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Power REIT advances its Colorado-based cannabis cultivation facility with $1.25M in upgrades

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.

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NYSE-A:PW

Price: 50.73 USD

Market Cap: $168.55 m

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Power REIT closes its largest, state-of-the-art cannabis cultivation...

Power REIT (NYSE-A:PW) CEO David Lesser and Jared Schrader tell Proactive it has closed its previously announced acquisition of a state-of-the-art 556,146 square foot (sq ft) cannabis growing greenhouse in Michigan for US$18.4 million. Lesser and Schrader say the 61-acre facility will be the...

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