Power REIT (NYSEMKT:PW) (NYSE:PW)'s David Lesser and Jared Schrader joined Proactive to update the market on its progress it has made on a cannabis cultivation facility in Walsenburg, Colorado it acquired in late May 2021 for $2.3M. Lesser and Schrader say the property is divided into five different growth sites, resembling more of a 'cannabis campus.'
Lesser and Schrader say the property is divided into five different growth sites, resembling more of a 'cannabis campus.' Power REIT is adding 10,000 sq ft of greenhouse to sites 2, 3, and 4 and will upgrading site 5's existing greenhouse. Power REIT has added natural gas, city water, and sewer utilities to the site, which he says, makes a big improvement compared to other cannabis operators. In total the group is spending $1.25M into improvements and is projecting $5.5M in revenue in 2022.