Two LI Companies See Pot of Gold in Cannabis Greenhouses

August 06, 2021

Two publicly traded Long Island companies have joined forces to pursue the cannabis greenhouse market.

One of companies, Power REIT, a real estate investment trust, in recent months has acquired properties in Colorado, Oklahoma, Maine and Michigan to be used in marijuana cultivation.

The other, Millennium Investment & Acquisition Co. Inc., has initiated cannabis cultivation operations at two of the Power REIT sites in Colorado and Oklahoma with plans for further expansion.

Alon Y. Kapen, a securities lawyer at Uniondale-based Farrell Fritz P.C., said the liberalization of state marijuana laws has created an opening for the companies.

“It’s probably a positive move for shareholders,” he said.

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