Power REIT secures CO letter for Michigan cannabis facility; license application submitted

Power REIT

Obtained Certificate of Occupancy letter from Marengo Township on July 8, 2022, after litigation.
Complete cannabis license application now submitted to Michigan Cannabis Regulatory Agency.
Property is 556,000 sq ft greenhouse; deemed largest cannabis facility in Michigan.
Annual straight-line rent is $5.12M, implying $0.38/quarter Core FFO per share (vs $0.40 in Q1 2022).
Rental income not currently recognized due to licensing uncertainty; lease amended to push rent to Q1 2023.

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