Summit Medical Compassion Center - Warwick
380 Jefferson Blvd, Unit E2 Warwick, RI 02886
According to documents filed with the state of Rhode Island, Summit Medical Compassion Center, Inc. will open in September 2011 100% financed with $4 million in funding by former Los Angeles Clipper Cuttino Mobley.
Terms of the deal:
Mobley has entered a "binding commitment", putting up $4 million dollars to finance Summit Medical. $500,000 of that sum is an "equity contribution" that does not have to be paid back. The remaining 3.5 million, as a line of credit with repayment beginning after two years at an annual interest rate of 6%.
Summit Medical's state filing offers predictions for growth and revenue that far surpass the predictions of the other two state licensed facilities. By its third year of operation, Summit Medical hopes to serve as many as 8,000 patients, hire up to 80 full time employees and bring in $23 million in annual revenues.
According to the application, Mobley's company, Mobley Pain Management and Wellness Center LLC, is the sole funder of Summit Medical Compassion Center. Additionally, the application states that Summit will obtain space at the Kent Center for Human and Organizational Development, located at 2756 Post Road in Greenwood.
Summit Medical is one of only three facilities authorized by the State of Rhode Island to manufacture and dispense medical marijuana to qualified patients who have designated the Compassion Center as their medical marijuana 'caregiver'.
The two other state designated Compassion Centers are:
In addition to providing medical marijuana to qualified patients, Summit Medical's goal is to present the patient with a plan for overall wellness. Part of this bold and intuitive plan for overall wellness includes bringing additional services to the Post Road location such as yoga, chiropractic, acupuncture and physical therapy, to name a few.
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