PharmaCann Opens Second Massachusetts Store With NewLake Funding

Cannabis company PharmaCann Inc. is cutting the ribbon on its newest Verilife dispensary in Shrewsbury, Massachusetts.

The new retail location is the company's second store in the state.

NewLake Capital Partners Inc., which recently finalized the funding of tenant improvements for the store, announced the news Tuesday.

The Chicago-based investment vehicle centered around setting up a diversified real estate portfolio of industrial and retail properties within the cannabis space inked a sale-leaseback deal for the property with PharmaCann in February.

Around the same time, NewLake Capital confirmed the closing of its sale-leaseback agreement with affiliates of GR Companies Inc., which is doing business as Grassroots, for six of the ten properties across six states.

NewLake CEO Anthony Coniglio congratulated the PharmaCann team on the new facility.

"We believe this location has great potential in this rapidly growing industry," he added.

PharmaCann CEO Brett Novey said they are "pleased to expand and serve customers more broadly in Massachusetts."

PharmaCann'S East Coast District Manager Shelley Stormo further pointed out that their team is "excited to be part of the Shrewsbury community," adding they "strive" to provide Massachusetts with the "most diverse menu of products in the state."

Courtesy photo