Zoned Properties Reports Strong Q1 2024 Financial Results Amidst Strategic Growth Initiatives; Posts Revenue Growth of 22% and Positive Net Income

Significant Momentum in Shift to Direct-to-Consumer Real Estate Focus;
Announced Share Repurchase Program Subsequent to Quarter End for up to $1 Million;
Announced Listing of Non-Core Asset in Chino Valley for $16 Million Subsequent to Year End

SCOTTSDALE, AZ / ACCESSWIRE / May 14, 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 first quarter ended March 31, 2024, as well as recent highlights as it relates to the Company's ongoing progress.

Recent Highlights:

• Subsequent to quarter end, the Company announced the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to purchase up to $1 million of its common stock over an unlimited time period.
• Subsequent to year end, 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.
• Subsequent to year end, 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.
• Subsequent to year end, 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.

Financial Highlights for the Quarter Ended March 31, 2024:

• Revenues were $837,052 for the quarter ended March 31, 2024, compared to revenues of $688,024 million for the quarter ended March 31, 2023, representing an increase of 22%.
• The Company reported net income of $96,473, or $0.01 per fully diluted share, for the quarter ended March 31, 2024, as compared to a net loss of $309,648, or ($0.03) per fully diluted share, for the quarter ended March 31, 2023, representing a 131% increase.
• Income from operations was $128,909 for the quarter ended March 31, 2024, compared to a loss from operations of $23,386 for the quarter ended March 31, 2023, representing a 651% increase.
• Cash provided by operating activities was $207,218 for the quarter ended March 31, 2024, compared to $3,589 for the quarter ended March 31, 2023.
• Operating expenses were $708,143 for the quarter ended March 31, 2024, compared to $711,410 for the quarter ended March 31, 2023, representing a slight decrease.
• The Company had cash on hand of $1.52 million as of March 31, 2024, compared to cash on hand of $3.1 million as of December 31, 2023. The decrease in cash position primarily reflects the Company's acquisition of the Chicago, Illinois dispensary property.

Management Commentary: