Niki Krear, Vice President of Acquisitions for NewLake Capital Partners – Interview Series

While owning a business in the cannabis industry can potentially be quite lucrative, access to capital for necessary startup costs can be hard to acquire. Luckily for aspiring cannabis business owners, NewLake Capital Partners provides such vital capital solutions through a variety of strategies. For a deeper look into this specific yet vital sector of the ancillary cannabis industry, mycannabis.com had the pleasure of speaking with Niki Krear, Vice President of Acquisitions for NewLake Capital Partners.

What subjects did you mainly study at Michigan State University, and how would you say those studies prepared you for the oftentimes complicated world of investment banking?

At Michigan State, my academic focus was on finance and accounting, both of which laid the groundwork for understanding complex business operations. My mom was the one who encouraged me to study accounting – she always told me, “If you understand financial statements, you can do anything in business.” That advice helped me view accounting as more than just numbers; Finance courses layered in the strategy behind capital markets and investments. Together, they made the transition into investment banking much smoother because I was already comfortable breaking down financials, building models, and evaluating companies under different scenarios—skills that became essential in an environment where no two deals are ever the same.

How would you say that being involved in student organizations such as the Student Investment Association and the Women In Business Student Association, and also being a Financial Markets Institute Scholar, gave you a greater understanding and an advantage in your banking career?

Being involved in these organizations helped me bridge the gap between classroom theory and real-world application. Through the Student Investment Association and Financial Markets Institute, I was exposed early to financial analysis and networking, which is critical in banking. The Women in Business Association gave me a network of supportive peers and mentors—something that continues to prove invaluable as I navigate a male-dominated industry. These groups gave me both confidence and practical experience, which really helped accelerate my learning curve when I started my career. Even now at NewLake, I lean on those same skills every day—whether it’s analyzing complex transactions, building relationships with clients and partners, or mentoring others on my team. The combination of technical expertise, strong networks, and the ability to adapt to new challenges has remained central to my approach in the dynamic cannabis real estate sector.

While working with investment giant William Blair, what were your regular duties as an Investment Banking Analyst? How did your role assist the clients of William Blair to grow and strengthen their investments?

At William Blair, I worked across every stage of the deal process—building models, preparing pitch materials, conducting due diligence, and supporting M&A transactions for both buy-side and sell-side clients. It was here that I really developed a knack for the deal process itself: digging into a company’s financials, understanding the strategy behind a transaction, and seeing how all the moving parts come together to create an outcome for the client. I began to appreciate how much value thoughtful analysis and execution could deliver, whether it was helping a client evaluate an acquisition, recapitalize, or position their business for a successful sale. That experience not only sharpened my technical skills but also gave me a lasting interest in working on complex, high-stakes transactions that led me to NewLake Capital Partners.

How did the pandemic change your duties at William Blair, and how did you assist your clients’ investments?

As it did for most industries, the pandemic accelerated the need for adaptability. We quickly transitioned to remote deal teams and virtual management meetings, which meant learning how to build relationships and run deals entirely online. The uncertainty in the markets also meant clients relied on us for more frequent updates and scenario analyses. We focused on helping clients understand their liquidity, model different outcomes, and identify the best paths forward in a very unpredictable environment. Looking back, that experience was valuable preparation for my work in the cannabis industry, where constant change, regulatory uncertainty, and market complexity require the same adaptability and proactive problem-solving every day. 

What caught your professional attention about working with NewLake Capital Partners? Did you have any professional concerns at first because NewLake assists clients in the cannabis industry?  

What attracted me to NewLake was the opportunity to take the skills I had built in investment banking—evaluating businesses, structuring transactions, and guiding clients through complex deals—and apply them to a new and rapidly developing industry. Because of federal regulations, cannabis operators face unique capital challenges, and being part of a team that could bring reliable financial structuring to help address those challenges felt both impactful and exciting., but NewLake’s disciplined, institutional approach and strong commitment to compliance gave me confidence. It felt like the right opportunity to use my background while contributing to the growth of an industry that’s still evolving.

How was your educational background and previous experience relevant to the role of VP of Acquisitions?

My background in finance and investment banking gave me a strong foundation in structuring deals, and understanding the complexities of real estate and corporate finance. In acquisitions, every transaction is unique: the regulatory environment varies state by state, tenant needs differ, and structuring must balance both risk and long-term value creation. My background prepared me to approach that complexity with rigor and creativity, ensuring that each deal is both sound from a financial perspective and aligned with the strategic goals of NewLake and our tenants. In many ways, it was a natural progression—from studying the fundamentals, to applying them in fast-paced banking, to now bringing that discipline into a new and developing industry where reliable financial structuring is critical.

How exactly does NewLake assist clients in the cannabis industry? What services are provided, and how does that further strengthen the client’s business itself?

NewLake is focused on providing institutional real estate capital solutions to state-licensed cannabis operators through sale-leaseback transactions, third-party acquisitions, and build-to-suit financing. These structures allow operators to unlock the value of their real estate and gain access to growth capital without diluting ownership. 

Our triple-net lease structure gives clients stability and flexibility to reinvest in their business, expand operations, and remain competitive in a challenging market. We also serve as a reliable, long-term partner, bringing institutional discipline and creative solutions to help clients navigate a rapidly changing industry. 

As VP of Acquisitions, do your job duties change somewhat depending on the state in which NewLake is doing business? For instance, if NewLake had a client in California and another client simultaneously in Massachusetts, how would your duties change with each client?

Absolutely. Every state presents its own unique set of regulations, licensing requirements, and market dynamics. My responsibilities shift depending on the state’s legal framework, property type, and the local cannabis ecosystem. Due diligence and underwriting processes are tailored to reflect specific risks or opportunities in each market. In California, the focus might be on larger, more established operators, while in Massachusetts, it could involve newer entrants or a different set of compliance considerations. Staying agile and informed is essential to structuring deals that work for both the client and NewLake. 

What are some of the most common issues that NewLake clients face when it comes to securing real estate capital? Do they face issues with potential investors due to skepticism about the cannabis industry?

A major challenge for cannabis operators is the ongoing lack of access to traditional banking and institutional capital, primarily due to federal regulations and persistent stigma. Many lenders remain on the sidelines, and real estate financing often comes with higher costs and more stringent terms. Some investors are still skeptical, questioning the long-term viability of the industry or concerned about regulatory change. That’s why NewLake’s platform—backed by institutional discipline and a focus on compliance—fills a critical gap, giving credible operators the capital they need to grow. 

If cannabis were to be federally rescheduled to Schedule III, how do you think that would impact both your role as VP of Acquisitions and how NewLake assists their clients?       

Federal rescheduling to Schedule III would be a meaningful step forward in expanding banking access, reducing the cost of capital, and bringing more traditional investors into the space. That said, rescheduling alone is not the full solution. Real regulatory reform is still needed to provide lasting clarity and stability for the industry. Until that happens, NewLake remains committed to supporting our clients with reliable capital, disciplined structuring, and a long-term partnership approach. Our focus is on helping operators grow sustainably, no matter how the regulatory environment evolves.

Thank you for joining us, Niki! For more information about NewLake and its services, please visit its website.