GreenPath 401k—billed as the United States’ first fully vetted and transparent retirement plan solution tailored specifically for the legal cannabis industry—officially made its debut today from cannabis industry human resources and payroll solutions provider Green Leaf Business Solutions.
“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.”
Tyler Priest, Green Leaf Business Solutions
First Citizens Bank will serve as the custodial agent and banking partner for the plan. A press release announcing the news calls it a “first of its kind, transparent, 401(k) benefit” that “obliterates the barriers that have traditionally excluded cannabis operators from offering a fully vetted 401(k) plan to their employees.”
With GreenPath 401k, every partner in its coalition of trusted financial institutions; Vanguard, CuraFin Advisors, Mid Atlantic Trust, First Citizens Bank, PCSRetirement, and Green Check Verified, is vetted and committed to serving the cannabis sector.
“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 for Vista, Calif.-based Green Leaf Business Solutions. “Our continued commitment is to provide employees of the cannabis industry with a stable solution for their retirement planning needs.”
Kevin Hart, CEO of Green Check, said his company is providing the account onboarding and verification services for the entire coalition of the financial partners.
“We are thrilled to expand our already robust partnership with Green Leaf and open this much needed solution to the cannabis industry,” Hart said.
Despite the industry’s complexities, GreenPath 401k provides a compliant and dependable retirement option, offering 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.
“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. “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.
SEE ALSO:
• Senate Committee Approves Bill Expanding Retirement Plan Access to Cannabis Companies
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
