Medical marijuana group reaches financial agreement as lawsuit looms

July 16th, 2011 by admin Leave a reply »

AUGUSTA, Maine — A $2 million financing deal between a former professional basketball player and Northeast Patients Group, the license holder for half of Maine’s eight medical marijuana dispensaries, reportedly has been reached.

Although terms of the agreement are not expected to be released until Monday, a state official told the Kennebec Journal on Friday that a deal has been reached.

The agreement, as outlined in a letter of intent dated Feb. 23, indicates that former National Basketball Association player Cuttino Mobley will pledge at least $2 million to get Northeast Patients Group’s dispensaries up and running. The group holds state licenses for clinics in the Bangor area, Thomaston, Kennebec County and in the Portland market.

The financing agreement comes about a week after a lawsuit was filed against Northeast Patients Group by its former financial partner, Berkeley Patients Group out of California. The suit claims that Northeast Patients Group Executive Director Rebecca DeKeuster breached terms of her contract by using inside information to cut a deal with Mobley.

DeKuester resigned on Feb. 24 from her position as Berkeley Patients Group’s New England expansion director, just one day after she reportedly signed a letter of intent to partner with Mobley’s Rhode Island-based Pain Management and Wellness Center.

The lawsuit, filed July 6 in Cumberland County Superior Court in Portland, charges DeKeuster with breach of contract and breach of fiduciary duty and seeks $632,000 in lost investments and related costs.

“She essentially resigned her position and took [Northeast Patients Group] in a different

Article source: http://bangordailynews.com/2011/07/16/news/state/medical-marijuana-group-reaches-financial-agreement-as-lawsuit-looms/

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