💸 The Tape

NewLake Capital Partners, Inc. (OTCQX: NLCP), a leading cannabis-focused REIT, released its fourth-quarter and full-year 2025 financial results on March 5, 2026, showcasing operational resilience amid ongoing industry tenant dislocations.

For the full year, total revenue reached $51.1 million, up modestly from $50.1 million in 2024. Net income attributable to common stockholders was $26.3 million ($1.28 per share), while Funds From Operations (FFO) totaled $42.3 million ($2.02 per share) and Adjusted Funds From Operations (AFFO) hit $43.8 million ($2.09 per share). Adjusted EBITDA came in at $157 million (24.0% margin), reflecting solid margin performance despite sector headwinds.

Fourth-quarter highlights included revenue of $12.3 million, net income of $6.0 million ($0.29 per share), FFO of $10.0 million ($0.48 per share), and AFFO of $10.6 million ($0.51 per share). The quarter’s AFFO payout ratio stood at 85%, consistent with the company’s disciplined dividend policy.

President and CEO Anthony Coniglio captured the year’s narrative: “Our fourth quarter results were in line with expectations, delivering AFFO of $0.51 per share and an AFFO payout ratio of 85%. Notably, our full-year performance exceeded 2024 levels, which is a meaningful accomplishment given the continued tenant dislocations across the industry.”

The board declared a first-quarter 2026 dividend of $0.43 per share (annualized $1.72), payable April 15, 2026, maintaining the same level as prior quarters and representing an 82% AFFO payout ratio for 2025. Dividends have grown 79% since the company’s 2021 IPO.

Balance-sheet strength remained a highlight. As of December 31, 2025, cash and equivalents totaled $23.9 million, with total liquidity of $106.3 million including availability under the revolving credit facility. Debt to total gross assets was just 1.6%, with a debt service coverage ratio of approximately 77.9x and no maturities until May 2027.

Investment activity in 2025 was measured but strategic. The company acquired two Ohio dispensaries for $0.8 million and funded $0.7 million of tenant improvements (with $0.4 million remaining committed). It also completed a like-kind exchange, swapping an Illinois dispensary for one in Pennsylvania. These moves reinforce NewLake’s focus on high-quality, accretive assets in strong markets.

Tenant updates included an October amendment to the Hartford, CT lease with C3 Industries, allowing NewLake to pursue a sale of the property while C3 reimburses any shortfall below basis (or shares excess proceeds). C3 continues paying rent during the marketing process, with partial reallocation to its Missouri lease post-sale.

The company continues to monitor The Cannabist Company’s forbearance agreement (extended through March 6, 2026). As of release, Cannabist remains in compliance with its lease terms.

Coniglio emphasized forward focus: “As we look ahead to 2026, we are pleased to declare our first-quarter dividend of $0.43 per share. Our team remains focused on disciplined portfolio management, advancing re-tenanting initiatives, and sourcing high-quality investment opportunities to drive long-term value for our shareholders.”

In a sector marked by consolidation and tenant challenges, NewLake’s 2025 results highlight the value of its conservative underwriting, diversified tenant base, and fortress-like balance sheet. With AFFO growth, consistent dividend coverage, and no near-term debt pressure, the company is well-positioned to capitalize on future opportunities — whether through re-leasing, selective acquisitions, or broader federal reform tailwinds.

📈 Dog Walkers

$ATAI ( ▼ 4.07% ) Reports

AtaiBeckley Inc. (NASDAQ: ATAI) today reported fourth-quarter and full-year 2025 financial results alongside major clinical and strategic progress following its transformative combination of atai Life Sciences and Beckley Psytech.

CEO Srinivas Rao, M.D., Ph.D., highlighted the momentum: “Following our strategic combination... and U.S. redomiciliation, we have entered a pivotal execution phase. We received constructive feedback from the FDA on the Phase 3 development plan for BPL-003 in treatment-resistant depression, positioning us to initiate our pivotal program in the second quarter of 2026.”

BPL-003 (mebufotenin benzoate nasal spray) for TRD advanced significantly. The company completed a successful End-of-Phase 2 FDA meeting in March 2026, securing support for two pivotal studies: ReConnection-1 (~350 participants, single-dose 8 mg, 4 mg, or placebo) and ReConnection-2 (~300 participants, two-dose 8 mg induction on Days 1 and 15). Both feature a 12-week double-blind core and 52-week open-label extension with flexible 8 mg retreatment. Primary endpoint: MADRS change at Week 4. Initiation remains on track for Q2 2026, with topline core data expected early 2029. Part 4 of the ongoing Phase 2a (two-dose induction) dosed its first patient, with initial data anticipated Q4 2026.

VLS-01 (DMT buccal film) for TRD stays on schedule, with Phase 2 Elumina topline data expected in H2 2026.

EMP-01 (oral R-MDMA) for social anxiety disorder delivered positive Phase 2a topline in February 2026: met primary safety/tolerability objective, showed clinically meaningful LSAS reduction (placebo-adjusted 11.85 points, Hedges’ g = 0.45, p=0.036 one-tailed), 49% CGI-I responders vs. 15% placebo (NNT 2.95), and gains across Fear and Avoidance subscales after only two doses without psychotherapy. A new U.S. patent extends exclusivity to 2043.

Financially, cash, equivalents, and short-term securities stood at $220.7 million as of December 31, 2025 — up sharply from $72.3 million year-end 2024 — driven by $291.1 million in equity proceeds and other inflows, partially offset by operating spend and debt repayment. Management expects this position to fund operations through early-2029 pivotal readouts.

R&D expenses were $19.0 million (Q4) and $53.1 million (full year), down slightly year-over-year due to lower personnel and consulting costs, offset by higher clinical and manufacturing investment. G&A rose to $25.1 million (Q4) and $65.1 million (full year) primarily from combination and redomiciliation expenses. Net loss was $544.8 million (Q4) and $660.0 million (full year), heavily impacted by $527–530 million in non-cash in-process R&D charges from the Beckley combination.

Additional milestones include a Virtual Investor Day on March 6, 2026, focused on BPL-003 Phase 3 strategy, commercial opportunity in TRD, and a KOL roundtable on psychedelic therapeutics.

With multiple near-term catalysts, a fortified balance sheet, and a differentiated pipeline targeting rapid-acting, durable mental health treatments, AtaiBeckley is positioned to deliver meaningful advances in a field long overdue for innovation.

🗞️ The News

📺 YouTube

Congress Advances Farm Bill Without Hemp THC Delay | TDR Cannabis in 5

What we will cover:

✅ In this episode of TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down what just happened in Washington and why it matters for both the hemp industry and the broader cannabis sector.

The issue traces back to the Agriculture Improvement Act of 2018, which legalized hemp federally by defining it as cannabis containing less than 0.3% delta-9 THC. While the law removed hemp from the Controlled Substances Act, it also created what many now refer to as the “hemp loophole.”

Because the legislation focused only on delta-9 THC, companies were able to sell intoxicating hemp-derived cannabinoids such as delta-8 THC and high-THCA products. Over time, that loophole helped create a multi-billion-dollar hemp cannabinoid market sold across smoke shops, convenience stores and online retailers nationwide.rm Bill hearing in Washington, where lawmakers are debating how hemp and cannabis policy could be redefined moving forward.

There’s a lot riding on what happens in this bill on how hemp-derived cannabinoids will be regulated.