At one time 36-year-old Patrick Moen dedicated his career to taking down those who trafficked in illicit drugs as a Supervisor for the Drug Enforcement Administration. Now he is on a new path as the in-house lawyer for a private-equity firm called Privateer Holdings Inc., which specializes in finding marijuana-related businesses to invest in.
Backed by $7 million in funding, Privateer is looking to invest in businesses related to marijuana, but not actually get involved in the handling of marijuana itself. So far they have focused on cannabis websites, insurers and consultants.
It is likely that Mr. Moen won't be the last federal agent to "switch sides" and use their expertise to help those in the increasingly-legal marijuana industry. As attitudes about the cannabis plant and its legality change, so too will attitudes about where those with knowledge of the law and business fit in, especially as the cannabis industry becomes more lucrative.