Zoned Properties, Inc., a strategic real estate development firm whose primary mission is to provide real estate and sustainability services for the regulated cannabis industry, positioning the company for property acquisitions and revenue growth, today announced that the company has contributed an additional $100,000 in investment capital to The Open Dør, a national cannabis retail franchisor, and will directly benefit from franchise sales and expansion.
Transaction Details
- Zoned Properties has increased its investment position in The Open Dør to $200,000 after completing an Amended and Restated Convertible Debenture.
- The Amended and Restated Convertible Debenture includes 6.5% interest rate on the investment capital and matures in March 2025.
- The Amended and Restated Convertible Debenture provides an opportunity for Zoned Properties to convert its investment position into an equity position in The Open Dør of up to 33%.
- As consideration for entering into the Amended and Restated Convertible Debenture, Zoned Properties gains the benefit of receiving a portion of Initial Franchise Fees and Renewal Franchise Fees upon the successful sale or renewal of any new franchise location.
“Following the years of market research, conceptualization, and foundational business development that has produced the launch of The Open Dør this past December, we have already seen more interest, momentum, and opportunity than originally anticipated,” commented Bryan McLaren, Chief Executive Officer of Zoned Properties, Inc. “We believe that strengthening our investment position and the partnership between Zoned Properties and The Open Dør was an opportune next step for all parties as we push forward on market growth opportunities.”
“Having Zoned Properties as a partner in our business is one of the key advantages for license holders and investors working with The Open Dør. The expertise and financial support that the firm brings to The Open Dør is a true competitive advantage for the franchise space in the cannabis industry,” said Kathryn Blackwell, CEO and Co-Founder of The Open Dør.
Zoned Properties is a strategic real estate development firm whose primary mission is to provide real estate and sustainability services for clients in the regulated cannabis industry, positioning the company for real estate acquisitions and revenue growth. We intend to pioneer sustainable development for emerging industries, including the regulated cannabis industry. We are an accredited member of the Better Business Bureau, the U.S. Green Building Council, and the Forbes Real Estate Council. We focus on investing capital to acquire and develop commercial properties to be leased on a triple-net basis, and engaging clients that face zoning, permitting, development, and operational challenges. We provide development strategies and advisory services that could potentially have a major impact on cash flow and property value. We do not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substance Act of 1970, as amended (the “CSA”).
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