Cannabis REIT Stock Trading Higher On Reporting 17% YoY Revenue Growth In Q3
Portfolio Pulse from Jelena Martinovic
Zoned Properties, Inc. (OTCQB:ZDPY), a cannabis-focused real estate development firm, reported a 17.2% increase in revenue for Q3 2023 compared to the same quarter last year. The company saw a net income of $114,523, reversing a net loss from the previous year. Operating expenses increased slightly by 1.7%. For the nine-month period, revenues were up 6.3%, but the company experienced a slight increase in net loss. Cash on hand decreased from the previous quarter. The CEO highlighted a full pipeline of acquisitions and a disciplined capital allocation approach. ZDPY shares traded 9.4286% higher at $0.4979 following the announcement.
November 14, 2023 | 4:51 pm
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Zoned Properties reported a 17.2% revenue increase in Q3 2023, a net income of $114,523, and a positive stock price movement of 9.4286% following the news.
The positive earnings report, showing significant revenue growth and a transition from a net loss to a net income, is likely to instill investor confidence and could lead to a short-term positive impact on ZDPY's stock price. The increase in stock price following the announcement further supports this outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100