UC Asset Closed First Acquisition of $3M Cannabis Property

ATLANTA, May 2, 2023 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU) announces today that the company has closed the acquisition of 50% ownership of a $3 million cannabis property, which has 15,000 square feet of cannabis cultivation area built to the state-of-art standard, with computerized and automatized environment control, and has the capacity to host full cycle cannabis production from creating clones/genetics to extracting cannabinoids. 

The property is 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.

The property is leased to Fire Ranch Farms, a licensed medical cannabis grower, which, according to its own report, operates at a net profit margin at approximately 30%, and is improving its net profitability toward 40% in the year of 2023. 

Fire Ranch Farms is one of the few Oklahoma cannabis growers who has mass pre-sell orders. Last year, it was chosen as the single source provider for Cheech Marin's Oklahoma product line. Most recently, the facility of Fire Ranch Farms is featured in the movie Second Chances, which was released only a few days ago on both Amazon Prime and Apple TV.

UC Asset acquired half ownership of the property with $1 million cash plus issuance of 500,000 preferred shares valued at $1.20 per share, making it a $1.6 million deal in total. UC Asset has the option to acquire the remaining ownership of the property by issuing 2 million preferred shares.

Upon closure of this transaction, UC Asset becomes one of the only four American cannabis-related companies that are SEC (Security Exchange Commission) reporting public companies. Since most cannabis-related business practices are not federally legal, overwhelming majority of public companies engaging in cannabis business do not report to SEC. Public companies like UC Asset, which reports to SEC and is directly regulated by SEC, are commonly considered as having better transparency, and are held to a higher standard of corporate governance.

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.

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SOURCE UC Asset LP