Marijuana group’s deal to be delivered to state

August 15th, 2011 by admin Leave a reply »

Posted: August 15
Updated: Today at 10:19 PM

Marijuana group’s deal to be delivered to state

Northeast Patients scales back income expectations but says its first dispensary is just a few weeks away.

By MICHAEL SHEPHERD Kennebec Journal

AUGUSTA – An attorney for Maine’s largest medical marijuana nonprofit group says it will formally deliver to state officials today its deal securing $1.6 million in financing.

Rebecca DeKeuster

If approved, the deal will enable Northeast Patients Group to open its first dispensary within a month, according to Daniel Walker, a Portland lawyer who represents the struggling dispensary group.

Walker filed documents Aug. 4 with the Maine Department of Health and Human Services naming the Farmacy Institute for Wellness and retired NBA basketball player Cuttino Mobley as partners in the Wellness and Pain Management Connection LLC.

The Wellness and Pain Management Connection — which formed Aug. 3 in Delaware — will lend Northeast $1.6 million over eight years at 8.5 percent annual interest.

Walker said the Wellness and Pain Management Connection was not formed at the last minute, but had been in the works for “months and months.”

“It wasn’t this mashed together, last-minute thing,” he said.

The Farmacy Institute for Wellness is an offshoot

Article source: http://www.pressherald.com/news/marijuana-groups-deal-to-be-delivered-to-state_2011-08-15.html

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