Bluestem Biosciences’ co-founder and CEO is Billy Hagstrom. He is being sued for fraudulently deceiving another executive and for firing him improperly.
In the lawsuit that Brian Lannon had brought, the cannabis business owner was a defendant. The lawsuit was filed by Brian, the former CEO of Cannalysis, who claimed wrongful termination, fraud, and a breach of fiduciary duty.
It should be noted that Brian co-founded Cannalysis and filed the lawsuit after being let go by the business after an acquisition.
Brian claimed in the lawsuit that his termination was illegal. He added that they sacked him following a shareholder meeting that was held in secret and at which he was not present.
During the meeting, Brian Lannon was fired as CEO of Cannalysis and removed from the board of directors.
Brian said that the business had also declined his requests for corporate records.
Billy Hagstrom had a significant role in this experience. He was one of the driving forces behind the acquisition agreement.
Brian said that Cannalysis used his credit card for several different purchases. Then, to attract additional investment, Billy Hagstrom and associates started using fabricated corporate records to recover their expenses.
Recall that in 2019, Cannalysis garnered significant attention upon receiving $22.6 million from CanLabs. Two months after this transaction, the corporation fired Brian.
Brian claimed in the case that Gary Hopkinson, Billy Hagstrom, and other defendants employed a “divide and conquer” tactic.
They used financial incentives to entice several shareholders to join their illegal enterprise. The stockholders of Cannalysis Lab were then given a covert meeting by Billy and others.
In that meeting, they dismissed Brian Lannon from the board of directors of the company.
In addition, Brian’s removal as the company’s CEO was “unanimously” chosen by Billy Hagstrom’s new board.
Brian hadn’t even been given a chance to weigh in on either of these decisions by Billy and the others.
Billy Hagstrom was involved with Bedford and CanLab at the time.
Recall that Brian was a key player in the establishment and development of Cannalysis Labs, which he founded in 2015.
Brian claimed in the lawsuit that CanLab had begun providing prospective investors with false financial estimates. This caused Brian and the other defendants to argue.
Both of them engaged in lengthy negotiations to settle the ownership stake before CanLab invested in Cannalysis.
In the end, they agreed that CanLab would get 44% of all outstanding shares of Cannalysis.
Billy Hagstrom was then dispatched to the Cannalysis offices with the intention of using him as a liaison with CanLab.
He had, in fact, come to gather officials and other shareholders in order to remove Brian from his position as CEO of the company. Tom Autera was soon persuaded to join him by his promise of a $250,000 incentive.
Billy won over other officers and shareholders using similar strategies.
Brian draws attention to Billy Hagstrom’s assistance in CanLabs and other parties’ breaches of fiduciary duty. He urged them to carry out their illicit plan and provided them with significant help.
You can look at the file below to find out more information about the lawsuit:
Billy Hagstrom
“Billy took the position for Himself”
following Brian Lannon’s dismissal from Cannalysis as CEO. Billy Hagstrom was named the company’s new CEO.
He spent more than a year enjoying the role. You can see why he was so involved in eliminating the original creator of the organization from its ranks.
Many unscrupulous executives who take advantage of unethical business tactics exist.
Anidjar and Levine, a well-known legal company, for instance, employed a number of unethical strategies to ensure that their rival was unable to attract new clients. They began threatening companies, saying that Anidjar and Levine wouldn’t cooperate with them if they partnered with their rival.
These kinds of people and businesses should be treated with utmost caution. They are far too self-centered to be concerned about morality.
Billy Hagstrom: Background, Education, and Experience in Bluestem Biosciences
Billy Hagstrom spent more than ten years in investment banking and asset management before relocating to Nebraska. He earned a Bachelor of Arts in Economics from Northwestern University in Evanston, Illinois, in 2006.
Hagstrom says he became highly interested in biomanufacturing after researching the commercial potential of synthetic biology.
After that, he became CEO of Cannalysis Labs, a cannabis company, by initiating a hostile takeover.
He was employed by Green Plains Inc. as its Executive VP of Strategy & Development following his time at Cannalysis. He was Senior Vice President of Billy Hagstrom Green Plains as well.
In January 2022, Hagstrom and Tyler Autera founded Bluestem Biosciences, Inc. He says he founded Bluestem to support Midwest sustainable biomanufacturing. It’s important to remember, though, that Tyler Autera was also named as a defendant in the legal action.
Just how close these two were is demonstrated by the founding of Bluestem Biosciences. It seems that Tyler and Billy may have planned their illegal act jointly.
The Bottom Line
It’s clear from examining the aforementioned details that Billy Hagstrom is a dubious businessman.
He has no qualms about using dishonest and even unlawful commercial methods to achieve his goals.
This is concerning in addition to being terrifying. Both employees and investors should avoid doing business with this individual.
