Cannabis REIT NewLake Invests $16M In Connecticut Marijuana Cultivation Facility, Expands Partnership With Michigan’s C3 Industries
Cannabis REIT NewLake Capital Partners, Inc. (OTCQX:NLCP) announced on Wednesday that it is acquiring a 58,500 square-foot industrial property in East Hartford, Connecticut. The company also said that it has entered into a long-term triple net lease with an affiliate of Michigan-based C3 Industries Inc.
NewLake’s investment will be $16 million. The sum includes a purchase price of $4 million and a $12 million construction allowance to retrofit the former cold-storage facility.
The move represents NewLake’s second transaction with C3, having partnered with the company on their cultivation facility in Missouri earlier.
Anthony Coniglio, NewLake’s president and CEO, praised the move.
“We are excited to announce this transaction and expand our relationship with our partners at C3 – a company that has proven its ability to grow with discipline, …