Across North America, in 2016 we will see considerable progression in both medicinal, recreational, and the push to end marijuana prohibition by putting a system in place with sensible regulations. It is sure to be yet another big year for cannabis reform.
Cannabis is a rapidly growing industry in the U.S.
There are already four states along with the District of Columbia that have legalized recreational use and more states in 2016 that will be added to this list.
But there is still one major hurtle that needs to be addressed - banking.
Banks have been hesitant to do business with companies involved in marijuana even though the Justice Department in 2014 had provided guidelines.
A few weeks ago Privateer Holdings, announced they have hired their second former U.S. federal official, Dante Tosetti to help forge new ground in accelerating the development of the cannabis industry globally.
Dante Tosetti joined Privateer from the Federal Reserve Bank in San Francisco to become its director of Treasury Compliance and General Counsel. In 2013, Privateer hired Patrick Moen, Managing Director and General Counsel, the first DEA official to leave for a position in the cannabis industry.
So if this is any indication that federal officials are joining this industry sector, 2016 may also be the year that we start to see changes in banking regulations.
We will keep you updated.
