NewLake Capital Partners, Inc.

NewLake Capital Partners, Inc. is an internally managed real estate investment trust (REIT) that provides real estate capital to state-licensed cannabis operators. The company focuses on sale-leaseback transactions, third-party purchases, and funding for build-to-suit projects. NewLake Capital Partners, Inc. elected to be taxed as a REIT starting with its short taxable year ended December 31, 2019. Its properties are leased to single tenants on a long-term, triple-net basis, meaning tenants are responsible for ongoing property expenses in addition to rent. The company primarily supplies real estate capital to businesses that cultivate, produce, and/or dispense cannabis. As of December 31, 2025, NewLake Capital Partners, Inc. owned a geographically diversified portfolio of 34 properties across 12 states with 11 tenants. This portfolio includes 19 dispensaries and 15 cultivation facilities. All leases include a parent or other affiliate guarantee. U.S. legal cannabis sales totaled approximately $31.4 billion in 2024.