Benzinga | Feb 4, 2021 07:21AM EST

Power REIT Acquires Greenhouse Cannabis Cultivation Facility For $7.685M

Old Bethpage, New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Power REIT (AMEX:PW) ("Power REIT" or the "Trust") today announced that it has acquired a 37,000 square foot state-of-the art greenhouse cannabis cultivation facility located in Riverside County, California (the "Property") through a wholly owned subsidiary ("PropCo") for $7.685 million. Power REIT funded the transaction using $2.685 million of cash on hand and the issuance of 192,308 shares of Power REIT's Series A Preferred Stock (AMEX:PW), which had a closing price of $26.00 per share on February 2, 2021.