NewLake Capital Partners Merges With GreenAcreage Real Estate

Cannabis-focused investment vehicles, NewLake Capital Partners Inc. and GreenAcreage Real Estate Corp., confirmed its merger and creation of the combined company NewLake Capital Partners, Inc.

With more than $325 million in assets, over $110 million in cash, and a diversified portfolio of 24 properties in 9 states, the combined company touts to be among the biggest in the sector.

Among its tenants are cannabis giants, like Curaleaf CURLF, Cresco Labs CRLBF, Columbia Care CCHWF, and Trulieve TCNNF.

David Weinstein will oversee the new entity as CEO, with Anthony Coniglio as President/CIO and Gordon DuGan as chairman of the board.

Weinstein previously worked for MPG Office Trust, Belvedere Capital and Goldman Sach Group Inc. GS.

“Both of our respective teams are excited to have completed this merger, Weinstein stated. “Strategically, through this combination, the combined company has emerged as one of the largest real estate companies in the cannabis industry.”

NewLake’s founder and CEO, Anthony Coniglio previously was a managing director at JPMorgan Chase & Co. JPM. At NewLake, he handled 19 purchases of cannabis real estate properties in the last two years.

Coniglio noted that the combined portfolios make one of the leading cannabis real estate platforms in the cannabis industry, with diversification at the center of its strategy.

“With over $110 million of cash, we intend to aggressively pursue further investments and diversification," Coniglio said. "We are already in due diligence on several other potential investment opportunities in an effort to further accelerate growth.”