The North American Companies Council, Inc. (The NACC™) Launches First-of-Its-Kind Cannabis 401(k) Solution
The North American Companies Council, Inc. (The NACC™) has launched the country's first fully vetted and transparent 401(k) Pooled Employer Plan (PEP) for legal cannabis companies. This groundbreaking initiative aims to provide retirement savings options for approximately 500,000 employees in the cannabis industry who previously faced barriers to such benefits. The NACC PEP combines expertise from industry leaders in ERISA and cannabis compliance, offering a unique solution for cannabis-related entities across the United States.
Key partners in this initiative include CuraFin Advisors as the 3(38) investment manager, Group Plan Systems, as the Pooled Plan Provider, AmericanTCS's American Trust Retirement for recordkeeping and administration, Bankwell (Nasdaq: BWFG) as the custodian, and Green Check Verified, Inc. for compliance services.
Il North American Companies Council, Inc. (NACC™) ha lanciato il primo Piano di Previdenza Collettivo (PEP) 401(k) completamente certificato e trasparente per le aziende legali nel settore della cannabis. Questa iniziativa rivoluzionaria mira a offrire opzioni di risparmio per la pensione a circa 500.000 dipendenti dell'industria della cannabis che precedentemente affrontavano ostacoli per accedere a tali benefici. Il PEP del NACC combina l'esperienza dei leader del settore in conformità ERISA e cannabis, offrendo una soluzione unica per le entità legate alla cannabis negli Stati Uniti.
I principali partner di questa iniziativa includono CuraFin Advisors come gestore degli investimenti 3(38), Group Plan Systems come fornitore del Piano Collettivo, AmericanTCS's American Trust Retirement per la registrazione e l'amministrazione, Bankwell (Nasdaq: BWFG) come custode e Green Check Verified, Inc. per i servizi di conformità.
El North American Companies Council, Inc. (NACC™) ha lanzado el primer Plan de Empleador Agrupado (PEP) 401(k) completamente verificado y transparente para empresas legales de cannabis. Esta iniciativa innovadora tiene como objetivo proporcionar opciones de ahorro para la jubilación a aproximadamente 500,000 empleados en la industria del cannabis que anteriormente enfrentaban barreras para acceder a tales beneficios. El PEP del NACC combina la experiencia de líderes de la industria en cumplimiento de ERISA y cannabis, ofreciendo una solución única para entidades relacionadas con el cannabis en los Estados Unidos.
Los socios clave en esta iniciativa incluyen a CuraFin Advisors como el gestor de inversiones 3(38), Group Plan Systems como proveedor del Plan Agrupado, AmericanTCS's American Trust Retirement para el mantenimiento de registros y administración, Bankwell (Nasdaq: BWFG) como custodio y Green Check Verified, Inc. para servicios de cumplimiento.
북미 기업 위원회(NACC™)가 합법적인 대마초 기업을 위한 최초의 완전 검증되고 투명한 401(k) 공동 고용주 계획(PEP)을 출시하였습니다. 이 혁신적인 이니셔티브는 이전에 이러한 혜택에 접근하는 데 장애물이 있었던 대마초 산업의 약 50만 직원에게 퇴직 저축 옵션을 제공하는 것을 목표로 하고 있습니다. NACC PEP는 ERISA 및 대마초 준수 분야의 업계 리더들의 전문성을 결합하여 미국 전역의 대마초 관련 업체를 위한 독특한 솔루션을 제공합니다.
이 이니셔티브의 주요 파트너로는 투자 관리자 3(38)로서의 CuraFin Advisors, 공동 계획 제공자로서의 Group Plan Systems, 기록 유지 및 관리를 위한 AmericanTCS의 American Trust Retirement, 수탁자 역할을 하는 Bankwell (Nasdaq: BWFG), 그리고 규정 준수 서비스 제공자인 Green Check Verified, Inc.가 포함됩니다.
Le North American Companies Council, Inc. (NACC™) a lancé le premier Plan d'Employeur Poolé (PEP) 401(k) entièrement vérifié et transparent pour les entreprises légales de cannabis. Cette initiative révolutionnaire vise à fournir des options d'épargne-retraite à environ 500 000 employés de l'industrie du cannabis qui auparavant rencontraient des obstacles à ces avantages. Le PEP du NACC combine l'expertise de leaders de l'industrie en matière de conformité à l'ERISA et cannabis, offrant une solution unique pour les entités liées au cannabis aux États-Unis.
Les partenaires clés de cette initiative comprennent CuraFin Advisors en tant que gestionnaire d'investissement 3(38), Group Plan Systems en tant que fournisseur de plan groupé, AmericanTCS's American Trust Retirement pour la tenue de registres et l'administration, Bankwell (Nasdaq: BWFG) en tant que dépositaire, et Green Check Verified, Inc. pour les services de conformité.
Der North American Companies Council, Inc. (NACC™) hat den ersten vollständig geprüften und transparenten 401(k) Pooling-Arbeitgeberplan (PEP) für legale Cannabis-Unternehmen ins Leben gerufen. Diese bahnbrechende Initiative hat zum Ziel, den rund 500.000 Mitarbeitern der Cannabisbranche Altersvorsorgeoptionen anzubieten, die zuvor Barrieren bezüglich solcher Leistungen hatten. Der NACC PEP vereint Expertise von Branchenführern in Bezug auf ERISA- und Cannabis-Compliance und bietet eine einzigartige Lösung für cannabisbezogene Unternehmen in den Vereinigten Staaten.
Wichtige Partner dieser Initiative sind CuraFin Advisors als 3(38) Anlageverwalter, Group Plan Systems als Anbieter des Pooling-Plans, AmericanTCS's American Trust Retirement für die Buchführung und Verwaltung, Bankwell (Nasdaq: BWFG) als Treuhänder und Green Check Verified, Inc. für die Compliance-Dienstleistungen.
- First fully vetted and transparent 401(k) solution for legal cannabis companies
- Potential to serve approximately 500,000 employees in the cannabis industry
- Collaboration with industry leaders in ERISA and cannabis compliance
- Elimination of barriers for cannabis industry employees to save for retirement
- None.
Insights
The launch of the first cannabis-specific 401(k) Pooled Employer Plan (PEP) by The North American Companies Council (NACC) is a significant development for the cannabis industry. This initiative addresses a important gap in employee benefits for cannabis companies, potentially enhancing their ability to attract and retain talent. The PEP structure could offer economies of scale, reducing administrative burdens and costs for participating employers. However, it's important to note that while this move legitimizes cannabis businesses in the financial sector, it doesn't directly impact revenues or profitability. For investors, this could signal increased stability and maturity in the cannabis industry, possibly leading to improved long-term prospects for companies that can now offer competitive benefits packages.
The NACC's cannabis 401(k) PEP represents a significant legal milestone for the industry. By creating a fully vetted and transparent retirement plan solution, it addresses complex compliance issues at the intersection of ERISA and cannabis regulations. This could potentially reduce legal risks for participating companies. However, investors should be aware that the cannabis industry still operates in a complex legal environment due to federal prohibition. While this 401(k) solution demonstrates progress in normalizing cannabis businesses, it doesn't resolve overarching legal challenges. The involvement of established financial institutions like Bankwell (NASDAQ: BWFG) as custodian is noteworthy, potentially signaling increased mainstream acceptance of the cannabis industry.
The introduction of this cannabis-specific 401(k) PEP could have far-reaching market implications. With approximately 500,000 employees in the legal cannabis industry now potentially able to access retirement savings, we might see a shift in workforce dynamics. This could lead to increased employee retention and satisfaction, potentially reducing turnover costs for cannabis companies. From an investor's perspective, companies participating in this PEP might be viewed as more stable and employee-focused, possibly leading to improved valuations. Additionally, this move could spark a trend of more specialized financial services catering to the cannabis industry, opening up new market opportunities. However, the actual impact on company financials and stock performance will depend on adoption rates and the ability of companies to leverage this benefit effectively in their HR strategies.
Combining industry leaders in ERISA and cannabis compliance, the country's first fully vetted and transparent PEP for legal cannabis companies is now available to join
The NACC PEP is the country's first fully vetted and transparent 401(k) solution for legal cannabis companies. To date, it is the only fully vetted retirement savings option for this industry.
Jeff Mayhall, Board Member, The NACC™, said, “Retirement savings is an important benefit for businesses and their employees. The NACC™ wanted to ensure its members had access to a transparent retirement plan solution to ensure the financial wellness of its employees. We have spent years developing a retirement offer that would support the legal cannabis business and I’m proud that we stand in a position to offer this benefit.”
Shawn West, Founder & ERISA Director of CuraFin Advisors, the PEP’s 3(38) investment manager, added, “Our goal was to open the doors for the approximately 500,000 employees who were eager to save for their retirement. This solution eliminates the barriers those employees were facing and allows them to start planning for their future.”
Pete Swisher, Managing Partner of Group Plan Systems, LLC (GPS), the Pooled Plan Provider (PPP) for the PEP, said, “This was Shawn’s vision, and it took commitment from all the service providers to launch this PEP. All parties had to think differently about the solution to make sure it would work, and GPS is pleased to have been able to play a role alongside so many great partners.”
Recordkeeping and third-party administration will be provided by AmericanTCS’s American Trust Retirement. AmericanTCS’s American Trust Custody is serving as sub-custodian, and Bankwell (Nasdaq: BWFG) is serving as the custodian. Green Check Verified, Inc. handles AML, FinCEN, and OFAC compliance. The trustee is The North American Companies Council, Inc. (The NACC™).
About The NACC™
As a 501(c)(6) not-for-profit Association, The NACC™ was formed to serve its members and is governed by its Member-Managed Board. Our mission and vision are to be a transformative agent of growth for North American cannabis industry businesses by providing member resources to their business, enabling them to grow responsibly and sustainably. We focus on ethnicity and transparency with our partnership alliances to accomplish this goal. Our partnership alliances are forged from a deep due diligence process that results in mutually agreed upon terms of service at the executive level. Gone are the days of the surprises that were a result of the service provider not knowing you were in the cannabis industry. Visit us at www.GetTheNACC.org to learn more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240910556206/en/
Jeff Mayhall
480-878-1041
Source: The North American Companies Council, Inc.
FAQ
What is the NACC PEP and how does it benefit the cannabis industry?
Who are the key partners involved in the NACC PEP for cannabis companies?
How does the NACC PEP address compliance concerns in the cannabis industry?
What role does Bankwell (BWFG) play in the NACC PEP for cannabis companies?
