A rare NNN investment fully leased to Catalyst Cannabis, one of California's largest operators (35 dispensaries, 500+ employees), holding one of only four retail cannabis permits the City of Grover Beach will ever issue. None are available, creating a durable barrier to competition. True NNN: the tenant carries all taxes, insurance, maintenance, and structural obligations, including roof and HVAC, with zero landlord responsibility. Secured by both a corporate and personal guaranty, with ~7 years remaining through December 31, 2033, plus two 5-year options. Fixed ~3% annual increases grow yield-on-cost past 10% over the term. The ±3,068 SF freestanding building sits on a secured, fully-fenced ±10,890 SF lot with ~$1.6M in tenant improvements for licensed retail use. Truly passive, management-free income, ideally suited to 1031 exchange buyers and private capital seeking a durable, growing yield asset.