It happened during a call with Dawn, a business owner in Colorado. Her company had been growing fast—no pun intended—and she wanted to set up a 401(k) plan for her employees.
Every time she tried, she hit a wall.
“David, is this even possible for us?” she asked. “I’ve talked to a few providers, and as soon as they hear the word ‘cannabis,’ they freeze.”
I knew what she meant. “You’re not imagining it,” I told her. “Most custodial platforms won’t touch cannabis companies. Even though cannabis is legal in your state, it’s still illegal at the federal level. And that technicality keeps almost every major provider out of the picture.”
She sighed. “So our employees just get left behind?”
“It’s ridiculous,” I agreed. “These are hardworking people. They deserve access to the same retirement tools as everyone else—especially when 401(k)s help with retention and recruitment in competitive industries like yours.”
“And there’s no option?” she asked.
“Actually, there is one,” I said. “There’s a provider we work with—one of the very few in the country—that does allow cannabis companies to offer 401(k) plans. It’s not a loophole or a workaround. This provider understands state legality and has a platform that’s willing to serve your industry.”
“Where on earth did you find them?” asked Dawn. “I’ve turned the Internet upside down trying to find a provider who won’t hang up on me. I’m tired of waiting for the federal government to catch up. My employees deserve this now.”
“I understand,” I reassured her. “That’s why businesses come to Concierge. We have the resources to deal with special cases, and those resources know they can trust the clients we send them. This is our industry and our area of expertise; we know who to call so you can get back to running your business and taking care of your team.”
She didn’t hesitate. “So where do we sign up?”
Federal law may be lagging behind, but that doesn’t mean your businesses or your team should be locked out of saving for their future. Set up your retirement plan with Concierge. When the law catches up, you’ll already be on track.