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Zoned Properties Plans Continued Portfolio Expansion with New Ohio License Awards to Multi State Operator Clients, Enhancing Growth Prospects

In This Article:

  • Five Properties Secured with Multi-state Operators in Metro Areas

  • Long-Term Leases with Strong Cap Rates Expected Post Closing

SCOTTSDALE, AZ / ACCESSWIRE / July 23, 2024 / Zoned Properties®, Inc. ("Zoned Properties" or the "Company") (OTCQB:ZDPY), a technology-driven property investment company for emerging and highly regulated industries, including legalized cannabis, is thrilled to announce its plans for continued expansion with five new properties secured in Ohio, alongside selected tenants who have been initially awarded new adult-use licenses in the state. Existing medical license holders in Ohio are to be awarded at least one new adult-use location, with some cultivators receiving up to three additional locations.

Within the new adult-use marketplace and awarding of licenses, the State of Ohio conducted a lottery to determine a draft order for Phase I site selection. The first pick could submit a location anywhere in the State, with subsequent picks required to be outside a one-mile radius from the previous selection. The Zoned Properties deal-making team strategically sourced and secured sites across Ohio in key market locations and secured control over these properties to market them to applicant operators. Five of these properties have received preliminary approval by the State of Ohio, featuring tier-one multi-state operators located in major metropolitan areas. The process now enters a 45-day period during which the State looks at additional information regarding the applicants and locations before officially issuing provisional licenses, allowing operators to move forward with development.

This milestone reflects Zoned Properties' decade-long efforts to build a national reputation and network with leading cannabis dispensary operators. The Company is now working with Tier 1 and Tier 2 multi-state operators as a trusted partner to supply real estate for new-state license applications and multi-state expansion strategies.

In addition to Ohio, Zoned Properties is also collaborating with Tier 1 and Tier 2 operators in Kentucky and Maryland, expecting these engagements to provide further opportunities for scaling the portfolio. These recent site location and licensing wins highlight Zoned Properties' value proposition, and the Company's ecosystem of fostering deal flow with top-tier cannabis operators, enabling Zoned Properties to acquire value-add real estate with compelling investment return opportunities.

Management Commentary:

Bryan McLaren, CEO of Zoned Properties, stated, "We are excited to see our strategic efforts bearing fruit as we look to thoughtfully expand our direct-to-consumer real estate portfolio. The trust our clients and prospective tenants place in us to secure premium sites for winning licenses underscores our commitment to supporting the growth of the cannabis industry. We look forward to continuing this momentum and expanding our real estate portfolio with best-in-class operators."