Cannabis real estate firm NewLake Capital Partners closes $ 101.56 million IPO and will begin trading on OTC
A real estate leaseback company for the cannabis industry NewLake Capital Partners, Inc. announced Monday to have closed its initial public offering of 3.91 million common shares at an initial public offering price of $ 26.00 per share.
Settlement of the offer took place on August 13, 2021. The Company expects its shares to be listed on the OTCQX Best Market operated by OTC Markets Group, Inc. shortly after the offering closes.
The company contributed the net proceeds of this offering to its operating partnership, which will use them to acquire the Company’s target assets.
Ladenburg Thalmann & Co. Inc., Compass Point Research & Trading, LLC and Loop Capital Markets LLC served as placement agents for the offer.
In March of this year, NewLake Capital Partners Inc. merged with GreenAcreage Real Estate Corp., another cannabis-focused investment vehicle creating the combined company as NewLake Capital Partners, Inc.
With over $ 325 million in assets, over $ 110 million in cash and a diverse portfolio of 24 properties in 9 states, the combined business has grown into one of the largest in the industry.
Among its tenants are cannabis giants such as Curaleaf Holdings (OTCQX: CURLF), Cresco Laboratories (OTCQX: CRLBF) and Truly (OTC: TCNNF).