NewLake Capital Partners initiated with a Neutral at Lucid Capital

Lucid Capital initiated coverage of NewLake Capital Partners (NLCP) with a Neutral rating and $14 price target The company provides real estate capital to state-licensed cannabis operators and currently owns a portfolio of 33 properties, the analyst tells investors in a research note. The firm says many cannabis operators are struggling with profitability due to structural issues and oversupply and face sizable debt maturities in 2026. It cites cannabis concerns and the stock’s valuation for the Neutral rating.