Cannabis REIT NewLake’s Q1 2024 Revenue Grows 10.4% Hitting $12.6M, CEO Is Optimistic About Possible Marijuana Rescheduling
Cannabis REIT NewLake Capital Partners Inc. (OCTQX: NLCP) announced its financial results Thursday for the first quarter of the year ended March 31, 2024. With a primary focus on providing real estate capital to state-licensed cannabis operators, the company’s performance underscores its resilience and strategic positioning within the burgeoning cannabis industry.
Q1 2024 Financial Highlights
Revenue totaled $12.6 million, as compared to $11.4 million in Q1 2023, an increase of 10.4% year-over-year.
Net income attributable to common stockholders totaled $6.9 million, as compared to $5.9 million in the same quarter last year.
FFO totaled $10.6 million, as compared to $9.5 million, an increase of 10.8% year-over-year.
AFFO totaled $11 million, as compared to $9.9 million, an increase of 10.6% year-over-year.
Operational Highlights And Strategic Moves
NewLake’s operational highlights underscore its commitment to value creation and strategic expansion. Notably, the company increased its Q1 dividend to $0.41 per common …