Pubdate: Thu, 04 Aug 2011
Source: Kennebec Journal (Augusta, ME)
Copyright: 2011 MaineToday Media, Inc.
Contact: http://www.kjonline.com/readerservices/Send_a_Letter_to_the_Editor-KJ.html
Website: http://www.kjonline.com/
Details: http://www.mapinc.org/media/1405
Author: Michael Shepherd, Staff Writer

MARIJUANA DISPENSARY TAPS FINANCING

AUGUSTA - Maine's largest medical marijuana dispensary unexpectedly
disclosed that the president of a prominent California dispensary
chain is the point person for a new financing deal it says will allow
them to open its first Maine dispensary "within weeks."

The Wellness and Pain Management Connection LLC was named as the
financier of an eight-year, $1.6 million loan, which, according to
documents provided to the Kennebec Journal by the Maine Department of
Health and Human Services, will be paid back at 8.5 percent interest
per year.

A database search of the Wellness and Pain Management Connection LLC
found that the limited-liability company was formed only Wednesday in
Delaware, the same day the agreement was finalized.

The collective, according to documents, is comprised of The Farmacy
Institute for Wellness of West Hollywood, Calif., and Cuttino Mobley,
a former NBA and Maine Central Institute basketball player.

JoAnna LaForce is the president of The Farmacy, which operates a chain
of marijuana dispensaries in California. According to the term sheet
released today, she will "oversee and support delivery of certain
consulting and related services."

Mobley, a former NBA basketball player who signed a letter of intent
with Northeast Patients Group in February, was widely thought to be
the sole financier of a larger loan.

That February letter, now presumably off the table, outlined a much
harsher agreement - a $2 million loan to Northeast over seven years,
paid back at 18 percent interest per year.

Northeast says the new money will help it open its first dispensary -
in Thomaston - "within weeks."

The Maine Department of Health and Human Services still must sign off
on the deal. 
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MAP posted-by: Richard R Smith Jr.