UCASU - UC Asset Signed MOU with Tenant to Build 8000 sq ft Cannabis Property | Benzinga
ATLANTA, Sept. 28, 2023 /PRNewswire/ -- UC Asset LP (OTCQB:UCASU) announces today that the company has entered into a Memorandum of Understanding (MOU) to build an 8,000 sq ft cannabis property for medical cannabis cultivation, in the metropolitan area of the State of Oklahoma. The MOU is a three party non-binding agreement between UC Asset, a contractor, and a tenant.
According to the MOU, the tenant agrees to rent the property from UC Asset for a monthly payment of $20,000, upon completion of its construction. There will be a 3-month grace period when monthly payment will be set at 50% discount.
The tenant, Nuggetry/MOAB LLC, is a licensed medical cannabis grower based in the State of Oklahoma, is not affiliated to UC Asset, and has no other business relationship with UC Asset.
If built, this property will become the second cannabis property owned by UC Asset. In May 2023, UC Asset acquired 50% ownership of a15,000 sq ft cannabis property for a consideration of $1.6 million. Starting from this month, UC Asset receives