His company, the Scottsdale, Arizona-based Zoned Properties is a strategic real estate development firm whose primary mission is to provide real estate and sustainability services for the regulated cannabis industry.
With a core investor base that funded the original investment, the company acquired and developed a portfolio of properties.
Chino Valley Expansion Project
Today, Zoned Properties is "wrapping up a pretty exciting expansion with our primary tenant" at its cultivation facility in Chino Valley, Arizona, that will have a "meaningful and material impact on our business," McLaren said.
The project, worth over $8 million, is in the completion stage and is expected to more than double the size of the current facility under operations.
Once the expansion is finalized, the lease revenue from the facility is poised to increase from $393,600 to $957,550, representing a $560,000 increase annually or 4.6 cents per common share.
"When it comes to large-scale real estate companies, there's really two forks In the road," McLaren said.
There's the "capital financing route" with real estate trusts providing financing for cannabis …