DEA Officer Quits to Join Marijuana Investment Firm
An officer from the Drug Enforcment Agency in the United States stepped down from his position to pursue a career in investments
"Government officials regularly leverage their public-sector experience into more lucrative jobs in high finance. One former U.S. Drug Enforcement Administration supervisor is giving that track a new twist.
Patrick Moen, a longtime DEA agent, has left a post leading a federal team in Portland, Ore., that combats heroin and methamphetamine trafficking to join a private-equity firm that invests solely in businesses tied to the budding legal marijuana industry...
The firm doesn't directly invest in growers, processors or distributors in the U.S., where it could run afoul of federal law, but has in Canada, where there is a federal licensing system for medicinal suppliers.
It has raised $7 million, and is hoping to raise $25 million more next year, says Chief Executive Brendan Kennedy. Investors committed minimums of $250,000 to the firm's first fundraising effort and the bar will be $1 million for the coming round, Mr. Kennedy says. He characterizes Privateer's investors as wealthy individuals who range from New York financiers to West Coast liberals and Texas ranchers with libertarian leanings. The firm has no institutional investors, such as pension funds, and parents of teenagers tend to be tough sells, he says."
The marijuana business has become surprisingly lucrative if those numbers can tell you anything. Certainly more lucrative than tracking down meth addicts. Once institutional investors open up to the idea this industry could really boom