Real estate investment trust (REIT) NewLake Capital Partners, Inc. closed its initial public offering (IPO) today, reportedly raising $102 million from 3,905,950 shares of common stock.
NewLake Capital is a prominent cannabis REIT that owns 27 properties across 10 states – 17 dispensaries and 10 grow facilities – and has eight tenants, including big names such as Cresco Labs, Columbia Care, and Curaleaf. “NewLake’s current portfolio consists of assets leased to high-quality companies in the cannabis space. As the cannabis industry continues to expand, with additional states recently legalizing cannabis for medical or adult-use, the potential for further growth of our portfolio continues to accelerate,” said NewLake’s President and Chief Investment Officer, Anthony Coniglio.
David Weinstein, Chief Executive Officer of NewLake, said, “The closing of our IPO is a significant milestone and provides us with additional investment capital to continue our growth trajectory as one of the leading providers of real estate capital across the cannabis industry. We want to express our gratitude to the investment community for supporting our initial public offering and believing in our long-term vision.” It will be interesting to watch how NewLake Capital Partners continues to grow as a company, who else they take on as tenants, and what they do in the cannabis sphere moving forward from the closing of their IPO.
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