Atlanta, GA -- May 2, 2023 --
InvestorsHub NewsWire -- 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.
For More Information
Contact: IR@UCasset.com