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Power REIT Divests Solar Farm Lease for Strategic Shift

Power REIT Divests Solar Farm Lease for Strategic Shift

Power REIT (PW) has released an update to notify the public and investors about its asset transaction finalization.

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Power REIT’s subsidiary sold its interest in a ground lease for solar farms in Salisbury, Massachusetts, for $1.2 million to an independent party following an arm’s length negotiation. This sale aligns with the company’s strategic shift in 2019 towards Controlled Environment Agriculture and greenhouses, amidst the backdrop of a changing wholesale cannabis market that has affected the cash flow generation of their cannabis-related properties. The company is considering further options to enhance shareholder value, which may include more asset sales.

For further insights into PW financials, check out TipRanks’ Financials page.

For a comprehensive understanding of the announcement, you can read the full document here.

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