Millennium Investment & Acquisition Co. Inc. today announced that it has agreed to invest in a newly formed cannabis operator Walsenburg Cannabis LLC (“WC”). As part of the transaction, MILC has agreed to lend capital to WC for its business operations and MILC is in the process of obtaining regulatory approvals for holding cannabis licenses in Colorado. Upon receiving regulatory approval, it is contemplated that MILC would become the majority owner of WC in the form of a preferred equity ownership stake. Simultaneous with MILC’s investment, WC entered into a long-term lease (the “Lease”) for real estate purchased by Power REIT. David H Lesser, MILC’s Chairman, and CEO is also Chairman and CEO of Power REIT. The approximately 22.2-acre site includes an existing greenhouse and processing space (the “Property”). As part of the Lease, Power REIT has agreed to fund the rehabilitation and upgrading of the existing improvements and the construction of additional greenhouse space. Upon completion of this work, the Property will have a total of approximately 102,800 square feet of greenhouse and related space. MILC’s total capital commitment for the project is $750,000.
mg Magazine – Cannabis News & Information, 06/28/2021 02:14:00