan-based multistate operator C3 Industries.
- Invest $5.2 million to complete the construction of the facility. Completion is expected by June.
- Provide up to $16.5 million to purchase an adjacent parcel of land and fund the construction of a 65,000-square-foot cultivation facility to be leased back to C3.
- Issue a $5 million, interest-free, four-year loan to C3 that can be drawn over the next year.
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NewLake CEO David Weinstein said in the release that the company is making the investment because it has been impressed by C3’s success in unlimited-license states such as Michigan and Oregon.