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.
To read more, click on MJBizDaily