State reviewing dispensary group’s loan

August 16th, 2011 by admin Leave a reply »

Posted: August 16
Updated: Today at 12:32 AM

State reviewing dispensary group’s loan

Northeast Patients says it’s possible it could open a medical marijuana facility by mid-September.

By Michael Shepherd mshepherd@mainetoday.com
Staff Writer

AUGUSTA – As expected, Maine’s largest medical marijuana nonprofit delivered to the state a final $1.6 million financing agreement that it says will enable it to start opening dispensaries.

The terms of the deal between Northeast Patients Group and The Wellness and Pain Management Connection LLC were hand delivered Monday by Daniel Walker, Northeast’s legal counsel, said Catherine Cobb, director of Maine’s Department of Health and Human Services‘ Division of Licensing and Regulatory Services.

The next step is “to review (the loan terms) for consistency with the original application that was approved by the department,” Cobb wrote in an email Monday.

The 56-page document doesn’t stray from the earlier announced agreement, but is signed and clarifies the services The Wellness and Pain Management Connection — a combination of California-based The Farmacy Institute for Wellness and former NBA player Cuttino Mobley — will provide to Maine’s biggest medical marijuana license holder.

The agreement breaks the loan into two parts: a $250,000 loan dated April

Article source: http://www.pressherald.com/news/state-reviewing-dispensary-groups-loan_2011-08-16.html

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