NewLake Capital Partners and real estate investment trust (REIT) GreenAcreage closed a merger that creates a massive marijuana real estate company. The combined company boasts more than $325 million in assets and $110 million-plus in cash as it pursues further investments and diversification of its real estate portfolio, according to a news release. The financial details of the deal were not disclosed. NewLake, based in Chicago, partnered with Columbia Care in 2019 in the marijuana multistate operator’s first sale-leaseback transaction. GreenAcreage Real Estate Corp., headquartered in New York, was created as a cannabis REIT in May 2019 and promptly entered a sale-leaseback deal with marijuana MSO Acreage Holdings. The combined company, to be branded NewLake Capital Partners, owns a portfolio of 24 properties across nine states with tenants that, besides Columbia Care, include well-known marijuana companies such as Cresco, Curaleaf, and Trulieve.

Marijuana Business Daily, 03/18/2021 15:06:00

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