Tuesday 03 March 2020

3 March 2020 - US real estate investment vehicle NewLake Capital Partners, Inc., focussed on acquiring a diversified real estate portfolio of industrial and retail properties in the cannabis industry, has closed its sale-leaseback transactions with PharmaCann Inc. for properties located in Massachusetts and Pennsylvania within the acquired portfolio, the company said. 

The total purchase price for the four properties is approximately USD 3.4m and consists of three retail dispensaries in Massachusetts and one in Pennsylvania. Concurrent with the closing of the first three properties, NewLake entered into long-term, triple-net lease agreements for each property with PharmaCann which intends to operate the properties as licensed dispensary facilities.

PharmaCann is expected to make certain improvements to the properties, for which NewLake has agreed to provide reimbursement of up to USD 2.8m. Assuming full reimbursement for such improvements, NewLake's total investment in the properties will be USD 6.2m.

NewLake Capital Partners, Inc. is an independent investment vehicle focussed on acquiring a diversified real estate portfolio of industrial and retail properties in the cannabis industry to be leased to state-licensed operators in limited license states. NewLake has acquired a portfolio from coast-to-coast with tenants across the supply chain including cultivation, manufacturing and retail.

PharmaCann Inc. is a vertically integrated cannabis company in the United States, providing safe, reliable, and high-quality cannabis products to people in both medical and recreational markets.

PharmaCann currently operates in six states and holds licenses to operate up to 5 cultivation centres and 26 dispensaries within its geographic footprint.