Former Sen. Majority Leader Tom Daschle, D-S.D., and former Rep. Joseph Crowley, D-N.Y., joined the advisory board of cannabis investment firm Northern Swan Holdings this week, marking the latest entrances by high-profile politicians into the burgeoning industry.
Northern Swan is a New York-based investment firm with stakes in several international cannabis brands, including Colombia-based medical cannabis company Clever Leaves and Germany-based Cansativa GmbH. The firm’s CEO, Kyle Detwiler, said Daschle and Crowley would help guide its efforts toward “expansion in the global medical cannabis market.”
“As the conversation around cannabis has evolved, so should the policies,” Daschle said in a statement. We already know many people in this country benefit from the medicinal use of cannabis, yet the potential of this plant is still mostly unknown. I believe it is imperative to loosen the restrictions on cannabis so we can research its properties and fully understand how patients can benefit from its medicinal use.”
Northern Swan recently closed a $58 million Series D financing round and has raised nearly $100 million to date. The company said it will use the money to build out production capabilities in Colombia as it looks to expand into new markets where marijuana is legal.
Daschle served in the U.S. Senate from 1987 to 2005, including stints as the Senate’s minority and majority leader. He currently serves as chairman of the Center for American Progress’ board of directors, as well as founder and CEO of the Daschle Group, a public policy advisory firm.
Crowley was a longtime House member from New York until his surprise loss to upstart Rep. Alexandria Ocasio-Cortez in the state’s Democratic primary last year. He supports legalization of medical marijuana.
As more U.S. states and cities legalize marijuana for recreational or medical purposes, several politicians have entered the space. Former U.S. House Speaker John Boehner joined an advisory board for medical marijuana company Acreage Holdings last year.