ZDPYOTCOpeators of Nonresidential BuildingsUS GAAP · USD

Zoned Properties, Inc.

Zoned Properties, Inc. is a U.S.-based real estate company focused on acquiring, developing, leasing, and managing commercial properties used by licensed cannabis operators. The company also provides real estate advisory, brokerage, and technology services tied to regulated cannabis real estate, with its headquarters in Scottsdale, Arizona.

Ask about the company
Revenue4.1m USD
+9.2 %y/y
Operating profit (EBIT)-1.9m USD
−270.9 %y/y
EBIT margin-45.5%
−74.6 ppy/y
Net income-2.9m USD
−597.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20246m USD2020: 1.2 m USD2020: EBIT 0.04 m USD20202021: 1.8 m USD2021: EBIT 0.04 m USD20212022: 2.7 m USD2022: EBIT -0.11 m USD20222023: 2.9 m USD2023: EBIT 0.17 m USD20232024: 3.8 m USD2024: EBIT 1.1 m USD20242025: 4.1 m USD2025: EBIT -1.9 m USD20254.1-1.9
RevenueOperating profit (EBIT)
Ask Clarifo about Zoned Properties, Inc.

Business

Share of revenue
Property Investment Portfolio79 %

Owned and leased commercial properties used by regulated cannabis tenants.

Real Estate Services21 %

Advisory, brokerage, commissions, and assignment fees related to cannabis real estate.

Products

Reported · share of revenue
74.4%25.6%FY2025100 %
  • Property Investment Portfolio74.4 %
  • Real Estate Services25.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Zoned Properties serves licensed and regulated cannabis operators that need compliant retail, cultivation, processing, or future dispensary sites. It also serves property owners, investors, and market participants who use its advisory and brokerage services for cannabis-related commercial real estate transactions.

Licensed cannabis retailers

Lease dispensary properties in regulated markets because compliant retail sites are scarce and valuable.

Cannabis cultivation and processing operators

Lease specialized facilities for cultivation and processing where zoning and permitting are required.

Medical and adult-use dispensary developers

Use future-dispensary sites and development expertise to secure regulated retail locations.

Real estate advisory and brokerage clients

Buy advisory, commission, and assignment services for cannabis-related property transactions.

Strategy

Zoned Properties focuses on acquiring value-add commercial real estate in regulated cannabis markets and securing long-term absolute-net leases with licensed tenants. Its strategy emphasizes direct-to-consumer properties in state markets with strong cannabis demand, while using advisory and brokerage capabilities to support the broader real estate platform.

Expand the regulated cannabis property portfolioMedium term

More leased sites can increase recurring rental exposure in compliant markets.

Concentrate on direct-to-consumer retail real estateMedium term

Retail sites can be more strategically valuable than legacy cultivation assets.

Grow real estate services alongside owned assetsShort term

Advisory and brokerage services diversify revenue beyond rental income.

Evaluate legacy cultivation properties for capital recyclingMedium term

Selling or leveraging non-core assets can free capital for new investments.

Geography

The company is focused on the United States, where regulated cannabis real estate is governed by state and local zoning rules. Its portfolio includes properties in markets such as Chicago, Illinois and Surprise, Arizona, and it targets state markets with established cannabis consumer demand and permitting frameworks.

Risks

The business depends on cannabis regulation, zoning approvals, and tenant compliance, so changes in state or local rules can affect occupancy and property value. It also faces real estate-specific risks such as tenant concentration, lease rollover, property impairment, and valuation uncertainty, while its smaller scale can amplify financing and execution risk.

Sorted by severity
Cannabis regulatory and zoning dependenceHigh

Properties are valuable only if local rules allow cannabis use and leasing.

ExposureLicensed dispensaryCultivationProcessing sites
Tenant and lease concentrationHigh

Rental income depends on a limited number of regulated cannabis tenants.

Exposure: Seven-property portfolio

Property impairment and valuation riskMedium

Commercial real estate values can change with market demand, zoning, and tenant quality.

Exposure: Owned rental properties

Interest rate and derivative exposureMedium

Debt and hedging costs can affect cash flow and reported fair values.

Exposure: Interest rate swap agreement

Ask Clarifo about Zoned Properties, Inc.

Accounting

Judgemental items
Rental property impairment

Owned properties must be tested for recoverability when market or tenant conditions change.

Impact: Can reduce asset values and create non-cash charges

Allowance for accounts receivable

Advisory and rental receivables require judgment about collectability.

Impact: Affects net revenue and working capital

Interest rate swap fair value

Derivative gains and losses are marked to market each period.

Impact: Can create earnings volatility

Equity transaction valuation

Valuation of equity-based transactions can affect reported expenses and capital accounts.

Impact: Impacts non-cash charges and equity balances

Similar listed companies

Publicly listed companies with a comparable business focus.

Innovative Industrial Properties, Inc

IIPR · Real Estate

Orion Properties Inc.

ONL · Real Estate Investment Trusts

Glass House Brands Inc.

GLAS · Medicinal Chemicals & Botanical Products

Regional Health Properties, Inc

RHEPA · Lessors of Real Property, NEC

Cousins Properties Incorporated

CUZ · Real Estate Investment Trusts

Essential Properties Realty Trust, Inc

EPRT · Real Estate Investment Trusts

Last updated: 24/09/2026