Recently, NewLake Capital Partners Inc., a notable capital provider for cannabis operators licensed by the state, provided insights into their $10 million equity buyback effort. They’ve successfully secured 713,831 shares with an average valuation of $12.96 each, encompassing commissions, deploying about $9.3 million of the set $10 million sanction.
On September 15, 2023, the governing board of NewLake gave the nod to boost the current equity repurchase scheme by another $10 million, ensuring its continuity until December 31, 2024. This leaves an estimated fund pool of $10.7 million for the program. This robust approval by the board facilitates NewLake in strategically purchasing stocks and channeling more investments into sale-leaseback deals, as highlighted by the company’s CEO and President, Anthony Coniglio.
Introducing NewLake Capital Partners Inc.
NewLake Capital Partners Inc. operates as a real estate investment entity primarily dedicated to furnishing capital solutions to cannabis ventures licensed by states via sale-leaseback deals and independent acquisitions. Additionally, they cater to custom-build projects within the burgeoning cannabis realm. Recognized as a prime capital conduit in real estate, they stand as a preferred choice for cannabis enterprises in need of property procurement or leaseback opportunities.
Fulfilling Market Demands
As more states legalize cannabis for medical and recreational use, there is a growing demand for cultivation centers, distribution facilities, and dispensaries operated by licensed companies. By applying their real estate investment and financing expertise, NewLake Capital Partners Inc. can efficiently provide property acquisition services and funding assistance to cannabis businesses looking to expand their operations.