Atlanta group poised to enter marijuana sector using REIT model

UC Asset, an Atlanta-based real estate investment group, announced its intent to acquire an indoor-outdoor medical marijuana property in Oklahoma City.

The company says it’s finalizing a $500,000 deal for the 4-acre property, “which will be 77% less than the original marked price of $2.2 million” after due diligence.

There is no definitive agreement for the purchase, UC Asset said in a Thursday news release, “and the company is still researching similar opportunities.”

UC Asset said it plans to follow in the footsteps of commercial real estate investment trust Power REIT and has potential cannabis real estate deals in Oklahoma, Florida, Georgia and Michigan.

“Our ultimate goal is to secure properties that will allow us to join Power REIT and a select group of other forward-thinking investors as trendsetters in providing an opportunity for cannabis cultivation while creating remarkable profit for our investors,” Managing General Partner Greg Bankston said in a statement.

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UC Asset announced plans to enter cannabis real estate last October.

The company’s shares trade on U.S. over-the-counter markets as UCASU.