NewLake Capital Partners (NLCP) is a cannabis-focused real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions, third-party property purchases, and build-to-suit project funding. Revenue comes from long-term, single-tenant, triple-net leases on cannabis dispensaries and cultivation facilities. The company was incorporated in Maryland on April 9, 2019 as GreenAcreage Real Estate Corp. before renaming to NewLake Capital Partners, Inc. It is internally managed and elected REIT status beginning with its short taxable year ended December 31, 2019. Leadership as of March 5, 2026 includes Anthony Coniglio as President and CEO and Lisa Meyer as CFO. Competitors include other cannabis-focused real estate companies, independent investors, hedge funds, mortgage REITs, hard money lenders, and cannabis operators who self-finance. The company targets states where licensed cannabis properties are tied to operating licenses and where regulatory barriers support better-capitalized tenants and more defensible property values.

Revenue model

Triple-net lease income from single-tenant cannabis dispensaries and cultivation facilities. Tenants bear property taxes, insurance, and maintenance costs under long-term lease agreements. Additional capital deployment occurs through sale-leaseback transactions and build-to-suit funding.

Products and services

Sale-leaseback transactions on cannabis real estate; third-party property acquisitions for lease to cannabis operators; build-to-suit project financing for tenant development and expansion. Properties include adult-use and medical-use retail cannabis dispensaries and cannabis cultivation facilities.

Customers and end markets

State-licensed cannabis operators, including medical-use and adult-use cannabis retailers and cultivators. The end market is the regulated cannabis industry in U.S. states that permit cannabis activities. Tenants lack broad access to traditional bank financing due to federal cannabis prohibition, making sale-leaseback capital a primary financing option.

Value-chain role

Real estate capital provider sitting between institutional capital markets and cannabis operators. Acquires and owns the physical facilities, then leases them back to operators under long-term triple-net leases. Does not operate cannabis businesses directly.

Geographic exposure

United States. Targets states and municipalities where licensed cannabis properties are in high demand and where the operating license is tied to the property. Prefers states with licensing limitations and strict regulatory requirements. Specific states not enumerated in the excerpts provided.

Competitors

Other cannabis-focused real estate companies with similar business models, Independent real estate investors, Hedge funds investing in cannabis real estate, Mortgage REITs, Hard money lenders, Cannabis operators that self-finance property acquisitions

Source: SEC 10-K, filed 2026-03-06

Industry: Real Estate Investment Trusts Peers: Prologis Inc INDUS REALTY TRUST, INC. Industrial Logistics Properties Trust Innovative Industrial Properties Inc Plymouth Industrial REIT, Inc.