NLCP showcases robust valuation metrics, which is supported by SA grade A for these factors. A low PE (TTM) ratio of 13.71 compared to the industry average, and a price to book value at 0.92 make a case for being undervalued. However, as the 1Y chart indicates there has been recent side ways momentum. Therefore, the value still warrants an excellent score with a minor adjustment, reaching 9/10.

NLCP's exceptional financial strength is highlighted by its very low debt levels. A minimal debt/equity and debt/capital provides the company with financial flexibility. All the above-mentioned points, combined with the low-levered aspects makes a very good rating of 9/10

NLCP has an A+ profitability grade on Seeking Alpha, which is supported by strong profit margins, returns on equity (6.70%) and assets (6.22%). Additionally, their consistent margins and the quality make this a very attractive business, resulting in a 10/10 rating.

A number of sources have noted management's commitment to returning capital to shareholders through dividends and stock repurchase programs. Their commitment to lowering debt and increasing profitability have also proven that they can create value for their shareholders in the long run. This strong and consistent level of management earns a score of 8/10.

While the company has less competition being a leader in its space with Innovative Industrial Partners, the company does operate in an industry with unique competition and it provides the company with a competitive edge based on those two elements. The company also has a history with long term relationships, this has translated into an easy high performance to extract rent payments and maintain that lead. For these reasons the business will get 8/10

The company currently generates high cash flow with solid EBITA ratios (83.30%) compared to its sector. The strong history allows it to support a solid and reliable high level revenue stream, which warrants a rating of 8/10.

NLCP has a strong position in the relatively nascent cannabis REIT market. It has been identified as one of the top 10 REITs heading into 2025 by Seeking Alpha, and is well placed in the industry at 2nd largest compared to its competitors. With increasing market growth in the area and new properties added into the system, as well as key tenants who are strong. This puts the company with a solid position over time, as graded 7/10

NLCP benefits from excellent asset quality as seen from its total assets of $436 million and its long history in the business. These factors have given NLCP a strong base in a growing market. Thus, the asset quality is rated 7/10.

Based on all the information provided NLCP has a very unique risk, as much of the company's operations depend on legislature and tenant behavior. Despite the company having a strong focus to prevent as many negative impacts, these factors cannot fully be accounted for and creates a high amount of uncertainty. This gives a Risk Assessment of 6/10