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August 5, 2011

Pot dispensary group nets $1.6M loan

By The Mainebiz News Staff

Northeast Patients Group has released details of a $1.6 million loan that it says will fund the opening of its four medical marijuana dispensaries, the first in Thomaston within a few weeks.

The nonprofit on Wednesday signed a deal with Wellness and Pain Management Connection LLC that will provide it with an eight-year loan, to be paid back at 8.5% interest, according to the Kennebec Journal. The backers include California-based The Farmacy Institute for Wellness and former NBA star Cuttino Mobley. Becky DeKeuster, CEO of NPG, is facing a lawsuit from Berkeley Patients Group of California, its former parent company, for breaching her employment contract and using confidential information to reach a deal with Mobley in February. That deal, which called for a $2 million loan to be paid back at 18% interest, now appears to be off the table, according to the paper.

The Farmacy operates a chain of marijuana dispensaries in California, and President JoAnna LaForce will head up some services here in Maine. The state Department of Health and Human Services must still approve the deal. NPG also has licenses to operate dispensaries in the Augusta, Bangor and Portland regions.

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