Anthony Coniglio, CEO of NewLake Capital Partners – Interview Series

With the American cannabis industry expanding as quickly as it is, the need for compliant and adequate commercial real estate will continue to rise as well. However, these sprawling cultivation facilities, offices, and retail spaces can get quite expensive depending on location and state of operation. For a better understanding of that need for real estate and how to provide capital to the nascent cannabis industry, mycannabis.com had the pleasure of speaking with Anthony Coniglio, CEO of NewLake Capital Partners.

How did you first begin your very storied career in the finance world, and what subjects did you study in school to prepare yourself for that exciting but sometimes turbulent industry?

I’ve always been a generalist at heart, which has given me the chance to wear a lot of different hats throughout my career. But my path to finance wasn’t exactly traditional. In fact, I didn’t even start out in finance—I was originally a chemistry major. Pretty early on, though, I realized that chemistry wasn’t for me. A friend convinced me to take an accounting class, and something just clicked. I found it interesting, I understood it quickly, and I liked the problem-solving aspect of it. So, I pivoted, graduated with a degree in accounting, and picked up a minor in finance along the way.

After college, I started my career at a Big 6 accounting firm before transitioning to the back office of a Canadian investment bank, where I focused on accounting, operations, and risk management. That’s where I got my real introduction to the finance world. A bit later, I made an unusual jump from the back office to the front office, where I had the chance to originate and structure securitization transactions. That experience opened the door for me to join a major U.S. investment bank, where I helped launch and lead multiple businesses across structured finance, capital markets, and M&A. Eventually, I found my way to the entrepreneurial side, first by founding a residential mortgage company, and later by co-founding NewLake Capital Partners.

Looking back, I’d say the biggest factor in my journey wasn’t necessarily what I studied in school, but rather my ability to persevere and adapt. I had to learn how to push through challenges, reinvent myself when needed, and prove people wrong when they doubted me. Technical skills can be learned in school or on the job, but the drive to succeed—that’s something you have to develop within yourself.

What interested you about first studying and then working in the finance industry within the beast that is New York City?

For me, it was never about some grand “take-over-the-world” mentality. I was always focused on growing my skill set and taking on roles that challenged me. New York City, being the financial capital of the world, naturally provided the best opportunities to do that.

What drew me in was not the prestige of working in finance—it was the chance to learn from the best, be part of innovative deals, and test myself in a highly competitive environment. The energy of New York’s financial markets is unmatched. You’re constantly pushed to be better, to think bigger, and to navigate complexity in real time. It’s a place that rewards those who put in the work, and for me, that challenge has always been exciting.

I’m sure many of our readers have seen movies such as Wall Street and Boiler Room that take place on Wall Street and are wondering, how would you describe your overall experience working with the financial juggernaut that is J.P. Morgan and what were some of the very crucial positions you held within such a giant company?

Hollywood loves to dramatize finance, but working at J.P. Morgan was less about high-stakes theatrics and more about surrounding yourself with incredibly smart, hardworking people who were laser-focused on delivering real value to clients.

During my nearly 15 years at the firm, I had the opportunity to lead and build several businesses, including launching a start-up platform that grew into an industry leader. I worked on some of the most complex transactions of my career—helping restructure GMAC and Chrysler Financial during the financial crisis, leading AmeriCredit’s $3.5 billion sale to General Motors (GM ), and playing a key role in major IPOs like MasterCard’s (MA ) $5.3 billion public offering.

Each of these experiences taught me how to navigate high-stakes negotiations, build value in dynamic markets, and think strategically under pressure. J.P. Morgan was an incredible training ground, and what I took from my time there—especially the ability to manage risk and drive long-term growth—has been invaluable in every role I’ve taken on since.

Is the floor of the New York Stock Exchange as action-packed and chaotic as they make it seem in the aforementioned movies? It seems a little over-dramatized in the films, so I wanted to ask about the realism of those scenes.

The floor of the New York Stock Exchange definitely has its moments of intensity, but it’s not quite the non-stop shouting and chaos you see in the movies. I’ve had the privilege of being on the floor several times, and what really strikes you is the history—the weight of all the deals that have happened there. It’s exciting to be at the heart of American business.

That said, trading has evolved a lot over the years. It’s much more electronic now, which has brought more structure and efficiency. So while the energy is still there, it’s a lot more measured than what Hollywood portrays. The reality is, the NYSE is a fascinating mix of tradition and modern finance, and being in that environment is always a special experience.

What were some of your professional highlights and accomplishments during your nearly `15 years with J.P Morgan? And for those wanting to work in the competitive Wall Street/NYC finance world, what work ethic qualities would you say are the most important to succeed in that field?

Looking back on my time at J.P. Morgan, what I’m most proud of isn’t just the deals I worked on—it’s the people I had the opportunity to mentor and help grow in their careers. Investment banking is known for being intense and competitive, but I always wanted my legacy to be about more than just transactions. Developing younger bankers, helping them refine their skills, and watching them go on to succeed in leadership roles—that’s what has been the most rewarding part for me.

Of course, the deals were exciting too. I was fortunate to be involved in some high-profile transactions, like Mastercard’s IPO, AmeriCredit’s sale to General Motors, and restructuring GMAC and Chrysler Financial during the financial crisis. Those were incredible learning experiences, and being recognized by Dealmaker Magazine as one of the “Top 40 Under 40 on Wall Street” was a real honor.

For anyone looking to break into finance—especially on Wall Street—you need three things: persistence, adaptability, and intellectual curiosity. You have to be able to push through obstacles, think critically under pressure, and always be learning. The industry moves fast, and if you’re not staying ahead of the curve, you’re falling behind. And at the end of the day, success in finance isn’t just about working the hardest—it’s about building relationships, earning trust, and always bringing value to the table.

When was NewLake Capital Partners founded and what defining moments led to the creation of the company? In layman’s terms, what is a “real estate investment trust,” and how does it function overall?

We founded NewLake Capital Partners in 2019 with a clear vision: to provide real estate capital to the cannabis industry, which was – and still is – an underserved market. One of the defining moments came early on. As we started talking to industry leaders, it became clear that cannabis operators were struggling to access traditional banking and capital. The need for sale-leaseback transactions kept coming up in conversations, and that really validated our thesis. We saw an opportunity to step in and provide liquidity to these businesses while building a strong real estate portfolio.

Now, if you’re not familiar with a real estate investment trust (REIT), think of it as a company that owns and leases out income-generating real estate. In our case, we buy properties from cannabis operators and lease them back to them. This gives operators access to capital while allowing us to generate steady, long-term rental income for our investors. It’s a model that works well for everyone involved – we provide financial stability to businesses in a challenging industry while delivering strong returns for our shareholders.

Since its founding, how does NewLake Capital Partners assist cannabis companies in finding a proper storefront or cultivation facility space?

Our role isn’t necessarily about finding the perfect storefront or cultivation space—that’s something operators typically want to control themselves. But where we come in is making sure they have the capital to secure and develop those properties. We do this through sale-leaseback transactions and financing for build-to-suit projects.

At this stage of the industry, cannabis operators know exactly where they want to be. Once they’ve identified a site, that’s when we step in. We leverage our real estate expertise and deep understanding of cannabis regulations to help make the transaction as smooth as possible. Our goal is to ensure they have the funding they need to focus on what they do best—running and growing their business.

Has NewLake faced any scrutiny or unwanted attention from federal regulatory agencies such as the SEC or a similar government body due to the openness that NewLake speaks with when it comes to catering to cannabis companies?

As a publicly traded company, we take compliance and transparency very seriously. We follow all SEC guidelines and ensure that everything we do is in line with regulatory requirements. While cannabis remains federally illegal, we’ve structured our business in a way that mitigates risks and provides long-term value for both our investors and the operators we work with.

At the end of the day, we’re in the business of providing capital to an industry that needs it. We’re not touching the plant—we’re focused on real estate. Our job is to help state-licensed cannabis operators secure the capital they need to grow, while delivering returns for our shareholders. And as the regulatory landscape evolves, we remain committed to operating with the highest level of integrity and compliance.

How did NewLake go from being founded in 2019 to having a sprawling empire of 32 cultivation facilities and dispensaries across 12 states? When it comes to the services offered by NewLake, what are the most important services for the successful operation of a cannabis company/brand?

Our growth comes down to strategic investments and strong partnerships with top cannabis operators. From the beginning, we’ve taken a solutions-oriented approach. Cannabis real estate can be complicated—regulatory challenges, zoning restrictions, financing hurdles—but we navigate those complexities alongside our partners. We don’t just provide capital; we work with operators to ensure they have the right real estate financial structure to grow sustainably.

The most valuable services we offer are long-term capital solutions, deep real estate expertise, and a strong understanding of the cannabis industry’s evolving landscape. By focusing on high-quality assets and working with financially disciplined operators, we’ve built a portfolio that’s both resilient and scalable. At the end of the day, our goal is to support the growth of the cannabis industry while delivering returns for our investors.

If cannabis were to be federally rescheduled from Schedule I to Schedule III, how would that impact both the operations of NewLake and the greater finance world that you’ve worked in for so long?

Rescheduling cannabis from Schedule I to Schedule III would be meaningful for the industry. The biggest immediate impact would be the elimination of IRS Code 280E, which currently prevents cannabis businesses from deducting ordinary business expenses. That change alone could save our tenants an estimated $500 million in aggregate— improving their bottom lines and strengthening their financial health.

For NewLake, that’s a big deal because our success is tied to the strength of our tenants. Stronger operators mean better credit quality across our portfolio, which ultimately makes us an even more attractive investment.

Beyond that, rescheduling would likely open the door for greater institutional investment, better banking access, and lower capital costs for cannabis businesses. It would be a major step toward normalizing cannabis within the broader financial world, increasing liquidity, and creating more investment opportunities. We’ve always believed in the long-term viability of this industry, and rescheduling would only accelerate its path to mainstream acceptance.

Thank you for joining us, Anthony! For more information, please visit NewLake Capital Partners’ website.