Millennium Sustainable Ventures Corp (OTCMKTS:MILC) Stock Gains: Company Announces Major Expansion

Millennium Sustainable Ventures Corp (OTCMKTS:MILC) on April 1, 2022, announced expanding sustainable greenhouse cultivation activities through the first produce-related operations. A subsidiary of Millennium Produce of Nebraska LLC, the firm has implemented a long-term lease for about 1.1 million square foot greenhouse cultivation facility, situated in O’Neill, Nebraska.

Trading Data

On Friday, MILC stock gained 11.61% to $1.25 with more than 203k shares, compared to its average Friday of 41K shares. The stock moved within a range of $1.0000 – 1.3500 after opening trade at $1.16.

Millennium Sustainable Ventures Corp. Announces Expansion of its Footprint with a 1.1 million square foot Greenhouse Facility

The lease was done through acquisition by Power REIT. David H. Lesser, MILC’s Chairman, and CEO, also is the CEO of Power REIT. The transaction will see Power REIT fund capital improvements of about $534,000 for starting phase of improvements. This would include costs pertaining to the replacement of energy curtains.

The transaction ensured Millennium Produce arranged a $3 million non-recourse loan with a fixed interest rate of 1.5%. Secured by Furniture, Fixtures, and Equipment, it was bought by Millennium Produce. David Lesser, Chairman, and CEO expressed excitement about introducingMillennium Produce as a fresh focus area.

Lesser said that food crop production in the greenhouse is gaining momentum in the country. The CEO added that the firm will establish large-scale operations with the greenhouse facility in O’Neill Nebraska. Millennium Sustainable Ventures Corp is of the view that the property was bought at an attractive price. The firm is focusing on a “lean and mean” approach but delivering consistently high-quality products to consumers. Millennium believes that the company will establish its operating procedures and aim at profitability in 2023.

Key Quote

David Lesser, Chairman and CEO commented, “We are very excited to introduce Millennium Produce as a new area of focus. The production of food crops in greenhouses is gaining traction in the United States and we now can establish large-scale operations with this greenhouse facility in O’Neill Nebraska. We believe this Property was acquired at an attractive basis which should allow Millennium Produce to compete favorably. We have already put in place a head grower and are working to round out the team to quickly commence cultivation.

Technical Data

MILC stock is trading below the 20-Day and 50-Day Moving averages of $2.47 and $4.67 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.36.