Big news came out today!
UCASU to expand with cannabis properties in New York State
Press Release | 06/01/2022
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 $50 million portfolio of cannabis properties, and its expansion into New York State will move the company one more step closer to its goal of growth.
