Unregulated direct ownership
From Timber Investments Wiki
Direct ownership is often used in hardwood investment schemes. It means the investor becomes the direct owner of the bought trees and/ or land they are planted on.
Unregulated means the investment is outside the scope of any (financial) regulatory authority.
In The Netherlands these kind of constructions have caught the attention of the AFM a few years ago. By demanding companies who offer these investments to small private investors to have a license they have effectively blocked many of these investment opportunities.