Energy REIT acquires Canndescent cannabis greenhouse for $7.7 million

New York-based Energy REIT on Thursday announced the purchase of a 37,000-square-foot Southern California greenhouse useful for cultivation of commercial cannabis in a money and stock deal well worth $7.7 million.

The Riverside County home, that is currently leased to cultivator and flower brand Canndescent, ended up being obtained from another personal estate that is real trust, Power REIT seat and CEO David Lesser told Marijuana Business everyday.

The transaction involved $2.7 million in money and 192,308 stocks of energy REIT stock, which shut at $26 per share on Feb. 2. Power REIT trades in the ny stock market as PW.

Santa Barbara-based Canndescent will pay a tad bit more than $1 million in yearly lease to make use of the greenhouse, in accordance with a news release.

Lesser stated in the production that the purchase “expands our nationwide impact” and included that the offer “provides appealing valuation metrics.”

Canndescent CEO Adrian Sedlin stated into the launch that the organization is “excited to partner with Power REIT” and it is “already checking out pipeline that is additional online business offerings that may be mutually beneficial.”

– John Schroyer

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