NewLake Capital Partners Loans $30 Million To PA Cannabis Cultivation Facility

Cannabis-focused REIT NewLake Capital Partners, Inc. NLCP announced it has provided a nine-month senior secured loan to Hero Diversified Associates, Inc. (“HDAI”), which owns a state-licensed grower and processor of medical marijuana in Pennsylvania.

Collateral for the loan includes a first-lien mortgage on the cultivation and processing facility located in Erie, PA., as well as other assets of HDAI. The loan is structured to convert to a twenty-year sale leaseback, unless a specific provision in the loan agreement is satisfied prior to August 1, 2022.

“We are excited to partner with HDAI, providing capital to support the continued growth of their business,” David Weinstein, CEO of NewLake Capital Partners stated. “Our structured approach was tailored to meet HDAI’s needs and afforded HDAI with financial flexibility.”

More recent news from NewLake Capital Partners:

Real Estate Execs On Maximizing Cannabis Capital Efficiency Via REIT Relationships

Cannabis REIT NewLake Capital Partners Q2 Revenue Jumps 219% To $6.7M

NewLake Capital Partners Debuts On OTCQX Best Market, Closes $101.6M IPO, Increasing Cannabis Dispensary and Cultivation Portfolio

Price Action

NewLake Capital Partners’ shares were trading 0.17% lower at $28.95 per share at the time of writing Friday morning.

Photo: Courtesy of Kym MacKinnon on Unsplash