The Business of Cannabis

Power REIT Ups Funding Of Michigan Marijuana Greenhouse To $25.6 Million

Dec 29, 2021 | Great Lakes Region, Michigan

Power REIT finalized a lease amendment to fund additional upgrades to a marijuana greenhouse cultivation facility near Battle Creek.

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.

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.

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