ST. PAUL, Minn. — The Latest on the exit of the chief executive of LeafLine Labs (all times local):
One of Minnesota’s medical marijuana manufacturers lost $5.3 million in the year before its chief executive left the company.
That’s according to new 2017 financial documents on LeafLine Labs released by the state to The Associated Press. Those losses bring LeafLine’s total losses to $12.2 million in the first three years of legal medical marijuana sales.
The Cottage Grove-based company confirmed Thursday that chief executive Andrew Bachman was no longer with the company. LeafLine’s statement did not give a reason for his departure and Bachman didn’t respond to requests for comment.
It’s the latest setback for one of two medical marijuana manufacturers in Minnesota. Two top executives left LeafLine last year and it temporarily scaled back its operations last fall during a supply shortage that it blamed on lab testing delays.
The chief executive of one of Minnesota’s two medical marijuana manufacturers is out amid the company’s years of heavy financial losses.
LeafLine Labs confirmed to The Associated Press Thursday that Andy Bachman “is no longer serving in any capacity.” Bachman was a co-founder and had served in the role since 2016. He did not respond to a voicemail requesting comment.
A company statement didn’t give a reason for Bachman’s departure and an official didn’t immediately respond to questions.
LeafLine has struggled since medical marijuana sales began in 2015. The company lost $6.9 million in its first two financial years. Two top executives left the Cottage Grove company last year and it temporarily scaled back its operations last fall during a supply shortage that it blamed on lab testing delays.
The Associated Press
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