Medical marijuana dispensary secures new financing for area operations

August 5th, 2011 by admin Leave a reply »

Posted: August 5
Updated: Today at 10:18 PM

Medical marijuana dispensary secures new financing for area operations

By Michael Shepherd mshepherd@mainetoday.com
Staff Writer

AUGUSTA — Maine’s largest medical marijuana dispensary has signed a deal for new financing it says will allow it to open its first Maine dispensary in “a couple weeks.”

The Wellness and Pain Management Connection LLC is lending Northeast Patients Group $1.6 million over eight years at 8.5 percent annual interest, according to documents provided to the Kennebec Journal by the Maine Department of Health and Human Services.

A database search for the Wellness and Pain Management Connection LLC found that the limited-liability company was formed only Wednesday in Delaware, the day the agreement with Northeast was finalized.

The collective is composed of The Farmacy, based in West Hollywood, Calif., and Cuttino Mobley, a former NBA, Universty of Rhode Island and Maine Central Institute basketball player, according to state documents.

JoAnna LaForce is the owner and co-founder of The Farmacy, which operates a chain of marijuana dispensaries in California.

According to the term sheet released Thursday, LaForce will “oversee and support delivery of certain consulting and related services.”

Northeast Executive Director Becky DeKeuster said Thursday that The Farmacy “came to us in the

Article source: http://www.onlinesentinel.com/news/medical-marijuana-dispensary-secures-new-financing-for-area-operations_2011-08-04.html

Advertisement

.