ATLANTA, Sept. 28,
2023 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU)
announces today that the company has entered into a Memorandum of
Understanding (MOU) to build an 8,000 sq ft cannabis property for
medical cannabis cultivation, in the metropolitan area of the
State of Oklahoma. The MOU is a
three party non-binding agreement between UC Asset, a contractor,
and a tenant.
According to the MOU, the tenant agrees to rent the property
from UC Asset for a monthly payment of $20,000, upon completion of its construction.
There will be a 3-month grace period when monthly payment will be
set at 50% discount.
The tenant, Nuggetry/MOAB LLC, is a licensed medical cannabis
grower based in the State of
Oklahoma, is not affiliated to UC Asset, and has no other
business relationship with UC Asset.
If built, this property will become the second cannabis property
owned by UC Asset. In May 2023, UC
Asset acquired 50% ownership of a15,000 sq ft cannabis property for
a consideration of $1.6 million.
Starting from this month, UC Asset receives $12,000 monthly dividend from the rental of that
first property.
According to the MOU, the second property will have more than 4
growing rooms, with a growing canopy area of more than 5500 sq ft.
It will be fully equipped with computerized light, irrigation,
temperature, and humidity control, to provide 100% controlled
environment. Upon completion, the Property will be able to support
a monthly harvest of top-shelf medical marijuana of about 150 to
200 pounds.
"Most other cannabis property investors, perhaps an overwhelming
majority of them, chose to buy existing properties," says
Jason Armstrong, manager of UC
Asset. "We also acquired our first cannabis property through a
purchase deal. However, we believe that it will save us
approximately 1/3 to 1/2 costs, if we choose to build our property,
instead of purchasing. This strategy will distinguish us from
almost all other cannabis property investors, and it will likely
give us a substantial and sustainable competitive
advantage."
The property will be located in Edmond, Oklahoma, which is a suburban town
only 20 minutes from downtown Oklahoma
City, the capital and largest city of the State of Oklahoma.
According to the management of UC Asset, UC Asset is one of the
only four public companies based in United States and listed on a US stock
exchange or trading platform, which invest in cannabis properties.
The other three public companies are Innovative Industry Property
(NYSE: IIPR), Power REIT (NYSE/American: PW) and NewLake
Capital Partners (OTCQX: NLCP).
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of
investing in real estate with innovative strategies. 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: IR@UCasset.com; +1
470-475-1035
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SOURCE UC Asset LP