UC Asset LP announced the firm has signed LOI with an Oklahoma cannabis property owner and licensed medical marijuana grower, to acquire its property, including all on-ground structures, for a consideration of $2.2 million. The property is a 4-acre medical marijuana indoor/outdoor property. According to the seller, operation from this property generated a gross annual revenue of about $900,000. Seller will finance a major part of the transaction by providing a $1.2 million, 3-year loan, which will carry an annual interest of 1.8%. The loan also has a grace period of 6 months. UC Asset plans to lease the property back to licensed growers, applying a business model similar to those adopted by established public companies, such as Power REIT. This is the first LOI signed since UC Asset announced its plan to investment in cannabis property investments two month ago. Last month, UC Asset declared that it has developed a deal pipeline for cannabis property investments. The management confirms that it may sign more LOIs for potential deals in the coming weeks.