Cannabis REIT NewLake: YoY Increase In Q4 & FY 2023 Revenue Amid 'Challenging Environment,' CEO Says
Cannabis REIT NewLake Capital Partners, Inc. announced on Monday its financial results for the fourth quarter and full year ended Dec.31, The New Canaan, Connecticut-based company reported a 6.4% year-over-year increase in revenue to $13 million in the fourth quarter. Full-year revenue totaled $47.3 million, representing an increase of 5.1% year-over-year. "In 2023, we generated record revenue of $47.3 million, record AFFO of $40.7 million, and paid out $33.0 million or $1.57 per share in dividends to shareholders," Anthony Coniglio, the company's president and CEO, said. "During a very challenging environment for the cannabis industry, we were able to grow our dividend distributions by 9.0% year-over-year and for the first quarter of 2024 raised our quarterly dividend from $0.40 to $0.41 per share."
