Zoned Properties (OTCQB: ZDPY), a technology-driven property investment company for emerging and highly regulated industries, including legalized cannabis, released its financial results for Q1 2024, the period ended March 31; the company also noted recent business highlights. According to the report, financial highlights include revenues totaling $837,052 for the quarter ended March 31, 2024, compared to $688,024 million revenues for the same quarter 2023, representing an increase of 22%; net income of $96,473, or $0.01 per fully diluted share, as compared to a net loss of $309,648, or ($0.03) per fully diluted share, for the same quarter in 2023, representing a 131% increase; income from operations totaled $128,909 for the quarter; cash provided by operating activities reached $207,218; operating expenses reaching $708,143; and reported cash on hand of $1.52 million as of March 31, 2024. Business highlights for the quarter include Zoned Properties board of directors approving a stock repurchase program; the acquisition of a prime dispensary location in Chicago, marking an entry into one of the largest urban markets for legalized cannabis; an agreement to acquire property leased to Sunday Goods after receiving cannabis approvals for a new retail dispensary in Arizona; and listing cultivation property in Chino Valley, Arizona, for sale at a purchase price of $16 million. “Our team continues to execute despite a difficult operating climate in the cannabis industry, achieving very impressive financial and operational results,” said Zoned Properties CEO Bryan McLaren in the press release. The transition to a direct-to-consumer property investment model was demonstrated by our first-quarter results, which saw a revenue increase of 22%, positive net income and significant operating cash flow growth, evidencing what we believe is Zoned Properties’ firm trajectory of value generation and sustainable growth.”
To view the full press release, visit https://cnw.fm/Sikou
About Zoned Properties Inc.
Zoned Properties is a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry in the United States. The company aspires to innovate within the real-estate development sector, focusing on direct-to-consumer real estate that is leased to best-in-class cannabis retailers. Headquartered in Scottsdale, Arizona, Zoned Properties is redefining the approach to commercial real estate investment through its standardized investment process backed by its proprietary property technology. Zoned Properties has developed a national ecosystem of real estate services to support its real estate development model, including a commercial real estate brokerage and a real estate advisory practice. With a decade of national experience and a team of experts devoted to the emerging cannabis industry, Zoned Properties is addressing the specific needs of a modern market in highly regulated industries. The company targets commercial properties that face unique zoning or development challenges, identifies solutions that can potentially have a major impact on their commercial value, and then works to acquire the properties while securing long-term, absolute-net leases. Zoned Properties targets commercial properties that can be acquired and rezoned for specific purposes, including the regulated and legalized cannabis industry. It does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substance Act of 1970, as amended (the “CSA”). For more information, visit the company’s website at www.ZonedProperties.com
NOTE TO INVESTORS: The latest news and updates relating to ZDPY are available in the company’s newsroom at https://cnw.fm/ZDPY
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