Growth pains for medical pot

July 16th, 2011 by admin Leave a reply »

Posted: July 16
Updated: Today at 11:33 PM

Growth pains for medical pot

The issue of out-of-state funding is causing some controversy as Maine’s industry gets off the ground.

By Michael Shepherd mshepherd@mainetoday.com
Staff Writer

AUGUSTA – A financing agreement has been finalized between the holder of half of Maine’s medical marijuana dispensary licenses and a former professional basketball player.

The $2 million agreement between Northeast Patients Group and an organization led by former NBA player Cuttino Mobley comes as Northeast faces a lawsuit by its former California-based backer.

The litigation and the deal with Mobley that sparked it have big implications for Maine’s fledgling medical marijuana industry. Northeast holds exclusive state licenses to operate dispensaries in Maine’s most populous markets: Greater Portland, Kennebec County and the Bangor area, as well as Thomaston.

Catherine Cobb, director of the Maine Department of Health and Human Services‘ Division of Licensing and Regulatory Services, provided an email to the Kennebec Journal saying an agreement had been reached between Northeast and Mobley.

“The (Northeast) board has conceptually agreed to the terms,” Northeast’s lawyer, Daniel Walker, wrote in the email to Cobb. “We are now translating those terms into updated budget

Article source: http://www.pressherald.com/news/growth-pains-for-medical-pot-_2011-07-16.html

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