Marijuana Business Daily

Cannabis REIT NewLake expands credit facility from $30 million to $90 million

Published

2 weeks ago

August 2, 2022

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NewLake Capital Partners, a cannabis industry real estate investment trust (REIT), expanded its five-year revolving credit facility by $60 million to $90 million.

The Connecticut-based company announced the original $30 million credit facility from an unidentified lender in May.

At the time, NewLake said the loan could be expanded up to $100 million.

The credit facility has a 5.65% interest rate for the first three years, followed by a floating rate, and matures in May 2027.

The expanded $90 million loan includes two new lenders, also unidentified but described by NewLake CEO Anthony Coniglio in a Tuesday news release as “bank partners.”

“Access to debt capital is a competitive advantage in this challenging environment and should allow us to continue our disciplined approach toward investing in high-quality cannabis real estate,” Coniglio said in a statement.

NewLake invested $50 million in three cultivation facilities in July.

The REIT

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Marijuana Business Daily

New York to open social equity marijuana licensing window

Published

1 day ago

August 12, 2022

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Arkansas court orders recreational cannabis amendment put back on ballot

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1 day ago

August 12, 2022

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Curaleaf removes marijuana from NY stores over potency labels, report says

Published

1 day ago

August 12, 2022

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Cannabis multistate operator Curaleaf Holdings has temporarily removed medical marijuana products from New York dispensaries after an issue regarding THC potency labeling.

Curaleaf started labeling its marijuana products in New York using “dry weight” rather than “wet weight” in July without approval from New York’s Office of Cannabis Management (OCM), NY Cannabis Insider reported.

Such a practice makes the resulting THC percentages appear higher, according to the NY Cannabis Insider, an arm of The (Syracuse) Post-Standard.

A Curaleaf spokesperson told the publication that dry weight is a standard metric for THC potency testing in neighboring markets and that the switch gave consumers “a more accurate and consistent metric of THC content.”

The company did not say why it did not obtain approval from the OCM before making the switch.

In late July, the OCM reportedly told Curaleaf that dry-weight measurements “cannot be applied to approved product labeling

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