Massachusetts-based Theory Wellness became the largest employee-owned cannabis company, transitioning into an employee stock ownership plan (ESOP). Boasting four dispensaries and extensive facilities, the company has served over three million customers.
ESOP Benefits
The plan, similar to a 401k, provides robust retirement benefits and equal ownership opportunities for all employees, regardless of their position.
The shift to employee ownership, while keeping current operations, hints at an emerging trend in the cannabis industry, where ESOPs boost morale, retention, and performance.
In addition, this shift exempts it from state and federal taxes, including the 280E tax provision, reported John Schroyer for GMR.
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