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NewLake Capital Partners, Inc. (NLCP) is a premier provider of real estate capital to state-licensed cannabis operators. Led by CEO Anthony Coniglio, NewLake focuses on quality properties in limited licensed states, emphasizing strong property-level cash flows. The company recently expanded its partnership with C3 Industries, supporting the growth of their vertically integrated cannabis operations in Connecticut. Founded in 2018, C3 Industries, led by founders Ankur and Vishal Rungta, is known for its premium cannabis brands like Cloud Cover, Galactic, and Habitat, operating in multiple states. NewLake's commitment to quality, innovation, and economic development underscores its position as a key player in the cannabis real estate sector.
NewLake Capital Partners (OCTQX: NLCP) reported strong Q2 2024 financial results. Revenue increased 9.5% year-over-year to $12.5 million. Net income attributable to common stockholders was $6.8 million, while FFO and AFFO totaled $10.5 million and $11.0 million respectively. The company declared a quarterly dividend of $0.43 per share, marking its third consecutive quarterly increase.
NewLake acquired a cultivation facility in Connecticut for $4.0 million and committed to $12.0 million in improvements. With $20.7 million in cash and $82.4 million available in its credit facility, the company is well-positioned for future growth. NewLake also established a $50 million ATM program, enhancing its financial flexibility.
NewLake Capital Partners (OTCQX: NLCP), a leading provider of real estate capital to state-licensed cannabis operators, has announced its upcoming second quarter 2024 earnings call. The call is scheduled for Thursday, August 8, 2024, at 11:00 a.m. Eastern Time. Investors can join the live call by dialing 1-877-407-3982 (U.S. Toll-Free) or 1-201-493-6780 (International). A webcast will also be available. For those unable to attend, a replay will be accessible until August 22, 2024, by dialing 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International) with the replay pin number: 13747921. Further details can be found on the company's Investor Relations website.
NewLake Capital Partners (OTCQX: NLCP) announced an increase in its second quarter 2024 cash dividend to $0.43 per share of common stock, equivalent to an annualized dividend of $1.72 per common share. The dividend will be payable on July 15, 2024, to stockholders of record as of June 28, 2024. This move highlights NewLake's commitment to delivering value to its shareholders and underscores its positive financial performance.
NewLake Capital Partners (OTCQX: NLCP), a leading provider of real estate capital to state-licensed cannabis operators, has announced that its President and CEO, Anthony Coniglio, will participate in a panel discussion at the Benzinga Cannabis Market Spotlight: New Jersey. This event is scheduled for June 17, 2024, at the New Brunswick Performing Arts Center. Coniglio will join the panel 'Lessons From Leadership: State of the Garden State' at 9:45 a.m. ET. Attendees can schedule one-on-one meetings with NewLake's management team by contacting KCSA Strategic Communications.
NewLake Capital Partners (OTCQX: NLCP) will participate in a fireside chat at the KCSA Cannabis Virtual Investor Conference on June 5, 2024. Anthony Coniglio, CEO, will engage with moderator Pablo Zuanic from Zuanic & Associates at 2 p.m. ET. The event will be live, allowing real-time investor questions, with an archived webcast available afterward. Interested parties can pre-register and schedule one-on-one meetings with NewLake's management via KCSA Strategic Communications.
NewLake Capital Partners, Inc. (NLCP) reported strong first quarter 2024 financial results with revenue reaching $12.6 million, a 10.4% increase year-over-year. Net income for the quarter was $6.9 million, with Funds from Operations (FFO) at $10.6 million and Adjusted Funds from Operations (AFFO) at $11.0 million. The company increased its quarterly dividend to $0.41 per share, equivalent to an annual dividend of $1.64 per share. NewLake capitalized on growth opportunities in the cannabis industry, with positive expectations following recent regulatory developments.
NewLake Capital Partners, Inc. (NLCP) invested $16 million in a Connecticut cannabis cultivation facility operated by C3 Industries, aiming to expand C3's vertically integrated cannabis operations in the state. The investment includes acquiring a 58,500 square-foot property in East Hartford, Connecticut, with a long-term lease agreement. This marks NewLake's second collaboration with C3, showcasing a strategic move to strengthen their presence in the cannabis industry.
NewLake Capital Partners, Inc. (NLCP) will be presenting at the Aegis Capital Virtual Conference on May 9th, 2024. Anthony Coniglio, President and CEO, will discuss the company's real estate capital services for cannabis operators. Investors can register for the webcast on the company's IR website and request one-on-one meetings with the management team.
NewLake Capital Partners, a leading provider of real estate capital to state-licensed cannabis operators, issues a statement on the DEA rescheduling cannabis from Schedule I to Schedule III. This move has significant implications for the cannabis industry, including tax savings for operators and increased investment opportunities. NewLake stands to benefit from potential growth and has the capacity to seize opportunities arising from this development.
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