Safe Harbor Financial has now Processed over $20 Billion in Cannabis Related Funds
Recognized leader in managing funds safely into the financial system, while growing the deposit base with partner financial institutions and expanding credit options to the cannabis industry
SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, today announced that since its inception in 2015, the Company has successfully facilitated the processing of over $20 billion in cannabis-related funds through its trusted network of partner banks, hitting a key milestone for the Company and financial industry at large.
“Our ability to leverage our deep knowledge and experience in navigating the cannabis industry’s complex regulatory environment has positioned Safe Harbor as an integral component for safely processing funds from legal operators into the banking system,” said Sundie Seefried, CEO of Safe Harbor Financial. “The milestone of successfully facilitating $20 billion of compliant cannabis funds through our financial institution partners speaks directly to the strength of our fintech platform and the increasing role Safe Harbor is playing in supporting the growth of cannabis related businesses across the country. In fact, we are on target to exceed $4 Billion in 2023 alone, representing a 31% increase over 2022.”
“By monitoring and validating $20 billion in deposits, Safe Harbor has helped to grow core deposits for the financial institutions with whom we have partnered. The increase in core deposits provides a greater deposit base on which Safe Harbor can continue to expand its senior secured debt financing to cannabis related businesses with our partner banks; further driving shareholder value by increasing revenue,” concluded Seefried.
Since 2015, Safe Harbor has established itself as leader in cannabis financial banking services by creating a best-in-class technology platform that combines the highest degree of BSA compliance and a stable, streamlined process to allow legally licensed cannabis companies access to financial services through our network of financial institution partners. Credited with helping to legitimize the legal operators and their funds, Safe Harbor is recognized as a trusted partner to cannabis operators and financial institutions.
About Safe Harbor Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Currently managing more than 1000 cannabis-related relationships, Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Now in its ninth year, Safe Harbor has facilitated more than $20 billion in deposit transactions for businesses with operations spanning over 40 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.
Source: Safe Harbor Financial
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