Parma Propco, tied to New York-based Power REIT, just bought a massive 670,000-square-foot greenhouse in Pennsylvania for $18.25 million, one of the biggest marijuana-related real estate deals in the state this year.
The property sits in Mazeppa Road, Union County, and will keep growing medical marijuana under Ayr Wellness, the Miami-based cannabis giant that has leased the site since 2022.
Parma Propco LLC closed the all-cash deal on December 20, records filed with Union County show.
The buyer is a special-purpose company linked to Power REIT, a Maryland real estate investment trust that focuses on cannabis and renewable-energy properties across the U.S.
Power REIT paid about $27 per square foot, a sharp discount from the $40-plus per square foot many Pennsylvania grow facilities traded for two years ago.
The sale marks the first big cannabis real estate transaction in Pennsylvania since regulators cracked down on shaky financing deals in the sector.
Ayr Wellness Stays in Control
Ayr Wellness took over the facility when it bought Greenlight Management in 2022.
Robert Vanisco, senior vice president of public affairs at Ayr, confirmed the company signed a new long-term lease with Parma Propco and will keep running the site as one of its main cultivation hubs for the Pennsylvania medical marijuana program.
“Nothing changes for our patients or team,” Vanisco said. “We now have a stronger landlord focused only on cannabis infrastructure.”
The greenhouse sits on 53 acres and includes advanced climate systems, LED lights, and water recycling that helped Greenlight, and now Ayr, win awards for high-quality flower.
Why the Deal Matters Right Now
Pennsylvania remains medical-only, yet patient numbers jumped 18 percent in the last two years to more than 750,000 registered users.
Wholesale flower prices have fallen from $4,500 a pound in 2021 to around $2,200 today, putting pressure on operators to cut costs.
Real estate sales like this one show investors still see value in purpose-built cannabis facilities, even after the market cooled.
Here are the key numbers behind the transaction:
| Detail | Figure |
|---|---|
| Sale price | $18.25 million |
| Building size | 670,000 sq ft |
| Land | 53 acres |
| Price per sq ft | $27 |
| Closing date | Dec 20, 2024 |
| New owner | Parma Propco (Power REIT) |
| Tenant | Ayr Wellness |
Power REIT Makes a Comeback Move
Power REIT hit hard times in 2023 when several cannabis tenants defaulted and its stock fell below $1.
The trust sold properties in Michigan and Colorado to raise cash and clean its balance sheet.
This Pennsylvania purchase is the first major buy since those troubles and signals the company wants back into the controlled-environment agriculture game.
David Lesser, chairman and CEO of Power REIT, called the deal “a unique chance to buy a top-tier asset at a deep discount” in a short statement.
What It Means for Patients and Jobs
The facility employs about 120 people in Union County, a rural area hungry for steady jobs.
Because Ayr locked in a long-term lease, those jobs stay safe and patients keep getting the same strains they rely on for pain, cancer, and other qualifying conditions.
Lower real estate costs could also help Ayr drop prices at dispensaries over time, a welcome break for patients who often pay $50 or more for an eighth of flower.
This quiet Christmas-week closing flew under most radars, yet it proves money still flows into Pennsylvania cannabis, just smarter and cheaper than before. The days of sky-high valuations are gone, but the market keeps growing, one big greenhouse at a time.