Zoned Properties Reports Fourth Quarter and Full-Year 2023 Financial Results; Ongoing Progress in Portfolio Growth and Diversification

• Significant Momentum in Shift to Direct-to-Consumer Real Estate Focus with Two Acquisitions Announced Subsequent to Year End;
• Announced Listing of Non-Core Asset Chino Valley Cultivation Property for $16 Million Subsequent to Year End;
• Ongoing Review of Strategic Initiatives to Enhance Shareholder Value

SCOTTSDALE, AZ / ACCESSWIRE / March 26, 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, today announced its financial results for the fourth quarter and year ended December 31, 2023, as well as recent highlights as it relates to the Company's ongoing progress.

Recent Highlights:

• Announced strategic geographic expansion with acquisition of prime dispensary location in Chicago leased to Justice Cannabis Co.'s BLOC, marking an entry into one of the largest urban markets for legalized cannabis at a 16.5% cap rate.
• Announced agreement to acquire property for $2.75 Million leased to Sunday Goods after receiving cannabis approvals for new retail dispensary in Arizona at a 12.7% cap rate.
• Listed cultivation property in Chino Valley, Arizona for sale at a purchase price of $16 million. This potential transaction marks a significant development in the Company's strategic real estate portfolio optimization. The Chino Valley Property has been a valuable non-core asset within the Company's portfolio and this potential sale is part of a strategic shift to streamline the Company's portfolio and concentrate efforts on a direct-to-consumer real estate strategy.

Management Commentary:

"As we reflect on our Full Year 2023 results and our recent strategic updates, it's clear that Zoned Properties is firmly on a trajectory of sustainable growth and value creation. The acquisition announcements of key dispensary properties with best-in-class cannabis operators and the most recent announcement around the strategic listing of our Chino Valley property for $16 million are pivotal components of our refined focus on direct-to-consumer real estate. The listing of our Chino Valley property is an important step unlocking the potential opportunity to raise significant non-dilutive capital and reflects our commitment to seizing market opportunities with a dedication to enhancing shareholder value. We're keenly aware of the current disconnect between our book value and market cap, and we view this as an opportunity to further align our strategic initiatives with shareholder interests. Through continued review and execution of our strategic initiatives, we remain committed to bridging this gap. Our journey is guided by a clear vision: to utilize our property technology competitive advantages to drive scale and innovate within our industry, delivering tangible, long-term value to our shareholders. We're excited about what the future holds and remain dedicated to our strategic growth path, and operational excellence as we move forward," said Bryan McLaren, Chief Executive Officer of Zoned Properties.