Welcome to our dedicated page for SHF Holdings news (Ticker: SHFS), a resource for investors and traders seeking the latest updates and insights on SHF Holdings stock.
SHF Holdings, Inc. Class A Common Stock (symbol: SHFS) is a prominent financial services provider dedicated to the cannabis industry. The company offers essential banking solutions to cannabis, hemp, CBD, and ancillary businesses, thereby supporting the safety and growth of local economies. Through strategic partnerships and collaborations, SHF Holdings ensures compliance with the Bank Secrecy Act, leveraging guidance from FinCEN to implement measures of accountability, transparency, and risk mitigation.
SHF Holdings excels in providing a comprehensive suite of services, including Program Management Support, Customer Generation, Ongoing Program Auditing, and Compliance Monitoring. These services are designed to foster long-term partnerships and facilitate reliable financial operations within the cannabis sector.
In recent developments, Dan Roda, the Executive Vice President & Chief Operating Officer, highlighted the company's capacity to meet the high demand for competitive loans within the cannabis industry. This strategic advantage not only strengthens SHF Holdings' position as a leading credit originator but also underscores the scalability of its robust fintech platform.
Notably, SHF Holdings' loan book has surpassed $60 million, comprising 25 cannabis real estate assets across 10 states. This rapid growth reflects the company's prowess in diversifying revenue streams and reducing dependence on deposit-related fees through increased loan origination activities.
To date, SHF Holdings has facilitated over $21 billion in deposit transactions for regulated cannabis businesses across 41 states and U.S. territories. This achievement underscores the company's critical role in supporting the unique financial needs of cannabis operators while adhering to high standards of compliance and monitoring.
For more detailed information about SHF Holdings, its services, and latest news, visit www.shfinancial.org.
Safe Harbor Financial (NASDAQ: SHFS) has announced strategic contract extensions for three key executives, coupled with a restructuring of their compensation packages. The changes include:
1. Sundie Seefried, President/CEO: Extended for one year through September 2025
2. Dan Roda: Extended through June 30, 2025, transitioning to Chief Credit Officer
3. Tyler Beuerlein: Term unchanged, continuing through February 2025 as Chief Strategic Business Development Officer
The new compensation structure reduces base pay in favor of incentives aligned with company revenue and growth objectives, resulting in an initial cost savings of $350,000. This move aims to ensure leadership continuity, drive growth, enhance operational efficiency, and deliver greater value to stakeholders in the cannabis banking landscape.
SHF Holdings, operating as Safe Harbor Financial (NASDAQ: SHFS), reported its financial results for Q2 2024 and the first half of 2024. Net income for Q2 2024 increased to $0.9 million from a net loss of $17.6 million in Q2 2023, while revenue decreased to $4.0 million from $4.6 million. Adjusted EBITDA rose 14.5% year-over-year to $0.97 million. For the first six months of 2024, net income grew to $3.0 million from a net loss of $19.0 million in the same period of 2023. Revenue for the first half of 2024 decreased to $8.1 million from $8.8 million.
Operating expenses decreased significantly for both periods, mainly due to lower compensation, rent, and provision for credit losses. The company launched a Small Business Line of Credit Program and recouped a $3.1 million defaulted loan, enhancing its financial standing. Cash and cash equivalents increased by 25% to $6.1 million from December 2023.
Safe Harbor Financial (NASDAQ: SHFS), a leader in financial services for the regulated cannabis industry, has announced its upcoming second quarter 2024 financial results release. The company will report its results for the period ended June 30, 2024, on Wednesday, August 14, 2024, after market close. A conference call and webcast will follow at 4:30 pm ET / 1:30 pm PT on the same day.
CEO Sundie Seefried and CFO Jim Dennedy will host the call to discuss financial results and provide key business highlights. Investors can join the call by dialing 646-307-1963 or 800-715-9871 (Toll Free) with passcode 9502925. A live webcast and replay will be available at the provided link.
Safe Harbor Financial (NASDAQ: SHFS) has partnered with BIPOCann to support minority-owned cannabis businesses. Key points include:
- BIPOCann will offer its $600 membership benefits free to Safe Harbor's social equity clients
- BIPOCann members receive a 75% discount on Safe Harbor's financial services application fees
- Safe Harbor launches a new webinar series on social equity and small operators
- First webinar on August 21, 2024, focusing on cannabis banking solutions
- Partnership aims to provide financial support and resources to minority-owned businesses
- Collaboration seeks to create a more inclusive and equitable cannabis industry
Safe Harbor Financial (NASDAQ: SHFS) has submitted comments to the Justice Department regarding the proposed reclassification of cannabis from Schedule I to Schedule III of the Controlled Substances Act. This change, while not legalizing cannabis, could significantly impact the industry by:
1. Alleviating tax burdens imposed by Section 280E, potentially adding over $100 million to large operators' balance sheets.
2. Creating a more favorable business environment for cannabis companies and financial service providers.
3. Increasing banking and transaction activity among Safe Harbor's clients.
Despite the reclassification, compliance requirements under the Bank Secrecy Act and Anti-Money Laundering regulations remain unchanged. Safe Harbor emphasizes its continued relevance in the cannabis financial services sector, expecting industry growth to increase demand for its services.
Safe Harbor Financial, a leading financial services provider to the regulated cannabis industry, has successfully exited a $3.1 million loan that was previously in default. The company recovered the full principal amount along with $202,175 in accrued interest. This total of $3.3 million will be reallocated to enhance lending and credit line capacity. Dan Roda, EVP and COO, attributes this success to the company’s robust underwriting criteria, which has resulted in only one non-performing loan in its history. The loan, originated in 2021 and secured by Class A industrial real estate in Denver, underscores Safe Harbor's effective risk management and strengthens its loan portfolio.
Safe Harbor Financial, a leading provider of financial services and credit facilities to the regulated cannabis industry, announced its participation in the 2024 Maxim Fintech Virtual Symposium. The event is scheduled for June 25, 2024, at 9:00 AM ET. Key executives, including CEO Sundie Seefried and CFO Jim Dennedy, will join a fireside chat to discuss trends and developments in the Fintech industry. The event will be available for live streaming on M-Vest. Interested participants can register via M-Vest’s website or access the webcast through Safe Harbor Financial's events page.
Safe Harbor Financial (NASDAQ: SHFS) has launched a new small business line of credit program. The program began with the origination of $550,000 in lines of credit to three long-standing clients in Colorado's cannabis industry. CEO Sundie Seefried highlighted that these lines of credit are offered at reasonable terms and aim to address the needs of small and mid-sized cannabis businesses, which are often overlooked by traditional financial institutions. The lines of credit issued do not require real estate collateral and utilize flexible underwriting standards, which distinguishes Safe Harbor's offerings from other financing sources in the cannabis sector.
Safe Harbor Financial (NASDAQ: SHFS) reported a significant improvement in its Q1 2024 performance. Net income soared by 245% year-over-year to $2.0 million, reversing a net loss of $1.4 million in Q1 2023. Adjusted EBITDA increased 165.3% to $1.1 million. Operating expenses fell by 35.8% to $3.7 million. However, revenue slightly declined by 3% to $4.1 million. CEO Sundie Seefried highlighted the company's strategic initiatives and growth in lending programs, noting a 251% increase in loan income. Key operational highlights included originating substantial loans in Denver and Michigan. The company has $5.6 million in cash and equivalents as of March 31, 2024.
Safe Harbor Financial, operating as SHF Holdings, Inc., will release its Q1 2024 financial results on May 13, 2024. The company specializes in financial services and credit for the regulated cannabis industry. A conference call with the CEO and CFO will follow the release to discuss results and business highlights.
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