NewLake Capital Partners acquires research, cultivation and processing property in Missouri for total investment of $21.1 Million
NewLake Capital Partners, Inc. (OTCQX: NLCP) (“The Company” or “NewLake”), a leading provider of real estate capital to state-licensed cannabis operators, closed on its purchase of a 70,000-square-foot industrial property in Chaffee, Missouri and entered into a long-term, triple-net lease with Organic Remedies of Missouri (“Organic Remedies”).
NewLake’s total investment in the property will be $21.1 million, which includes $16 million at closing and a commitment to fund $5.1 million of tenant improvement allowances to complete renovations of the building. Organic Remedies operates the property as a cultivation and processing facility.
“We are excited to partner with Organic Remedies as they build out their presence in Missouri,” said David Weinstein, NewLake’s Chief Executive Officer. “Our entrance into Missouri marks the eleventh state in which we own properties and further diversifies our real estate portfolio.”
About Organic Remedies
Organic Remedies is a life science organization committed to improving the overall wellness of patients by producing and dispensing affordable quality medical marijuana products while continuing the advancement of medical marijuana therapies through genetics, collaborative research, and superior patient care. Organic Remedies provides safe, effective medical marijuana therapies to patients. Organic Remedies delivers a clinical approach for the utilization of medical marijuana that is patient-focused, collaborative and outcomes-based. For more information, visit www.OrganicRemediesMO.com.
About NewLake Capital Partners, Inc.
NewLake Capital Partners, Inc. is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects. NewLake owns a portfolio of 27 cultivation facilities and dispensaries utilized in the cannabis industry that are leased to single tenants on a triple-net basis.
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