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Cannabis Real Estate Company NewLake Capital Partners Wraps Up $101.56M IPO, Will Begin Trading On OTC

·1 min read

A sale-leaseback real estate company for the cannabis industry NewLake Capital Partners, Inc. announced on Monday that it has closed its initial public offering of 3.91 million shares of common stock at an initial public offering price of $26.00 per share.

The settlement of the offering occurred on August 13, 2021. The Company expects its shares to be quoted on the OTCQX Best Market operated by OTC Markets Group, Inc. shortly after the closing of the offering.

The Company contributed the net proceeds from this offering to its operating partnership, which will use them to acquire the Company’s target assets.

Ladenburg Thalmann & Co. Inc., Compass Point Research & Trading, LLC and Loop Capital Markets LLC served as placement agents for the offering.

Recent Milestone

In March this year, NewLake Capital Partners Inc. merged with GreenAcreage Real Estate Corp., another cannabis-oriented investment vehicle creating the combined company under the name - NewLake Capital Partners, Inc.

With more than $325 million in assets, over $110 million in cash and a diversified portfolio of 24 properties in 9 states, the combined company became one of the biggest in the sector.

Among its tenants are cannabis giants such as Curaleaf Holdings (OTCQX: CURLF), Cresco Labs (OTCQX: CRLBF) and Trulieve (OTC: TCNNF).

Photo: Courtesy of Elsa Olofsson on Unsplash

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