CT cannabis-focused real estate investment firm raises $102M in IPO

A New Canaan-based company that provides real estate capital to state-licensed cannabis operators and its clients such as Curaleaf, based in Massachusetts, raised approximately $ 102 million in its over-the-counter IPO.

NewLake Capital Partners’ shares are expected to trade today on the OTCQX Best Market, operated by the OTC Markets Group. Sometimes also referred to as the “Pink Sheets Market”, OTC transactions take place directly between traders, without the intermediary of an exchange.

NewLake offered 3.9 million shares of common stock at $ 26 per share.

“This transaction allows us to continue our growth strategy by adding more income-driven cannabis properties to our portfolio,” said Gordon DuGan, Chairman of NewLake. “I am eagerly awaiting this next stage of development, as the current landscape is ideally suited for NewLake to scale our extensive existing portfolio and meet the real estate capital needs of the cannabis industry.”

NewLake buys real estate leased to state-licensed U.S. cannabis operators. It currently owns 27 properties in 10 states with eight tenants, including Curaleaf, which has a regional office in Simsbury and operates medical cannabis grows and pharmacies in Connecticut.

Other customers are Cresco Labs, Trulieve and Columbia Care.