Recent news of imminent changes affecting the 401(k) offerings for the cannabis industry undoubtedly have many businesses on edge. A notable shift in custodial vendors’ coverage offerings has led to many cannabis companies receiving termination notifications of company 401(k) plans, with pressing schedules for removal of funds on June 30, 2024, and July 31, 2024.
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Introduction The cannabis industry is experiencing unprecedented growth and success, yet one area remains largely unexplored: retirement benefits. While companies
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The headlines are everywhere: “Secure Act 2.0 Requires Plans to Have Auto-Enrollment.” While the headlines grab your attention, they are
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Cannabis employers in the state of Oregon will be required to offer their employees a retirement savings program to save in, regardless of how many employees they have—whether it be one or 100.
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Cannabis companies in Illinois are not exempt from providing either Secure Choice or a 401(k) plan to their employees.
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Cannabis companies could offer a 401(k) plan (in lieu of CalSavers) to comply with California’s retirement plan mandate
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Like other agricultural businesses, cannabis companies can legally sponsor 401(k) plans.
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The cannabis industry is in dire need of proper guidance as to how to appropriately provide 401k and other employee benefits to its employees.
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