Power REIT (NYSEAMERICAN:PW) CEO David Lesser tells Proactive 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.
Lesser says the property currently has multiple greenhouses and support buildings, and Power REIT plans to both upgrade the existing infrastructure and build additional greenhouse space. Upon completion, the property will comprise around 103,000 square feet of greenhouse and related space. Power REIT’s total capital commitment for the project is approximately $3.9 million, including the acquisition cost.