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 will be currently leased to cultivator and flower brand Canndescent, had been obtained from another personal estate that is real trust, Power REIT seat and CEO David Lesser told Marijuana company constant.

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 regarding the nyc stock market as PW.

Santa Barbara-based Canndescent will pay more than $1 million in yearly lease to make use of the greenhouse, based on 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 within 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 would be mutually beneficial.”

– John Schroyer

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