NewLake Capital Partners Debuts On OTCQX Best Market, Closes $101.6M IPO, Increasing Cannabis Dispensary and Cultivation Portfolio

NewLake Capital Partners Debuts On OTCQX Best Market, Closes $101.6M IPO, Increasing Cannabis Dispensary and Cultivation Portfolio

NewLake Capital Partners, Inc NLCP, a sale-leaseback real estate company for the cannabis industry, began trading on the OTCQX Best Market under symbol NLCP on Friday, August 20.

The news was disclosed by OTC Markets Group Inc. OTCM on the heels of the company's closing of an initial public offering of 3.91 million shares of common stock at an IPO price of $26 per share.

The New York-based company recently said that the settlement of the offering took place last Friday, on August 13.

The net proceeds of approximately $102 million, before deducting placement agent fees and offering expenses, were contributed to its operating partnership, which will use them to acquire New Lake’s target assets.

Ladenburg Thalmann & Co. Inc., Compass Point Research & Trading, LLC and Loop Capital Markets LLC acted as placement agents for the transaction.

Earlier this year, the company acquired another cannabis-oriented investment vehicle, GreenAcreage Real Estate Corp., creating the combined entity with over $325 million in assets and more than $110 million in cash.

As of June 30, NewLake owned a portfolio of 27 cultivation facilities and dispensaries, across nine states utilized in the cannabis industry that were leased to single tenants on a long-term basis.

Photo: Courtesy of Roberto Valdivia on Unsplash

Posted In: IPOOTCQX Best MarketCannabisNewsOfferingsSmall CapMarketsReal Estate

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