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Zoned Properties completes redemption of 32.3% of its outstanding shares

Zoned Properties Inc. completed the redemption of approximately 5.64 million, or 32.3%, of its outstanding common shares, as consideration for restructuring its lease with its primary tenant in Arizona, Hana Meds.

The amended leases cover Zoned Properties' licensed medical marijuana facilities in Chino Valley and Tempe, effective Jan. 1, and eliminate all related party relationships between Zoned Properties and its tenants.

The two parties intend to continue their long-term strategic advisory relationship, under which Hana Meds will pay Zoned Properties hourly advising fees, instead of fees based on 10% of gross revenues.

The Scottsdale, Ariz.-based landlord intends to hold the redeemed shares in the company treasury and use its new capital structure to grow its business and partnerships.