Medical marijuana group submits financing plan to state

August 15th, 2011 by admin Leave a reply »

AUGUSTA, Maine — The nonprofit group that will operate half of Maine’s eight medical marijuana dispensaries submitted its updated financial plans to the state on Monday and aims to open its first storefront in Thomaston next month.

Northeast Patients Group said it has secured $1.6 million in financing by partnering with a Rhode Island-based group headed by former pro basketball player Cuttino Mobley.

Catherine Cobb, head of licensing for the state Department of Health and Human Services, provided a copy of the agreement, which outlines in detail Northeast Patients Group’s plans.

Mobley’s group will provide $1.6 million in capital to be paid back over eight years at 8.5 percent annual interest. Mobley will provide medical marijuana supplies and also will consult on security, cultivation, marketing and public relations, according to the agreement.

In addition to Thomaston, Northeast Patients Group holds licenses for dispensaries in the Bangor area, Thomaston, Kennebec County and in the Portland market.

The financing agreement comes about a month 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 for Northeast Patients Group to partner with Mobley’s Rhode Island-based center.

The lawsuit, filed

Article source: http://bangordailynews.com/2011/08/15/business/medical-marijuana-group-submits-financing-plan-to-state/

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