NewLake Capital Partners, a sale-leaseback real estate company for the cannabis industry, announced on Wednesday it has closed the acquisition of a parcel of land in Phoenix, Arizona for a total investment of up to $20.5 million.
The land will be leased to The Mint, a vertically integrated multi-state cannabis operator based in Tempe, Arizona. The Mint will operate a 130,757-square-foot cultivation and processing facility that will be constructed on the site.
The lease includes an $18.1 million “tenant improvement allowance” for construction.
The Mint operates two dispensaries in Arizona and has operations in Michigan and Massachusetts.
In April, the two companies entered a similar agreement, by which NewLake acquired a 40,000-square-foot industrial property in Palmer, Massachusetts. The Mint will operate the property as a licensed cultivation and processing facility.
New Lake owns 27 properties across 10 states with 8 different tenants. These host 17 dispensaries and 10 cultivation facilities.
Photo by Sven Mieke on Unsplash
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving—don’t get left behind!
Curious about what’s next for the industry and how to stay ahead in today’s competitive market?
Join top executives, investors, and industry leaders at the Benzinga Cannabis Capital Conference in Chicago on June 9-10. Dive deep into market-shaping strategies, investment trends, and brand-building insights that will define the future of cannabis.
Secure your spot now before prices go up—this is where the biggest deals and connections happen!
