Zoned Properties Inc. and Indoor Harvest Corp. have signed a binding letter of intent for research and development projects for licensed medical marijuana facilities planned in Tempe, Ariz.; Parachute, Colo.; and Texas.
The letter covers three simultaneous, independent agreements for each facility.
The Tempe agreement pertains to the development and installation of a 2,500-square-foot Indoor Harvest research cultivation site within Zoned Properties' Tempe Medical Marijuana Business Park.
Under the Parachute agreement, Zoned Properties will develop and operate the Parachute Medical Marijuana Business Park. Indoor Harvest will engage Zoned Properties as the exclusive strategic development advisory for the facility.
The Texas agreement stipulates Zoned Properties will be appointed exclusive strategic development advisory for Indoor Harvest's anticipated future development in Stockdale, Texas, or at another location yet to be determined.
Indoor Harvest will pay a $25,000 one-time, nonrefundable payment to Zoned Properties as consideration for entering into the letter of intent. The amount represents a 10% deposit to be used for the assignment of the Parachute development rights, which the letter valued at $250,000.
Each of the deals is conditional, among other things, upon execution of definitive agreements and satisfactory due diligence.