NewLake Capital's Portfolio Company, PharmaCann, Opens New C
CHICAGO, July 28, 2020 /PRNewswire/ -- NewLake Capital Partners, Inc. ("NewLake" or the "Company"), an independent investment vehicle focused on acquiring a diversified real estate portfolio of industrial and retail properties in the cannabis industry, today announced its tenant PharmaCann Inc., one of the nation's largest privately-held cannabis companies, is opening its newest Verilife dispensary in Massachusetts. NewLake recently completed funding of tenant improvements for this dispensary pursuant to a sale leaseback transaction announced in February 2020. Verilife Shrewsbury is the company's second retail location in the state.
"We congratulate the PharmaCann team on the opening of their second location in Massachusetts," commented Anthony Coniglio, Chief Executive Officer of NewLake. "The PharmaCann team has done a great job creating a warm and inviting facility to serve the Shrewsbury community and we believe this location has great potential in this rapidly growing industry."
"We are pleased to expand and serve customers more broadly in Massachusetts with the addition of our new Shrewsbury location," said Brett Novey, CEO of PharmaCann. "We welcome the opportunity to become an active member of the community, and we look forward to bringing new jobs to the state and providing high-quality products and service to the residents of Shrewsbury and the surrounding area."
"Our highly-trained team is excited to be part of the Shrewsbury community and serve as a resource to our customers," said Shelley Stormo, East Coast District Manager of PharmaCann. "We strive to provide the most diverse menu of products in the state and offer a consultative approach to our customers in an effort to help guide them in making an ideal selection to meet their needs."
About NewLake Capital Partners, Inc.
NewLake is an independent investment vehicle focused on acquiring a diversified real estate portfolio of industrial and retail properties in the cannabis industry to be leased to state-licensed operators in limited license states. NewLake has acquired a portfolio from coast-to-coast with tenants across the supply chain including cultivation, manufacturing and retail. NewLake intends to elect to be taxed as a real estate investment trust for U.S. federal income tax purposes once it meets all applicable criteria. For more information please visit www.newlake.com.
PharmaCann Inc. operates its dispensaries under the name Verilife. Verilife is committed to helping people feel better and live better by dispelling outdated perceptions associated with cannabis and encouraging a new appreciation of its many benefits. For more information, please visit www.verilife.com.
PharmaCann Inc. is one of the nation's largest, privately-held, vertically-integrated cannabis companies, providing safe, reliable, and high-quality cannabis products to people in both the medical and adult-use markets. PharmaCann currently operates in six states and holds licenses to operate up to five cultivation centers and 26 dispensaries within its geographic footprint. For more information about PharmaCann, please visit www.pharmacann.com.
Anthony Coniglio, CEO
KCSA Strategic Communications
Valter Pinto, Managing Director
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SOURCE NewLake Capital Partners, Inc.