Cannabis REIT NewLake Invests $16M In Connecticut Marijuana Cultivation Facility, Expands Partnership With Michigan's C3 Industries
Portfolio Pulse from Jelena Martinovic
NewLake Capital Partners, Inc. (NLCP) is investing $16M in a Connecticut marijuana cultivation facility, expanding its partnership with C3 Industries. The investment includes a $4M purchase price and a $12M construction allowance for retrofitting a former cold-storage facility. This marks the second collaboration between NewLake and C3, following a previous partnership on a Missouri cultivation facility. The new Connecticut facility aims to produce high-quality indoor cannabis and drive economic development. The investment comes amid news that the DEA may reclassify marijuana, potentially benefiting the cannabis sector.
May 08, 2024 | 8:01 pm
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NewLake Capital Partners, Inc. is investing $16M in a Connecticut marijuana cultivation facility in partnership with C3 Industries, aiming to expand its footprint in the cannabis sector.
The investment in the Connecticut facility represents a strategic expansion for NewLake, potentially increasing its revenue through the lease and benefiting from the growing cannabis market in Connecticut. The DEA's potential reclassification of marijuana could further enhance the sector's growth prospects, positively impacting NewLake's investment.
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