UCASU Announces Letter of Intent to Acquire $ 2.2 Million Cannabis Property in Oklahoma


ATLANTA, December 6, 2021 / PRNewswire / – UC Asset LP (OTCQX: UCASU) announces that the company has signed a letter of intent with a Oklahoma owner of a cannabis property and licensed producer of medical marijuana, to acquire his property, including all structures on the land, for a consideration of $ 2.2 million.

The property is a 4 acre indoor / outdoor medical marijuana property. According to the seller, the operation of this property has generated a gross annual income of approximately $ 900,000.

The seller will finance a large part of the transaction by providing a $ 1.2 million, 3-year loan, which will bear an annual interest of 1.8%. The loan also has a 6 month grace period.

UC Asset plans to lease the property to licensed producers, applying a business model similar to those adopted by established public companies, such as Power REIT (NYSE: PW).

“There are only a few real estate investment companies in the public market with significant cannabis properties in their portfolio. And some of these portfolios seem to be very successful despite their short history. We have decided to adopt this investment model, ”says Greg Bankston, managing general partner of UC Asset.

Among the public companies mentioned by Bankston is Power REIT. In February 2020, the REIT announced the expansion of its greenhouse portfolio for food and cannabis cultivation. In the 21 months since that announcement, its share price went from $ 8.45 (February 03, 2020) To $ 63.46 (November 12, 2021), an increase of 750%. According to its most recent report, the company’s quarterly revenue grew by 133% and quarterly net profit grew by 221%, from June 30, 2021.

This is the first letter of intent signed since UC Asset announced its plan to invest in cannabis real estate investments two months ago. Last month, UC Asset said it has developed a pipeline of deals for cannabis real estate investments. Management confirms today that it could sign other letters of intent for potential transactions in the coming weeks.

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, focusing in the metropolitan areas of Atlanta, GA. For more information on UC Asset, please visit: www.ucasset.com

Disclaimer:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from those statements. You are cautioned not to place undue reliance on these forward-looking statements. Except as otherwise provided by federal securities laws, we assume no obligation to publicly update or revise any forward-looking statements after the date of this press release. None of these forward-looking statements should be taken as a representation by us or any other person that the objectives and plans set forth in this press release will be achieved or executed.

For more information, contact:

Christal jordan | Executive Director, UC Asset LP

[email protected] | 678-499-0297

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SOURCE UC Asset LP

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