UCASU announces LOI to acquire $2.2
mllion Cannabis Property in Oklahoma
Atlanta, GA -- December 6, 2021 -- InvestorsHub NewsWire -- UC
Asset LP (OTCQX:
UCASU) announces the firm has signed LOI with an Oklahoma
cannabis property owner and licensed medical marijuana grower, to
acquire its property, including all on-ground structures, for a
consideration of $2.2 million.
The property is a 4-acre medical marijuana indoor/outdoor
property. According to the seller, operation from this property
generated a gross annual revenue of about $900,000.
Seller will finance a major part of the transaction by providing
a $1.2 million, 3-year loan, which will carry an annual interest of
1.8%. The loan also has a grace period of 6 months.
UC Asset plans to lease the property back to licensed growers,
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 on the
public market with significant cannabis properties in their
portfolio. And some of these portfolios appear to be very
successful despite their short history. We've decided to adopt this
investment model," says Greg Bankston, managing general partner of
UC Asset.
Among the public companies Bankston referred to is Power REIT.
In February 2020, the REIT announced expanding its portfolio in
greenhouses for both food and cannabis cultivation. In the 21
months since this announcement, its stock price has soared 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 achieved a 133% growth and quarterly net income
achieved a 221% growth, by June 30, 2021.
This is the first LOI signed since UC Asset announced its plan
to investment in cannabis property investments two month ago.
Last month, UC Asset declared that it has developed a deal pipeline
for cannabis property investments. The management confirms
today that it may sign more LOIs for potential deals 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, concentrating in metropolitan areas of Atlanta,
GA. For more
information about UC Asset, please visit: www.ucasset.com
Disclaimer:
This News 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 any these statements. You are cautioned
not to place undue reliance on any those forward-looking
statements. Except as otherwise required by the federal securities
laws, we undertake no obligation to publicly update or revise any
forward-looking statements after the date of this news release.
None of such forward-looking statements should be regarded as a
representation by us or any other person that the objectives and
plans set forth in this News Release will be achieved or be
executed.
For More Information Contact:
Christal Jordan | Executive Director, UC Asset LP
cjordan@ucasset.com |
678-499-0297