Exhibit 21.1
The direct and indirect subsidiaries of the Registrant, and their respective states of incorporation or organization, are set forth below:
| Subsidiary | State of Incorporation or Organization | |
| Pittsburgh & West Virginia Railroad | Pennsylvania | |
| PW Salisbury Solar, LLC | Massachusetts | |
| PW Regulus Solar, LLC | California | |
| PW CO CanRE JAB LLC | Colorado | |
| PW PWV Holdings LLC | Colorado | |
| PW CO CanRE Mav 5 LLC | Colorado | |
| PW CO CanRE Mav 14 LLC | Colorado | |
| PW CO CanRE Sherm 6 LLC | Colorado | |
| PW ME CanRE SD LLC | Maine | |
| PW CO CanRE Tam 7 LLC | Colorado | |
| PW CO CanRE Grail LLC | Colorado | |
| PW CO CanRE Tam 19 LLC | Colorado | |
| PW CO CanRE Apotheke LLC | Colorado | |
| PW CA CanRE Canndescent LLC | California | |
| PW CO CanRE Gas Station LLC | Colorado | |
| PW CO CanRE Cloud Nine LLC | Colorado | |
| PW CO CanRE Walsenburg LLC | Colorado | |
| PW CanRE OK Vinita LLC | Oklahoma | |
| PW CanRE Holdings LLC | Delaware |