SCOTTSDALE, Ariz. and HOUSTON, Oct. 18, 2017 /PRNewswire/ — Zoned Properties, Inc. (OTCQX: ZDPY), a strategic real estate development firm whose primary mission is to identify, develop and lease sophisticated, safe and sustainable properties in emerging industries, including the licensed medical marijuana industry, and Indoor Harvest Corp. (OTCQB: INQD), a developer of personalized cannabis medicines and a provider of advanced cultivation methods and processes, today announced the two companies have entered into a Binding Letter of Intent outlining three independent agreements to complete research and development projects for licensed medical marijuana facilities to be located in Tempe, Ariz., Parachute, Colo. and Stockdale, Texas or other location to be determined after approval of a provisional license under the Texas Compassionate Use program.
“Zoned Properties has spent years establishing best practices for the development of licensed medical marijuana facilities that can support the research and operational projects Indoor Harvest intends to complete over the next few years,” commented Bryan McLaren, Chief Executive Officer of Zoned Properties. “We believe the synergies between Indoor Harvest’s advanced cultivation technologies and our property development expertise could be leveraged to establish premier facilities for cultivation research and licensed medical marijuana operators.”
“The transition of our business operations to producing cannabis for research and pharmaceutical development is progressing rapidly,” commented Rick Gutshall, Interim-Chief Executive Officer and Chief Financial Officer of Indoor Harvest. “The intended agreements for research and project development with Zoned Properties provides us with a formal structure for taking the next steps in executing our