A New Canaan-based company that provides real estate capital to state-licensed cannabis operators and counts firms such as Massachusetts-based Curaleaf as clients has raised roughly $102 million in its over-the-counter initial public offering.
Shares of NewLake Capital Partners are expected to begin trading today on the OTCQX Best Market, which is operated by the OTC Markets Group. Sometimes referred to as the “pink sheets market,” over-the-counter trades take place directly between dealers, without the mediation of an exchange.
NewLake was offering 3.9 million shares of common stock at $26 per share.
“This transaction allows us to continue our growth strategy by adding more revenue-centric cannabis properties to our portfolio,” said NewLake Chairman Gordon DuGan. “I eagerly anticipate this next stage of development as the current landscape is prime for NewLake to scale our sizable existing portfolio and serve the real estate capital needs of the cannabis industry.”
NewLake buys properties leased to state-licensed U.S. cannabis operators. It currently owns 27 properties across 10 states with eight tenants, including Curaleaf, which has a regional office in Simsbury and runs medical cannabis grow facilities and dispensaries in Connecticut.
Other clients include Cresco Labs, Trulieve and Columbia Care.
