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.

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.

Source: https://mjbizdaily.com/cannabis-reit-newlake-invests-50-million-in-three-properties/