The Green Rush podcast

Jarrett Annenberg, SVP and Head of Investments, NewLake Capital Partners

18/07/2024
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Overview: In this episode of The Green Rush, Anne Donohoe and Lewis Goldberg sit down with Jarrett Annenberg, Senior Vice President and Head of Investments at NewLake Capital Partners, to explore the complexities and opportunities in cannabis real estate. Jarrett shares insights into the challenges and strategies of navigating the cannabis industry, the impact of the potential rescheduling of cannabis, and the future of cannabis real estate investments. NewLake Capital Partners (OTCQX: NLCP) is an internally managed real estate investment trust (REIT) that has invested and committed about $445 million in capital to state-licensed cannabis operators across 12 states. As co-founder of NewLake, Jarrett spearheads portfolio management, capital raising, and overall operations for the company’s 32 properties spanning 1.7 million square feet. NewLake Links and Socials: NewLake’s LinkedIn: https://www.linkedin.com/company/newlake/  NewLake’s X: https://twitter.com/NewLakeCapital Jarrett’s LinkedIn: https://www.linkedin.com/in/jarrett-annenberg-8584474/ --- Show Credits: This episode was hosted by Lewis Goldberg and Anne Donohoe of KCSA Strategic Communications. Special thanks to our Program Director, Shea Gunther. You can learn more about how KCSA can help your cannabis and psychedelic companies by visiting www.kcsa.com or emailing [email protected]. You can also connect with us via our social channels: X: @KCSAPodcastLabs Instagram: @KCSAPodcastLabs LinkedIn: https://www.linkedin.com/company/kcsapodcastlabs/  ---  Show Notes: Introduction to Jarrett Annenberg and NewLake Capital Partners (01:36 - 03:03) Jarrett Annenberg discusses his background in real estate and how he joined NewLake Capital Partners. Overview of NewLake Capital Partners' focus on cannabis real estate through sale-leaseback transactions. Challenges in Cannabis Real Estate (09:20 - 10:08) The difficulties faced by cannabis businesses due to federal illegality and its impact on funding and operations. Comparison between cannabis real estate and other real estate sectors. Impact of Potential Rescheduling of Cannabis (16:56 - 18:15) Discussion on how the rescheduling of cannabis to Schedule III could positively affect NewLake's business. Improvements in tenant credit quality and cash flow as a result of changes in tax laws. The Future of Cannabis Real Estate (19:10 - 21:09) Jarrett explains NewLake's conservative underwriting approach and focus on long-term growth. Anticipated changes and opportunities in the cannabis real estate market. State-Specific Opportunities and Challenges (32:01 - 33:36) Analysis of various states' cannabis markets, highlighting successful and challenging markets. Factors contributing to the success of states like Missouri and the difficulties faced in states like New York. Public vs. Private Cannabis Companies (36:01 - 37:36) Pros and cons of public versus private cannabis companies. Jarrett's perspective on who will dominate the market in the future. Closing Remarks and Future Prospects (42:13 - 43:19) Jarrett shares his optimism for the future of the cannabis industry and the expected tailwinds. Final thoughts on the importance of institutional and regulatory support for the industry's growth. Key Takeaways: Introduction to Jarrett Annenberg: Insights into Jarrett’s background and his role at NewLake Capital Partners. Challenges in Cannabis Real Estate: Exploration of the unique challenges faced by the cannabis real estate sector. Impact of Rescheduling: Potential benefits of cannabis rescheduling on NewLake's business model and tenant stability. Forbes: House Lawmakers Vote To Block Federal Marijuana Rescheduling State-Specific Analysis: Success stories and challenges from different state markets in the cannabis industry. Public vs.

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