CHICAGO (STL.News) – NewLake Capital Partners, Inc. announced today that it closed a private placement of $85.5 million in Preferred Stock, with the first draw of capital having occurred August 28, 2019. NewLake is a newly formed, internally managed, Maryland corporation focused on acquiring specialized industrial and retail properties to be leased to state-licensed cannabis operators. With one of the largest, non-captive, initial capital raises in the cannabis real estate industry, NewLake is focused on serving a diverse group of high-quality cannabis companies.
“We are excited to serve the real estate needs of this high-growth industry,” commented Anthony Coniglio, CEO of NewLake. “We have assembled a world class team of professionals that are highly experienced in real estate, cannabis and capital markets. We are thrilled to be partnered with successful entrepreneurs in cannabis and real estate such as Peter Kadens, Former CEO of Green Thumb Industries; Stephen Quazzo, Founder and CEO of Pearlmark; and Al Goldstein, Founder and CEO of Avant. Our Board and Management team bring over 150 years of experience from highly successful companies such as GTI, Pearlmark, Innovative Industrial Properties, CBRE, Equity Group Investments, Prologis, Meridian Capital, JPMorgan, The Carlyle Group and Goldman Sachs. Additionally, our Board has significant public company experience having served as Directors of Starwood Hotels & Resorts, Marriot Vacations, Atlas Resource Partners and Green Thumb Industries.”
“NewLake’s differentiated strategy is to serve the needs a diversified group of cannabis operators across the many property types important to execute their business strategy,” continued Coniglio. “Our team is in dialogue with many of the top multi-state operators and we look forward to being a trusted partner to our clients, while building a diversified portfolio of quality tenants and properties.”
NewLake is a newly formed, internally managed, Maryland corporation focused on acquiring specialized industrial and retail properties to be leased to state-licensed cannabis operators. NewLake intends to elect to be taxed as a real estate investment trust for U.S. federal income tax purposes once it meets all applicable criteria.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Preferred Stock or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.