Steven Ferrara will be implementing all regulatory, auditing and compliance operations
Green Tree International, parent company of cannabis trading platform firm Amercanex, has hired Steven Ferrara as chief compliance officer (CCO). He is based in New York and started work with the firm on Monday.
Amercanex operates what it describes as ‘the world’s first fully electronic, transparent, compliant marketplace for the wholesale transaction of cannabis among professional industry participants.’ As CCO, Ferrara is in charge of developing and implementing all regulatory, auditing and compliance operations for the company.
According to the Amercanex , Ferrara has an extensive background in financial regulation, corporate auditing and market surveillance, having coordinated Commodity Futures Trading Commission compliance, capital audits and analysis for several major trading firms at the New York Mercantile Exchange, including Pioneer Futures, ABN Amro, Premiere Futures and UBS Securities.
The legal cannabis industry is growing rapidly. Canada set up a government taskforce to legalize recreational cannabis by next summer and is home to Canopy Growth, the only cannabis company to be listed on a major stock exchange, Corporate Secretary sister publication IR Magazine reported recently.
In the US, eight states and the District of Columbia allow the recreational use of cannabis, and 21 states have decriminalized the drug. But it is still illegal at the federal level to grow or sell cannabis, and there are additional complications about securing bank loans, submitting federal tax returns and addressing differences in state-by-state regulation.
Amercanex states that, using the Dodd-Frank Act as a guide, it provides a marketplace with platforms that monitor all transactions for tax and compliance purposes.
‘Steven’s impressive resume and depth of knowledge will help us navigate the complex rules and regulations of the cannabis industry,’ Amercanex CEO Steve Janjic says in a statement.
‘The cannabis industry is one of the new frontiers for investors, regulators and businesses,’ Ferrara says in the announcement. ‘I’m happy to join the Amercanex team as we continue to create innovative solutions that address the needs of the market and overcome the hurdles facing the cannabis industry.’
Ben Maiden
Ben Maiden is the editor-at-large of Governance Intelligence, an IR Media publication, having joined the company in December 2016. He is based in New York. Ben was previously managing editor of Compliance Reporter, covering regulatory and compliance...
