Zoned Properties is a small commercial real estate company that acquires and leases properties exclusively to licensed cannabis operators in the U.S. The company owns seven properties across Arizona, Michigan, and Illinois — dispensaries, cultivation facilities, and processing facilities — all leased to licensed cannabis tenants. Zoned Properties does not handle cannabis itself; it is purely a landlord. The company uses long-term, absolute-net (triple-net) leases, typically running 14-15 years with renewal options, under which tenants bear all operating costs including taxes, insurance, and maintenance. Leases include 3% annual rent escalators, providing modest organic income growth. Zoned Properties also runs a smaller Real Estate Services segment that provides advisory, brokerage, and technology services to cannabis operators navigating complex zoning and permitting requirements. The company's value proposition is its expertise in acquiring and permitting cannabis-zoned properties — a process that can take months to years — and then securing long-term tenants at above-market lease economics. The key risk in this model is tenant concentration: the top three tenants accounted for roughly 58% of FY25 revenues, meaning a single troubled tenant can materially impact results. As of the filing date, Zoned Properties is no longer pursuing growth and is instead pursuing a management buyout of substantially all assets, with plans to return net cash to shareholders and explore a reverse merger using the remaining public shell.