September 25, 2020
Propco., a subsidiary of New York-based real estate investment trust Power REIT has acquired a three-acre property in York County, Maine. The sales price was $400,000.
The facility is adjacent to a property that was acquired by PropCo. in May of 2020 that is leased to “Sweet Dirt” as the operator. That property currently houses an under-construction, 32,800-square-foot cannabis cultivation facility. It also has a 2,800 square foot processing/distribution building with construction recently completed. Sweet Dirt’s owners are authorized by the state of Maine for medical cannabis cultivation.
PropCo. will fund the construction of an additional 9,900 square feet of processing space and the renovation of an existing 2,738 square foot building at the recently acquired property. The completion of construction on the new property is targeted for Summer 2021. The combined properties are expected to be one of the largest cannabis greenhouse cultivation and processing/distribution properties in the state of Maine upon completion
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