Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
NewLake Capital Partners, Inc. is a publicly traded real estate investment trust (REIT) that focuses on providing real estate capital solutions to state-licensed cannabis operators in the U.S. cannabis industry. The company primarily acquires and owns mission-critical industrial and retail properties that are leased to cannabis cultivators, processors, and dispensary operators under long-term, triple-net lease agreements. Its revenue is derived almost entirely from contractual rental income.
The company positions itself as a specialized real estate capital provider serving cannabis operators that have limited access to traditional bank financing due to federal regulatory constraints. NewLake Capital Partners was formed in 2019 and completed its initial public offering in 2021, listing on the Nasdaq under the ticker NLCP. Since inception, the company has focused on disciplined underwriting, strong tenant credit analysis, and conservative balance sheet management to navigate the regulatory and credit risks associated with the cannabis sector.
Business Operations
NewLake Capital Partners operates as a single-segment REIT focused on cannabis-focused real estate investments, with no diversification into non-cannabis property types. The company generates revenue by acquiring properties and leasing them back to cannabis operators under long-term, triple-net leases that typically include annual rent escalations and tenant responsibility for taxes, insurance, and maintenance.
The company’s portfolio consists primarily of cultivation facilities and dispensary properties located in limited-license states. Operations are entirely within the United States, and the company does not directly engage in cannabis cultivation, processing, or retail activities. NewLake Capital Partners does not operate through joint ventures; instead, it holds properties directly through wholly owned subsidiaries structured for REIT compliance.
Strategic Position & Investments
NewLake Capital Partners’ strategy emphasizes capital preservation, predictable cash flows, and selective growth within established cannabis markets. Growth initiatives are focused on acquiring additional income-producing properties, expanding relationships with existing tenants, and selectively entering new state markets with favorable regulatory frameworks and limited license structures.
The company has grown its portfolio through direct property acquisitions rather than large-scale corporate mergers. Its investments are concentrated in tenant operators with multi-state footprints and established operating histories. While the company does not invest directly in cannabis technology or plant-touching businesses, it is indirectly exposed to the sector’s growth through real estate demand tied to state-level legalization and industry expansion.
Geographic Footprint
NewLake Capital Partners’ operations are entirely based in the United States, with its corporate headquarters in Connecticut. The company’s real estate portfolio spans multiple states, with concentrations in limited-license cannabis markets across the Northeast, Midwest, and Western United States.
Its geographic strategy prioritizes states with regulated cannabis programs, stable licensing regimes, and strong barriers to entry. The company does not have international operations or foreign real estate investments and has stated no current strategic intent to expand outside the U.S. market.
Leadership & Governance
NewLake Capital Partners is led by an executive team with experience in real estate, finance, and regulated industries. The leadership emphasizes conservative leverage, tenant diversification, and long-term shareholder value through stable dividend generation.
Key executives include:
- Anthony Coniglio – Chief Executive Officer and President
- David Weinstein – Chief Financial Officer
- Robyn Blumenthal – Chief Investment Officer
- Christopher Downs – General Counsel and Corporate Secretary
The company operates under a board governance framework consistent with publicly traded REIT standards, with a majority-independent board and oversight of risk management, audit, and compensation functions. Management’s stated philosophy centers on disciplined capital allocation, regulatory compliance, and maintaining flexibility amid evolving cannabis regulations.