The Binding Letter of Intent includes a one-time, non-refundable payment of $25,000 by Indoor Harvest to Zoned Properties. There is no assurance that any or all of the agreements will be executed. "While Indoor Harvest's recent installation in Canada demonstrated the ability to integrate our aeroponic tables into existing operating infrastructure and mechanical systems, the research cultivation site in Tempe will showcase our complete patent pending process, designed from the ground up, alongside partners in HVAC and LED lighting," stated Chad Sykes, founder and Chief of Cultivation of Indoor Harvest.Įxecution of any of the three individual agreements is subject to, among other things, satisfactory due diligence and the negotiation and execution of definitive agreements, each of which will contain customary representations, warranties, covenants and closing conditions. Texas Agreement – an agreement for Indoor Harvest to engage Zoned Properties as the exclusive Strategic Development Advisory for Indoor Harvest's anticipated future development located in Stockdale, Texas or at another location to be determined.Parachute Agreement – an agreement for the development and operation of Zoned Properties' Parachute Medical Marijuana Business Park and for Indoor Harvest to engage Zoned Properties as the exclusive Strategic Development Advisory. ![]() Tempe Agreement – an agreement for the development and installation of a research cultivation site utilizing Indoor Harvest's cultivation technology and equipment within at most 2,500 square feet of space at Zoned Properties' Tempe Medical Marijuana Business Park.Under the terms of the Binding Letter of Intent, the two companies will work together to mutually agree upon terms, provisions and obligations of three simultaneous, independent agreements. "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 plans for research facilities across the Country." "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. "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." "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. ![]() ![]() and Stockdale, Texas or other location to be determined after approval of a provisional license under the Texas Compassionate Use program. ![]() (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. (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. 18, 2017 /PRNewswire/ - Zoned Properties, Inc.
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