Marijuana Startup Leafline Hunts for Another Big Round of Funding
Medical-marijuana startup LeafLine Labs has begun an effort to raise $21 million, according to a regulatory filing.
The company, along with rival Minnesota Medical Solutions, grows and harvests oil from marijuana plants to use in state-approved medical therapies. Neither company has struggled much to raise capital: Eagan-based LeafLine previously raked in more than $14 million.
MinnMed's parent company, Vireo Health, began fundraising for a $31.5 million round a few months ago and had banked $6 million from individual investors as of January. It raised $16.6 million in an earlier round.
LeafLine, led by CEO and founder Andrew Bachman, has already raised almost $150,000 from one investor in its latest funding effort. (Bachman took over from former CEO Manny Munson-Regala, who left the company in February after less than a year in the role.)
The medical-marijuana industry got off to a slow start in Minnesota, but its fortunes are expected...
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