Need more proof that the marijuana business is going mainstream?
Privateer Holdings, a cannabis-based private equity firm, has hired a former agent with the Drug Enforcement Administration to serve as its in-house lawyer. The new hire, 36-year-old Patrick Moen, recently oversaw a DEA unit in Portland, Oregon, that focused on methamphetamine and heroin traffickers, according to a piece in the Wall Street Journal.
The move gives the industry additional credibility and is a testament to the professionalism of Privateer. Having a former DEA official on board will certainly help Privateer and its portfolio of companies navigate the complexities of local and federal marijuana laws.
It’s also further proof of the cannabis industry’s growing acceptance across the country and the business world in general.
Other former government officials are dipping their toes into the marijuana business as well. A former Congressman has applied for three dispensary business licenses in Massachusetts, while the owner of two MMJ centers was recently named mayor of a California town.
Professionals from respected industries are also getting involved. Privateer Holdings itself, for instance, was started by two Yale MBA grads.
It’s only a matter of time before more government officials and high-profile mainstream professionals join the marijuana industry. Each one that makes the leap moves cannabis closer to mainstream acceptance.