Marijuana REIT NewLake Capital inks $30 million credit facility

Marijuana industry real estate investment trust NewLake Capital Partners announced it secured a five-year revolving credit facility worth $30 million, with the possibility of expansion to $100 million “as additional lenders are added.”

The additional capital will allow the company to continue to invest in the cannabis industry, Anthony Coniglio, NewLake president and chief investment officer, said in a Monday news release.

“The revolving nature of this facility will help us to efficiently manage our capital usage,” he added.

NewLake did not name the lender of the credit facility.

The revolving loan carries a fixed interest rate of 5.65% for three years, with an unspecified floating rate after that.

NewLake undertakes sale-leaseback deals with state-licensed U.S. cannabis companies as well as purchasing and funding cannabis real estate projects.

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The New Canaan, Connecticut-based firm says its portfolio includes 28 cultivation facilities and marijuana dispensaries.

NewLake recently announced a deal with Michigan multistate marijuana operator C3 Industries worth $34 million.