Pete Kadens and Al Goldstein acquire more cannabis assets at NewLake Capital Partners
Six months after raising $100 million to purchase cannabis properties from distressed publicly-owned companies in the sector, NewLake Capital Partners, founded by Green Thumbs Industries co-founder and former CEO Pete Kadens and Avant founder and CEO Al Goldstein is fully investing and, as reported by Crain’s Chicago Business, is out raising more money.
According to Crain’s, NewLake recently acquired 10 dispensaries for $20 million in cash and liability assumption from Chicago-based Grassroots Cannabis. Last July, during the peak of the market for publicly traded cannabis companies, Grassroots agreed to be acquired for $875 million. That transaction is scheduled to close later this year.
Naperville mayor gives green light to Green Thumb Industries’ effort to sell recreational product in the community
“I really want to just debunk some of the comments that have been made publicly at City Council meetings and then also just out in the public about how little we have to gain financially,” Naperville Mayor Steve Cherico said Feb. 19 during a Let’s Talk Cannabis panel discussion.
As reported by The Daily Marijuana Observer, Cherico anticipates the community to generate an additional $500,000 per year in tax revenue with each new recreational location.
Chicago-based Green Thumb Industries has authorization from the state to open a recreational dispensary in Naperville. The community, to date, has not authorized the commercialization of recreational cannabis. There will be a city-wide, non-binding referendum for Naperville voters during the March 17 Illinois Primary.
New York-based Acreage Holdings opens Nature’s Care recreational dispensary in Rolling Meadows
After opening a Nature’s Care medical dispensary in Rolling Meadows in 2016, New York-based publicly-traded multi-state cannabis cultivator, processor and retailer Acreage Holdings on Feb. 19 expanded into recreational sales in the community.
Acreage board directors include former U.S. House of Representatives Speaker John Boehner, former Massachusetts governor William Weld and former Cananadian Prime Minister Brian Mulroney