Power REIT buys 35-acre Colorado property for cannabis cultivation and processing through a subsidiary
The property currently has multiple greenhouses and support buildings, and the company plans to both upgrade the existing infrastructure and build additional greenhouse space Power REIT’s total capital commitment for the project is approximately $3.9 million, including the acquisition cost
Power REIT (NYSEAMERICAN:PW) said it has acquired a 35-acre property located in southern Colorado, through a wholly-owned subsidiary, that it plans to use for cannabis cultivation and processing.
The property currently has multiple greenhouses and support buildings, and the company said it plans to both upgrade the existing infrastructure and build additional greenhouse space. Upon completion, the property will comprise approximately 102,800 square feet of greenhouse and related space.
Power REIT buys Colorado properties for sustainable cannabis cultivation
The transaction is valued at about $2.95 million, which includes the construction of a 38,440 square foot greenhouse cultivation facility Power REIT s PropCo subsidiary has also agreed to lease the cannabis cultivation facility to Cloud Nine Farms LLC for a period of 20 years
Power REIT (NYSEAMERICAN:PW) announced that it has acquired 4.0 acres of land, consisting of two adjacent property parcels, in Crowley County, Colorado through its wholly-owned PropCo subsidiary for sustainable greenhouse cannabis cultivation.
The company said the transaction is valued at about $2.95 million, which includes the construction of a 38,440 square foot greenhouse cultivation facility.