Cannabis REIT NewLake's Q1 2024 Revenue Grows 10.4% Hitting $12.6M, CEO Is Optimistic About Possible Marijuana Rescheduling
Portfolio Pulse from Patricio Liddle
Cannabis REIT NewLake Capital Partners Inc. (NLCP) reported a 10.4% increase in Q1 2024 revenue, reaching $12.6 million. Net income and FFO also saw year-over-year increases. The company highlighted its strategic expansion, including a $4 million acquisition of a Connecticut cultivation facility and a $12 million commitment for tenant improvements. NewLake's CEO expressed optimism about the cannabis industry's future, especially with potential marijuana rescheduling. NLCP's stock was up 0.33% at $20.35 per share.
May 09, 2024 | 5:25 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
NewLake Capital Partners Inc. reported a 10.4% increase in Q1 2024 revenue, reaching $12.6 million, and expressed optimism about the cannabis industry's future. The company's stock was up 0.33% at $20.35 per share.
The positive financial performance and strategic expansion activities of NewLake Capital, coupled with the CEO's optimism about potential regulatory changes in the cannabis industry, are likely to foster investor confidence and contribute to a positive short-term price movement for NLCP shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100