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Millennium Sustainable Ventures Corp. (MILC) announced the launch of its new subsidiary, Millennium Produce, focusing on sustainable tomato cultivation in a 1.1 million square foot greenhouse in Nebraska. A $3 million non-recourse loan with a fixed interest rate of 1.5% has been secured to assist with operations. The facility, ready for immediate operations, aims to produce over 11 million pounds of tomatoes annually, enhancing local food supply, reducing carbon footprints, and improving freshness. Millennium Produce has partnered with Lipman Family Farms for distribution, enhancing market reach.
Millennium Investment & Acquisition Co., Inc. (MILC) has rebranded to Millennium Sustainable Ventures Corp and is transitioning from a 1940 Act investment company to direct business operations. The company is focused on sustainable cannabis cultivation and activated carbon production. With operations in Colorado, Oklahoma, and Michigan, MILC aims to leverage greenhouse cultivation for cost efficiency. The subsidiary, Millennium Carbon, is developing a sustainable Activated Carbon production process. The company is currently pursuing SEC deregistration and aims to finalize this as it pivots its business model.
Millennium Investment & Acquisition Co. (MILC) is expanding its sustainable cannabis cultivation by leasing a 556,146 sq. ft. greenhouse in Michigan, the second-largest cannabis market in the U.S. The facility will undergo approximately $3 million in capital improvements funded by Power REIT. Michigan's cannabis revenue is projected to reach $1.8 billion in 2021, with potential growth to $4 billion in 3-5 years. MILC aims to begin operations and generate revenue by mid-2022, targeting up to 90,000 plants and 40,500 pounds of cannabis annually, leveraging advanced cultivation technologies.
Millennium Investment & Acquisition Co. (ticker: MILC) has launched a greenhouse cannabis cultivation division named Millennium Cannabis, focusing on sustainable operations. The company has committed $750,000 for projects in Colorado and Oklahoma, anticipating strong revenue growth. MillCann aims to capitalize on the growing demand for cannabis amid state-level legalization, leveraging a strategic partnership with Power REIT for efficient capital access. Meanwhile, Millennium Carbon's activated carbon operations are undergoing a reevaluation following inconsistent quality issues, while the company de-registered as an investment entity to focus on operating businesses.
Millennium Investment & Acquisition Co. (MILC) has announced a $750,000 investment in cannabis operator VinCann LLC. This investment grants MILC a 77.5% ownership stake following a preferred return of 12.5%. VinCann has secured a 20-year lease for a 9.35-acre site in Oklahoma, featuring greenhouses and outdoor growing areas, aimed at establishing itself as a low-cost cannabis producer. The Oklahoma cannabis market is experiencing rapid growth, positioning MILC for attractive returns. The company continues transitioning from an investment firm to an operating entity focused on cannabis and activated carbon production.
Millennium Investment & Acquisition Co. (MILC) announced its investment in Walsenburg Cannabis LLC (WC), planning to become its majority owner through preferred equity. MILC's $750,000 capital commitment supports WC's operations amid ongoing regulatory approvals for cannabis licenses in Colorado. WC is led by Jared Schrader, aiming for significant cannabis production with projected annual revenues exceeding $10 million. This shift is part of MILC's strategy to transition from an investment company to an operating business focused on cannabis cultivation and activated carbon production.
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