Cannabis REIT NewLake: YoY Increase In Q4 & FY 2023 Revenue Amid 'Challenging Environment,' CEO Says
Portfolio Pulse from Jelena Martinovic
NewLake Capital Partners, Inc. (NLCP) reported a 6.4% YoY increase in Q4 revenue and a 5.1% increase in full-year revenue for 2023, amidst a challenging cannabis industry environment. The company also announced a dividend increase and highlighted financial achievements including record revenue and AFFO. Additionally, NewLake invested in expanding a cultivation facility in Missouri and sold a facility in Massachusetts.

March 11, 2024 | 2:09 pm
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NewLake Capital Partners, Inc. reported increased revenue and dividends in 2023, signaling strong financial performance and strategic expansion efforts.
The reported increase in revenue and dividends, along with strategic investments and asset sales, indicate a positive outlook for NLCP. The company's ability to grow amidst a challenging environment for the cannabis industry suggests strong management and operational efficiency. The increase in dividends is particularly noteworthy for investors, as it reflects the company's confidence in its financial stability and commitment to shareholder returns. The strategic expansion and asset optimization further bolster the case for a positive short-term impact on NLCP's stock price.
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