Power REIT (NYSEAMERICAN:PW) CEO David Lesser tells Proactive the New York-based group intends to acquire another property, what will be the group's largest controlled environment agriculture acquisition, for $18.5 million.
Lesser says the 522,000 sq ft high-tech greenhouse and processing space is located in Michigan, and would be the state's largest cannabis cultivation facility. He says the price on a per sq ft basis is 'extremely attractive' and would allow its tenant to compete very favorably in the Michigan market form a standpoint of getting to large scale, low cost cannabis production.