UCASU to expand with cannabis properties in New York State
UC Asset LP (OTCQX: UCASU) is targeting cannabis property investments in New York, partnering with licensed local growers and vendors. This shift follows their initial focus on Midwest states like Oklahoma and Colorado. The company plans to build a $50 million portfolio of cannabis properties, capitalizing on New York's recent legalization of cannabis cultivation. Their strategy includes working with a local hemp grower who recently obtained a cultivation license, aiming for both cultivation and retail properties, particularly in New York City.
- Targeting cannabis property investments in New York, a market with potential growth.
- Planning to build a $50 million portfolio of cannabis properties, indicating strong future growth potential.
- Strategic partnerships with local growers and vendors set to enhance market entry.
- Uncertainty regarding the timeline for retail cannabis licenses which may delay revenue generation.
- The company is pivoting from previous markets, indicating potential previous strategy misalignment.
Atlanta, June 01, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announced today the company is aggressively seeking cannabis property opportunities in the state of New York, by partnering with licensed local growers, vendors and other cannabis license holders.
In the fourth quarter of 2021, UCASU rolled out a new business investment strategy highlighting interest in retaining cannabis properties to duplicate the success of other public companies, such as Power REIT (NYSE: PW). Initially, UC Asset was focused on the Midwest states such as Oklahoma and Colorado. “Having formed a viable pipeline for cannabis property deals in those Midwest states, our research and business intelligence has resulted in a pivot to focus heavily on New York State for more trendy opportunities of cannabis properties,” says Greg Bankston, managing general partner of UC Asset.
New York State has legalized possession and consumption of cannabis for adults 21 and older more than one year ago, but it wasn’t until this February, when the governor signed a law, which allowed the State to issue conditional licenses of cannabis cultivation. The first group of cannabis cultivation licenses were only issued to active hemp farmers, i.e., farmers who already held hemp cultivation licenses and were actively growing. The State has not started issuing retail “adult use” cannabis licenses and is expected to start the process in the coming months.
“For several months we have actively worked with a local hemp grower, which has just been issued its cannabis cultivation license last week,” Bankston explains. “We are also working with local businesspeople who are eligible for retail cannabis licenses. Our ideal situation is partnering with these and other local businesses, to invest on both cultivation properties and retail properties in the State of New York. Particularly, we plan to invest on retail cannabis properties in the City of New York.”
Overall, UC Asset plans to build a
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
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