Green Dot Labs To Enter Arizona Cannabis Market

Zoned Properties, Inc. ZDPY, has approved a lease amendment and assignment at its Tempe property granting operational control to Green Dot Labs as the property's new tenant.

"We are extremely excited to welcome Green Dot Labs into the Arizona marketplace as the new primary tenant at our property in Tempe, Arizona," stated Bryan McLaren, CEO of Zoned Properties. "We have known the team at Green Dot Labs for many years and have watched them thrive in the emerging cannabis marketplace, consistently providing consumers with best-in-class products, services, and brands. Zoned Properties is proud to include a company of Green Dot Lab's caliber in our tenant roster."

Green Dot Labs CEO and co-founder Alana Malone, stated: "After spending ten years growing market-leading positions in Colorado's highest value cannabis categories-including concentrates, vape, and flower, Green Dot Labs is excited to expand its reach to our first new market. We are pleased to be aligned with Zoned Properties as we join the Arizona cannabis community."

The lease amendment and assignment have been approved in exchange for a one-time payment of $300,000 to Zoned Properties as consideration of the approval. As additional consideration for the company's approval, Green Dot Labs as the new tenant has contractually committed to investing at least $3 million towards property improvements. Hana Meds will continue certain operations at the Tempe property in coordination and collaboration with Green Dot Labs.

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Photo: Benzinga; Sources: courtesy of geralt, lindsayfox Pixabay

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