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NewLake Capital Partners Announces Acquisition in Massachusetts and Definitive Purchase .
NewLake CapitalApril 12, 2021 GMT
NEW CANAAN, Conn., April 12, 2021 (GLOBE NEWSWIRE) NewLake Capital Partners, Inc. (“NewLake”), a leading provider of real estate capital to state-licensed cannabis operators, today announced the acquisition of an approximately 40,000-square-foot industrial property in Palmer, Massachusetts. Concurrent with the closing of the acquisition, NewLake entered into a long-term, triple-net lease agreement with The Mint, a multi-state cannabis operator based in Tempe, Arizona, which intends to operate the property as a licensed cultivation and processing facility.
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The Mint Cafe
In the end, The Mint Cafe still received the go-ahead, and it s been open since 2018. But it s over the last six weeks that things have really taken off. Recreational customers can now order those infused chicken nuggets (which, like everything else meat-sounding on the menu, are vegetarian and use a meat substitute).
“Now that rec is here, we have doubled the staff, Molina says. It caught the kitchen by surprise. We knew we’d get an uptick, something around double, but the kitchen actually was more like quadruple. Everyone wants the pizza. In one day, all 300 pizzas were gone.”
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The Mint Dispensary, operator of the third-largest dispensary in the U.S. and the first cannabis kitchen of its kind in the nation, received approval from the Arizona Department of Health Services on Friday afternoon to sell recreational marijuana at its dispensaries in the state to adults ages 21 and over.
“This is a major cannabis industry milestone – not just for Arizona, but for the entire country,” said Eivan Shahara, Co-Founder and CEO of Brightroot Inc., the parent company of the Mint Dispensary, which is headquartered in Arizona. “This has been a long time coming, as perceptions about marijuana are slowly changing and people are seeing the medicinal benefits.”
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Arizona welcomed adult-use cannabis legalization during November’s election, and some three months later it commenced with the sales.
The Grand Canyon state began the application process on Jan. 19. Dispensaries are able to apply online, but must pass an FBI background check and pay a $25,000 application fee to Arizona’s Department of Health Services.
On Friday, the state approved 73 applications out of 79 submitted, kicking off its adult-use cannabis program (h/t Marijuana Business Daily). Out of 15 counties in Arizona, only nine had their dispensaries acquire the license for adult-use sales.
The outlet projects for the state’s recreational market to reach between $375 – $400 million in the first year, and between $700 million and $760 million by 2024.
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