Billy Hagstrom is not only a co-founder of Bluestem Biosciences but also serves as its Chief Executive Officer. He is being sued for wrongfully terminating the employment of another executive and for deceiving them.
In the lawsuit that Brian Lannon had brought, the cannabis business owner was named as a defendant. Cannalysis’s former chief executive officer, Brian, is the one who initiated legal action, claiming that he was wrongfully fired, and defrauded and that there was a breach of fiduciary responsibility.
It is important to keep in mind that Brian was one of the co-founders of Cannalysis and that he brought the lawsuit after the company fired him as a result of an acquisition deal.
Brian allegedly claimed in the case that his dismissal from the company was in violation of the law. In addition to this, he claimed that he was sacked following a private meeting of the shareholders in which he was not present.
During the meeting, they decided to remove Brian Lannon from his position as CEO of Cannalysis and to remove him from the board of directors.
According to Brian, the corporation did not comply with his requests for access to the corporate records either.
A significant role in this ordeal was played by Billy Hagstrom. He was one of the people that was instrumental in negotiating the acquisition deal.
Cannalysis, according to the allegations made by Brian, made a number of purchases using his personal credit card. After that, Billy Hagstrom and the others started trying to recuperate their costs by falsifying company records in the hopes of attracting additional investment.
Take note of the fact that Cannalysis received $22.6 million from CanLabs in 2019, which caused it to garner a great deal of attention. Two months following the completion of this acquisition, the corporation fired Brian from his position.
When this took place, Billy Hagstrom was a member of Bedford as well as CanLab.
It is important to remember that Brian established Cannalysis Labs in 2015 and has been a significant contributor to the growth of the firm.
In the case, Brian made the allegation that CanLab had begun providing prospective investors with financial projections that were not accurate. Because of this, Brian and the other defendants couldn’t agree with each other.
Both parties engaged in lengthy negotiations on the ownership interest prior to CanLab’s investment in Cannalysis.
In the end, they came to the conclusion that CanLab should be awarded 44% of all of Cannalysis’ outstanding shares.
After that, they pretended that Billy Hagstrom’s role at Cannalysis was that of a liaison with CanLab and dispatched him to the company’s offices.
However, he had really come to the meeting in order to persuade other shareholders and officers to join him in removing Brian from his position as CEO of the company. He easily enticed Tom Autera by promising to pay him a bonus of two hundred and fifty thousand dollars.
Billy successfully won over other stockholders and officers by utilizing similar strategies.
Brian brings to light the fact that Billy Hagstrom was complicit in the breach of fiduciary duty committed by CanLabs and others. He was of great assistance to them, and he encouraged them to participate in this unlawful plot.
Check out the following document, which has additional information regarding the legal dispute, if you’re interested in knowing more about it:
“Billy Seized the Job for Himself”
After Brian Lannon was relieved of his duties as CEO of Cannalysis, the company. The position of chief executive officer (CEO) has been filled by Billy Hagstrom.
For over a year, he worked there happily without complaint. It is easy to understand why he took such an active part in removing the original founder of the company from his position within the corporation.
There is no shortage of shady executives who are dependent on unethical business tactics.
For instance, the well-known law firm of Anidjar and Levine engaged in a variety of unethical practices in order to prevent its primary competitor from acquiring new customers. They started making threats to companies, telling them that if they collaborated with their rival, Anidjar, and Levine would stop doing business with them.
You ought to proceed with extreme caution when dealing with such individuals and businesses. They are completely self-absorbed to give a damn about morality.
Billy Hagstrom: Bluestem Biosciences, Experience, and Qualifications
Prior to relocating to Nebraska, Billy Hagstrom spent over ten years in a career that included stints in investment banking and asset management. In 2006, he received his Bachelor of Arts in Economics from Northwestern University in Evanston, which is located in the state of Illinois.
According to Hagstrom, he got particularly interested in biomanufacturing after researching the commercial potential of synthetic biology.
After that, he led a hostile takeover of a cannabis company (Cannalysis Labs) and eventually became the CEO of the newly acquired company.
After leaving Cannalysis, he took a position as the Executive Vice President of Strategy and Development at Green Plains Inc. Additionally, he served as the Senior Vice President of Billy Hagstrom Green Plains.
In January 2022, Hagstrom and Tyler Autera founded the company that would become Bluestem Biosciences, Inc. He asserts that he established Bluestem with the intention of advancing environmentally responsible biomanufacturing in the Midwest. Having said that, it is important to point out that Tyler Autera was also named as a defendant in the complaint.
The introduction of Bluestem Biosciences merely serves to illustrate how closely these two were related. It appears that Billy and Tyler may have worked together to devise their illegal plan, as evidenced by the facts presented below.
After considering all of the evidence presented here, it’s clear that Billy Hagstrom is a dubious businessperson.
In order to achieve his goals, he will not hesitate to engage in unethical and possibly even criminal commercial practices.
This is not only terrifying but also very concerning. Dealing with this individual is risky business for anyone, whether they are an investor or an employee.
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