State OKs pot group's financing
The state has signed off on Northeast Patients Group's $1.6 million deal that will help finance the opening of four medical marijuana dispensaries in the state.
The Department of Health and Human Services' Licensing and Regulatory Services has approved the financing deal Northeast Patients announced earlier this month, according to the Kennebec Journal. The nonprofit signed a deal with Wellness and Pain Management Connection LLC for the eight-year loan, and backers include California-based The Farmacy Institute for Wellness and former NBA star Cuttino Mobley. Licensing services Director Catherine Cobb said in a letter to Northeast Patients that the deal "[does] not diminish or otherwise alter the original plans for Maine's operations."
Earlier this month, Northeast Patients said the loan will help it to open its dispensaries, beginning with one in Thomaston. The organization also has licenses to operate dispensaries in the Augusta, Bangor and Portland regions. The group is also embroiled in a lawsuit and countersuit with former parent organization Berkeley Patients Group over capital and contracts.
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