In this episode of The Dales Report, we’re ready to talk cannabis, the state of the industry, and earning season. We’re joined once more with the CEO of NewLake Capital Partners, Anthony Coniglio. NewLake Capital (OTCMKTS: NLCP) is a leading cannabis net lease REIT, and Anthony’s been on our podcast previously talking about the impact of interest rates on REITs. Today, he gives us information on NewLake’s Q3 2023 financial performance.
Shadd Dales and Anthony Varrell kick off the discussion with NewLake’s financial results for Q3 2023. Some of the highlights from that report: a Q3 revenue totaling $11.5m, third quarter 2023 net income attributable to common stockholders totaled $6.0 Million, and the company repurchased 608,152 shares of common stock during the third quarter, bringing total repurchased shares to 713,831 for the first nine months of 2023. Anthony Coniglio explains the results and emphasizes how this aligns with expectations and the affirmation of the full-year guidance.
Heading into the financial health and debt redemption arena, Coniglio, Shadd and Anthony Varrell provide valuable perspectives on Trulieve’s strategic move to redeem bonds using operational cash flow. The decision not only signals confidence in generating free cash flow but also aims to de-risk the balance sheet, potentially saving over $80 million annually.
The industry growth and capital allocation becomes a part of the conversation, as does the market potential and price compression happening in Florida. Looking ahead, industry experts predict increased investor interest following rescheduling. Anthony Coniglio highlights the sector’s resilience, emphasizing financial metrics, inventory rationalization, and cost-cutting efforts as key indicators.
If the highlight about repurchased stocks caught your eye, you’ll hear more about NewLake’s investment and share repurchase program. We’ll also talk about the insights a biotech analyst can provide to investors in the industry. Don’t miss out on this interview with NewLake CEO Anthony Coniglio.
* In accordance with an executed agreement between The Dales Report and NewLake Capital, The Dales Report is engaged with the aforementioned on a 3-month contract for $7,500 per month, with the purpose of publicly disseminating information pertaining to NewLake Capital via The Dales Report’s media assets, encompassing its website, diverse social media platforms, and YouTube channel. Compensation for The Dales Report services involves the receipt of a predefined monetary consideration, which may, on certain occasions, encompass ordinary shares in instances where monetary compensation was not obtained. In such instances where share compensation was received, The Dales Report hereby asserts the right to engage in the acquisition or disposition of such shares subsequent to the conclusion of the aforementioned contractual period, in compliance with provincial, state, and federal securities regulations. Please refer to the “Disclosures” section below, which is to be interpreted in conjunction with this disclaimer.