Zoned Properties®, Inc. announced that the Company has acquired an investment property in Pleasant Ridge, Michigan (the "Investment Property") and entered into a long-term, absolute-net lease agreement with NOXX Cannabis to operate a Retail Dispensary. Zoned Properties has acquired the Investment Property in Pleasant Ridge, Michigan that has been entitled and permitted as a Cannabis Retail Dispensary. The Investment Property was acquired for $4.3 Million, including $1.85 Million in seller financing, which allowed Zoned Properties to further leverage its capital stack at attractive rates.

The Investment Property is leased to NOXX Cannabis under a long-term, absolute-net lease agreement, which will produce an approximate 13.5% Cap Rate when straight-lined over the term of the lease agreement. The lease includes 3% annual increases in base rent over the life of the lease term, yielding approximately $580,000 in annual base rental revenue when straight-lined over the life of the lease term.