Privateer Holdings has tapped a top official from the Federal Reserve Bank of San Francisco to become its director of Treasury compliance, the firm announced Tuesday.
Dante Tosetti will be mandated, among other things, with helping Privateer maintain compliance with financial laws, but his role at a major marijuana firm could also help the cannabis industry make its case for banking access.
“My goal is to change the misconception that servicing the cannabis industry is a compliance burden for banks,” Tosetti told the Wall Street Journal.
According to a recent Marijuana Business Daily survey, 60% of marijuana businesses don’t have bank accounts.
The Seattle-based firm said Tosetti “will lead the development of new financial solutions for the cannabis industry while also continuing to strengthen Privateer’s commitment to the highest level of compliance with the complex financial laws and regulations governing the rapidly evolving legal cannabis industry.”
Tosetti is an 18-year commercial banking veteran whose experience includes credit underwriting, business development, portfolio management, loan production and regulatory safety. He spent his last five years at the Federal Reserve of San Francisco as a bank examiner, focusing on community and large banks, and has also held high-level posts at several banks in California, according to the Journal.