Green Leaf Launches 'Fully Vetted' 401(k) for Cannabis Industry

First Citizens Bank will serve as the custodial agent and banking partner for the plan.

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Green Leaf Business Solutions, the cannabis industryโ€™s premier partner in human resources and payroll solutions, today announced the launch of GreenPath 401k, the United Statesโ€™ 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. 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. 

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. 

โ€œWe 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,โ€ says Tyler Priest, Chief Revenue Officer, Green Leaf Business Solutions. โ€œOur continued commitment is to provide employees of the cannabis industry with a stable solution for their retirement planning needs.โ€

โ€œWe are thrilled to expand our already robust partnership with Green Leaf and open this much needed solution to the cannabis industry,โ€ says Kevin Hart, CEO of Green Check. โ€œAside 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.โ€

Despite the industryโ€™s complexities, Green Path 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.

โ€œThe 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,โ€ said Ryan Palmquest, director of Cannabis Banking, First Citizens Bank. โ€œWeโ€™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.โ€

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.

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