ATLANTA, Jan. 20, 2022 (GLOBE NEWSWIRE) — UC Asset LP (OTCQX: UCASU) announces the company is finalizing the acquisition of a piece of cannabis property in Oklahoma City, at the price of $500,000, which will be 77% less than the original marked price of $2.2 million.
The property is a 4-acre medical marijuana indoor/outdoor property, including several buildings, greenhouses, and remodeled containers. Annual output may generate sales between $500,000 to $900,000 if leased to a seasoned grower.
“At this moment, it looks like we will be able to close the property at $500,000,” declares Greg Bankston, managing general partner of UC Asset. “The seller originally asked for $2.2 million. After our initial due diligence, we successfully challenged their numbers and reduced the target price to $900,000, and after further due diligence we have convinced the seller to accept a final offer of $500,000.”
Bankston acknowledged the deal may be subject to last-minute changes, as parties have not entered into any definitive agreement, and the company is still researching similar opportunities.
“Our management’s goal is to acquire the best properties at best prices,” says Larry Wu, founder of UC Asset. “Our company acquisition strategy includes intensive screening and researching all target acquisitions, in an effort to protect the interest of our investors.”
If UC Asset acquires the property, the firm will lease the property to licensed growers, implementing a business model similar to other established public companies, such as Power REIT (NYSE: PW). In February 2020, Power REIT announced expanding its portfolio in greenhouses for both food and cannabis cultivation. In less than 2 years since this announcement, its stock price has soared from $8.45 (February 03, 2020) to $73.01 (January 18, 2021), an increase of more than 860%.
With a goal to replicate Power REIT’s success, UC Asset has developed pipeline cannabis property deals, in several states including Oklahoma, Florida and Michigan, as well as opportunities in Georgia the firm’s home state.
The company has also entered an umbrella LOI deal to invest into cannabis properties operated by OTC company Puration, Inc. (OTC Pink: PURA).
“Our team is extremely excited about this year,” says Bankston. “We are working round the clock to find the right deals. Our ultimate goal is to secure properties that will allow us to join Power REIT and a select group of other forward-thinking investors, as trendsetters in providing an opportunity for cannabis cultivation while creating remarkable profit for our investors.”
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
Source: Globenewswire