Power REIT faces litigation with Marengo Township over cannabis facility licensing; lease rent deferred to Jan 2023

Power REIT

Filed state lawsuit in Calhoun County to compel Marengo Township to allow ZBA hearing on agricultural exemption from building permits and CO requirements.
Lease amended to push cash rent start to Jan 1, 2023; near-term revenue recognition already on cash basis since Q4 2021.
Federal action (Case 1:22-cv-00321) underway since April 2022 alleging false promises and constitutional violations by township.
Cannabis licensing delayed due to township refusal to provide Certificate of Occupancy equivalent; property is 522,530 sq ft acquired for $18.5M.

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