UC Asset LP (OTCQB: UCASU), an Atlanta-based real estate investment firm, has closed its acquisition of 50% ownership of a $3 million cannabis property in Edmond, Oklahoma.
The acquired property encompasses 15,000 square feet of cannabis cultivation area with computerized and automatized environment control that enables full-cycle cannabis production from creating clones/genetics to extracting cannabinoids. The property is leased to Fire Ranch Farms, a licensed medical cannabis grower that was recently featured in the film “Second Chances” that is now available on 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.