Zoned Properties Inc (OTC: ZDPY) is a commercial real estate company that acquires and leases properties to operators in highly regulated industries, with a primary focus on the legalized cannabis sector. Revenue comes from triple-net and absolute net lease arrangements with cannabis-licensed tenants. The company targets properties in jurisdictions with strict zoning and permitting requirements, acquiring sites that comply with local cannabis approvals governing distance from schools, parks, churches, and residential districts. As of December 31, 2025, the company held a portfolio of properties generating contracted annual base rent of approximately $2.73 million for 2026 and total future base rent of approximately $42.4 million across all lease terms (per the FY2025 10-K). The company reported a net loss of $2.85 million for the year ended December 31, 2025, held cash of $837,767, and carried stockholders' equity of $3.07 million. Going-concern doubt was disclosed, and in December 2025 and January 2026 the company entered into agreements to sell substantially all assets, with closings contingent on certain conditions.

Revenue model

Triple-net and absolute net lease income from cannabis-licensed commercial tenants. Tenants pay base rent on long-term leases, with step-up schedules at certain properties. The company also held a 50% equity-method investment in Zoneomics Green, LLC, a cannabis-industry technology platform that had not launched as of December 31, 2025 and was written down to a carrying value of $0.

Products and services

Commercial real estate properties zoned and permitted for regulated cannabis operations, leased under absolute net lease structures. Properties include sites in Chino Valley, Green Valley, Kingman, Tempe (AZ), and others. The company also held an interest in Zoneomics Green, LLC, a stalled cannabis-industry technology and data platform.

Customers and end markets

Cannabis-licensed operators serving as tenants, including Broken Arrow Herbal Center, Inc. (Chino Valley and Green Valley properties) and CJK, Inc. (Kingman property), with guaranty of payment from A&R Consultants, LLC under leases effective January 1, 2026. End market is state-licensed cannabis retail and cultivation. Tenant concentration is material given the small portfolio size.

Value-chain role

Property owner and landlord in the cannabis real estate supply chain. The company identifies, acquires, and leases regulated-use commercial properties, sitting between municipalities that set zoning rules and cannabis operators that require compliant facilities.

Geographic exposure

Operations concentrated in Arizona, with properties in Chino Valley, Green Valley, Kingman, and Tempe, as well as additional properties reflected in the rent schedule as of December 31, 2025. Headquartered in Boca Raton, FL.

Source: SEC 10-K, filed 2026-04-01

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