Zoned Properties, Inc. ZDPY, a cannabis-focused real estate development firm reported its third quarter financial results on Tuesday for the three and nine-month period ended Sept. 30, 2023.
"We are delighted to report outstanding operating and financial performance for the third quarter whilst contending with challenging market conditions,” Bryan McLaren, CEO of Zoned Properties said.
Q3 2023 Financial Highlights
- Revenues were $720,450 compared to revenues of $614,988 for the same quarter of last year, representing an increase of 17.2%.
- Net income was $114,523 as compared to a net loss of $77,328 for the prior year’s period.
- Operating expenses were $671,338 compared to $660,251 for the third quarter of 2022, representing an increase of 1.7% year-over-year.
Nine Month Period Ended Sept. 30
Revenues were $2,181,091 compared to revenues of $2,052,341 for the nine months ended Sept. 30, 2022, representing an increase of 6.3%.
Net loss amounted to $152,966 for the nine months ended Sept. 30, 2023, compared to a net loss of $142,087 for the nine months ended Sept. 30, 2022.
The company had cash on hand of $3.01 million as of Sept. 30, 2023, compared to cash on hand of $3.28 million as of June 30, 2023.
“We continue using our nationwide services network and property technology to provide the Company with a competitive edge when identifying excellent investment prospects,” McLaren continued. “We have a full pipeline of acquisitions, and we continue to utilize our extremely disciplined capital allocation approach. Since we have a clear view of the properties we are pursuing, we anticipate further capital deployment over the near term."
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
Just this year, the PotProfits portfolio has seen smoking-hot gains like:
- 47.10% with $GTBIF
- 40.23% with $TCNNF
- 21.50% with $VFF
ZDPY Price Action
Zoned Properties’ shares traded 9.4286% higher at $0.4979 per share at the time of writing on Tuesday morning.
Related News
- Cannabis Real Estate Firm's Q2 Earnings Results Signal Steady Growth, Here's What You Need To Know
- Zoned Properties Stock Trades Down As Q1 2023 Revenue Falls, Yet Property Investments Surge
- Zoned Properties FY22 Revenue Grows 46% To $2.66M, Sixth Year Of Positive Cash Flow From Operations
Photo: Courtesy of Kostiantyn Li on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.