NEW CANAAN, Conn., April 06, 2022 , a leading provider of real estate capital to state-licensed cannabis operators, today is announcing the closing of part-one of a three-part commitment for a cultivation property in Missouri.
Part-one begins with NewLake’s $7.3 million purchase of the company’s flagship Missouri cultivation facility with a commitment to fund an additional $5.2 million to finish construction, which is expected to be completed by June 2022.
C3 Industries is a multi-state, vertically integrated cannabis company headquartered in Ann Arbor, Michigan, with several product brands including the award-winning Cloud Cover Cannabis and Galactic Meds, and a retail network, High Profile Cannabis Shop.
NewLake owns a portfolio of 28 cultivation facilities and dispensaries that are leased to single tenants on a triple-net basis, and has provided one loan collateralized by a cultivation facility structured to convert to a sale-leaseback unless specific provisions are met by July 29, 2022.