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Maine Oks Financing For State Nonprofit Dispensaries.


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Home > State by State Laws > Maine > Daily Headlines > State OKs Financing For Largest Pot Dispensary

 

Daily Headlines

 

 

STATE OKS FINANCING FOR LARGEST POT DISPENSARY

(Source:Kennebec Journal)

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26 Aug 2011

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Maine

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AUGUSTA - Maine's Department of Health and Human Services approved financing for the state's largest medical marijuana nonprofit this week, paving the way for the opening of four dispensaries for which it holds exclusive state licenses.

 

A letter dated Wednesday from Catherine Cobb, the director of DHHS' Division of Licensing and Regulatory Services, to Northeast Patients Group Executive Director Becky DeKeuster, was provided to the Kennebec Journal by Stephen Langsdorf, an Augusta-based attorney representing Northeast in a lawsuit against its former financial backer.

 

"I have had the opportunity to compare the change that have occurred in financing and consulting services and have decided that these changes do not diminish or otherwise alter the original plans for Maine's operations," Cobb wrote. "They are consistent with the original proposal."

 

Northeast hasn't yet opened a single dispensary, while all other dispensaries in Maine are operational.

 

It also has significantly dialed back financial expectations it envisioned in its initial applications with another financial backer.

 

In its 2010 application, Northeast projected a net gain of more than $426,000 while serving 691 patients in its first full year.

 

On July 20, Northeast thought it would lose more than $1.75 million serving 540 patients in its first full year of operation.

 

The Wellness and Pain Management Connection LLC - which formed Aug. 3 in Delaware - will lend Northeast $1.6 million during eight years at 8.5 annual interest. Northeast filed documents with DHHS on Aug. 4 announcing the agreement.

 

 

powered.pngMAP posted-by: Richard R Smith Jr.

 

 

 

 

Share This Article delicious.gif digg.gif stumble.gif facebook.gif twitter.gif Pubdate: Fri, 26 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

 

 

 

 

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Will they regulate the amounts available per month per patient? Will they regulate THC content? Can individuals still grow their own?

 

I think dispensaries are OK if they aren't going to rip people off, but my Gawud, it looks like somebody is going to become rich selling pot legally!

 

It sucks in my opinion. Another avenue for corruption in government.

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Will they regulate the amounts available per month per patient? Will they regulate THC content? Can individuals still grow their own?

 

I think dispensaries are OK if they aren't going to rip people off, but my Gawud, it looks like somebody is going to become rich selling pot legally!

 

It sucks in my opinion. Another avenue for corruption in government.

 

 

They are set up as 'nonprofit' agencies.

 

Not sure how that works in Maine. But I'm sure each state has its own laws governing such things.

 

But with things seeming to be going to hell in a hand cart here in Michigan, who knows what might work best?

 

Looking at all the options would seem to be a rational thing to do.

 

When the crap hits the fan, it's always good to have some ideas on hand... not that they will be used... but...

Edited by greenbuddha
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