New Cannabis-Focused Real Estate Company NewLake Raises $85.5M

New cannabis-focused real estate company, NewLake Capital Partners announced Friday it has completed a private placement of $85.5 million in preferred stock, having its first draw of capital on Aug. 28.

New Lake is a Maryland corporation that works on obtaining industrial and retail properties to be leased to licensed cannabis companies. It said it had one of the biggest, non-captive, initial capital raises in the cannabis real state industry.

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"We are excited to serve the real estate needs of this high-growth industry," said 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."

"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," he continued. "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."

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