Green Leaf Business Solutions, the cannabis industry’s partner in human resources and payroll solutions, announced the launch of GreenPath 401k, the United States’ first fully vetted and transparent retirement plan solution tailored specifically for the legal cannabis industry.
First Citizens Bank will serve as the custodial agent and banking partner for the plan, according to the company. A first of its kind, transparent, 401(k) benefit, GreenPath 401k obliterates the barriers that have traditionally excluded cannabis operators from offering a fully vetted 401(k) plan to their employees.
“We believe every employee, regardless of the industry they work in, deserves access to a top-tier retirement plan. So we spent years perfecting a program that adhered to federal and state guidelines, clearing the way for institutional grade 401(k) providers to work within this unique market segment,” said Tyler Priest, chief revenue officer, Green Leaf Business Solutions, in a statement. “Our continued commitment is to provide employees of the cannabis industry with a stable solution for their retirement planning needs.”
“We are thrilled to expand our already robust partnership with Green Leaf and open this much needed solution to the cannabis industry,” added Kevin Hart, CEO of Green Check. “Aside from the direct cannabis relationships we are enabling, Green Check is providing the account onboarding and verification services for the entire coalition of the financial partners.”
How GreenPath 401k Works
Despite the industry’s complexities, GreenPath 401k provides a compliant and dependable retirement option. It offers small businesses and established multi-state operators alike a top-tier solution designed for long-term stability, even as other custodians and financial providers exit the market, according to the company.
“The hemp and cannabis industry continues to expand, and in parallel, we are focused on helping our clients navigate and solve for their financial needs with a full range of banking solutions,” said Ryan Palmquest, director of Cannabis Banking, First Citizens Bank, in a statement. “We’re pleased to work with Green Leaf Business Solutions on its launch of a 401(k) solution for the industry, as the team shares our goal of making solutions easier for hemp and cannabis businesses, not more complex.”
Green Path 401k also plays a leading role in the National Association of Cannabis Compliance (NACC), working as part of a unified solution to offer retirement security in an industry where custodians and providers are increasingly pulling back, according to the company.
