Cannabis Real Estate Firm's Q2 Earnings Results Signal Steady Growth, Here's What You Need To Know

Cannabis-focused real estate development firm Zoned Properties, Inc. ZDPY reported on Monday its second quarter financial results, revealing a 55% year-over-year increase in revenues to $772,617, compared to revenues of $498,652 in the same quarter of last year, and $688,024 in the prior quarter.

Q2 2023 Financial Highlights

• Net income totaled $42,159 as compared to a net loss of $39,063 for the same period of 2022.
• Total operating expenses were $707,812 compared to $507,856 for the corresponding quarter of last year, representing an increase of 39%.
• Cash provided by operating activities was $140,195, while cash on hand totaled $3.28 million as of June 30, 2023, compared to cash on hand of $3.25 million in the previous quarter.

H1 2023 Financial Highlights

• Total revenues amounted to $1.46 million, up from $1.44 million in the prior year's period.
• Net loss amounted to $267,489 compared to $64,759 in the same period last year.
• Total operating expenses hovered around $1.4 million for the second consecutive year.
• Net income was $56,419, compared to $314 in the same period of 2022.
• Cash provided by operating activities amounted to $143,784, down from $270,968 in the first half of 2022.

CEO Bryan McLaren On Q2 Earnings And Industry Trends

"We are laser-focused on the continued growth of our property investment portfolio targeting direct-to-consumer real estate leased to best-in-class cannabis retailers," Bryan McLaren, CEO of Zoned Properties said. "Our team has been leveraging our property technology and national services network, which gives us a competitive edge to identify great acquisition and investment opportunities. With a full pipeline of acquisition prospects, a robust balance sheet, and a strategic capital allocation approach, we are incredibly enthusiastic about the growth opportunity for Zoned Properties."

McLaren earlier discussed how to enhance the value of real estate in the cannabis industry and mitigate its risks with Beniznga's Elliot Lane and Javier Hasse during Cannabis Insider, a live daily show for cannabis investors.

He was also a guest speaker at one of Benzinga's previous gatherings, discussing leveraging strong brands for real estate expansion and standardization while minimizing risks. The Benzinga Cannabis Capital Conference returns this fall to Chicago.

Price Action

Zoned Properties' shares traded 3.9390% higher at $0.64 per share at the time of writing on Monday.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Photo: Courtesy of Kindel Media by Pexels