Since losing a historic primary race to Alexandria Ocasio-Cortez, it appears former Queens Congressman and Democratic Party Boss Joe Crowley has moved on to, uh, greener pastures.
Like former Speaker John Boehner, Crowley has joined the board of a promising cannabis-focused investment firm (Boehner joined the board of Acreage Holdings back in 2018. The company has since gone public in Canada).
Both Crowley and another once-prominent Democrat, former Senate Majority Leader Tom Daschle, will join the board of Northern Swan Holdings, which is focused on hemp and marijuana cultivation in Colombia.
Crowley - who famously lost the Democratic Primary for New York's 14th Congressional district to Alexandria Ocasio-Cortez - will help Northern Swan "try to win regulatory approval to export medical marijuana and CBD into Europe, Canada and possibly the US."
Tom Daschle, Joe Crowley
Northern Swan CEO Kyle Detwiler worked at both Blackstone Group and KKR, before co-founding Northern Swan. The firm has been ramping up production in Colombia, where medical marijuana is legal and companies are allowed to export cannabis oil. In Colombia, the company can produce a gram of weed for 20 cents, far less than the cost of production in Canada.
"Because we view smart cannabis investing as smart regulatory investing, I think it was important to bring to bear some seasoned experts around Washington to help us expand our business," Detwiler, 36, said in an interview.
Like other cannabis firms, Northern Swan is broadening its focus beyond the US, Europe and Canada, and focusing increasingly on Latin America, which has begun easing its marijuana laws.
Northern Swan, which is based in New York, has raised $100 million and hopes to go public later this year, or in early 2020. The company is trying to gain regulatory approval to export medical marijuana to Germany.
We doubt Crowley and Daschle will be the last formerly prominent politicians to find comfortable perches in the cannabis industry.