Minnesota’s two medical marijuana corporations misplaced a mixed $2.four million in 2018, including to years of losses which have largely been pushed by the state’s tightly regulated program.
Leafline Labs, which has by no means had a worthwhile yr, reported a web revenue lack of $1.eight million in 2018, in response to monetary paperwork obtained by the Pioneer Press. Minnesota Medical Options, which turned its first revenue in 2017, fell again into the purple with a $610,000 loss final yr.
The 2 producers invested in increasing their operations final yr to satisfy rising demand from the greater than 16,000 sufferers enrolled within the state’s medical cannabis program. The debt the producers took on contributed to their losses.
Regardless of their losses, the CEOs of the businesses say they’re looking forward to the long run.
“To the general public, it’s going to look extraordinarily unfavourable that we’re nonetheless posting (losses),” stated Leafline Labs CEO Invoice Parker. “I feel what’s a constructive signal is how a lot we’ve decreased that loss in comparison with earlier years. … We now have righted that monetary ship and we’re heading within the appropriate path.” [Read more at Twin Cities Pioneer Press]