Power REIT finalized a lease amendment to fund additional upgrades to a marijuana greenhouse cultivation facility in Michigan.
The Old Bethpage, New York-based real estate investment trust is adding an additional $4.1 million to the facility in Marengo Township, Michigan, according to a news release issued Friday.
That brings Power REIT’s total commitment to the project to roughly $25.6 million for the purchase and improvement of the 556,146-square-foot greenhouse and processing space.
The property is being leased to Marengo Cannabis, a subsidiary of Millennium Cannabis.
The latter is a subsidiary of Millennium Investment & Acquisition Co. David Lesser is CEO of both Power REIT and Millennium Investment & Acquisition.
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The 20-year lease will provide annual rent of approximately $5.1 million, according to the release.
Per the agreement, Power REIT is funding additional improvements to the property, which is near the town of Battle Creek, on the same terms as the original lease.
The fresh budget for the second phase of the facility will focus on transitioning it from pepper farming to cannabis cultivation, the release says.
Power REIT shares trade as PW on the New York Stock Exchange.
