Following NewLake Capital Partners' NLCP recently reported Q3 financial results, the company announced its Board of Directors authorized a $10 million share repurchase program and the formation of an independent Environmental, Social & Governance (ESG) committee as part of the board.
According to a press release, the share repurchase program, effective immediately, allows for the repurchase of up to $10 million of the Company's common shares through December 31, 2023.
“Any purchases made pursuant to the program will be made either in the open market, in privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rules 10b-18 of the Securities and Exchange Commission,” reads the press release.
Anthony Coniglio, NewLake’s president CEO confirmed that “while there continue to be attractive investment opportunities across the cannabis real estate sector,” there is compelling value in the company's stock.
“The authorization of a $10 million share repurchase program underscores our confidence in the quality of our portfolio, robust pipeline, and growth opportunity of the cannabis industry for many years to come,” Coniglio said. "Also, the Board’s formation of an independent ESG committee reaffirms our commitment to having the highest standard of oversight, strategy, and management of all ESG matters.”
By making this a committee of the Board versus a subcommittee, “we are elevating our focus and accountability on this important initiative.” he concluded.
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