Newlake Capital Partners Inc
newlake.comWhat Do They Do?
Leases cannabis cultivation facilities to state-licensed operators, providing real estate capital through sale-leasebacks, property purchases and build-to-suit projects; it also leases dispensaries.
10-K for FY2025, filed Mar 6, 2026NewLake Capital Partners, Inc., (the “Company” “we,” “our,” “us,”), a Maryland corporation, was formed on April 9, 2019 under the Maryland…View ↗
Our properties are leased to single tenants on a long-term, triple-net basis, which obligates the tenant to be responsible for the ongoing…View ↗
We capitalize on this market opportunity by purchasing medical-use and adult-use retail cannabis dispensaries and cultivation facilities in…View ↗
Property Type Number of Properties Rentable Square Feet Rental Income(1) Percentage of Total Rental Income Cultivation 15 1,600,295…View ↗
How Do They Make Money?
Operators pay rent under long-term leases, generally with contractual increases; when collection is uncertain, the company counts rent only when cash arrives.
10-K for FY2025, filed Mar 6, 2026Our properties are leased to single tenants on a long-term, triple-net basis, which obligates the tenant to be responsible for the ongoing…View ↗
The Company’s triple-net leases are accounted for as operating leases under ASC 842 Leases (“ASC 842”). Operating leases that have fixed…View ↗
For operating leases where the minimum lease payments are not reasonably predictable or collectability is not reasonably assured, rental…View ↗
$51.1M
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10-K for FY2025, filed Mar 6, 2026
$51.1M ↗
Who Are Their Customers?
State-licensed operators that cultivate, produce or dispense cannabis are the tenants. NewLake provides them capital through sale-leasebacks and funding for build-to-suit projects.
10-K for FY2025, filed Mar 6, 2026NewLake Capital Partners, Inc., (the “Company” “we,” “our,” “us,”), a Maryland corporation, was formed on April 9, 2019 under the Maryland…View ↗
Our properties are leased to single tenants on a long-term, triple-net basis, which obligates the tenant to be responsible for the ongoing…View ↗
We capitalize on this market opportunity by purchasing medical-use and adult-use retail cannabis dispensaries and cultivation facilities in…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 52 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 6, 2026
How Are They Changing?
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Aug 5, 2026
The Cannabist Company continued its restructuring proceedings
A U.S. court recognized the Canadian proceedings; The Cannabist Company remained current on rent for all four leased properties through the quarter.
Sources
8-K, filed Aug 5, 2026
On March 24, 2026, The Cannabist Company ("Cannabist"), which operates at four of the Company's properties, including two properties…View ↗
Growing. Revenue grew 82% in 4 years, from $28.1M in FY2021 to $51.1M in FY2025, about 16% a year.
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