Power REIT obtains variances for Michigan cannabis facility; portfolio hit by price compression

Power REIT

Marengo CBA granted variances for energy code, fire suppression, and egress at existing greenhouse, allowing project to advance.
Project now positioned to pursue state and local cannabis licensing; building permits required only for modifications.
Wholesale cannabis prices in CO, CA, and OK continue significant compression, negatively impacting portfolio.
Company working on permit strategy and path forward; no assurance on timeline.

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