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SHF Holdings, Inc. reports developments for Safe Harbor, a financial technology platform serving the banking, lending, and financial services needs of regulated cannabis and hemp businesses. Company news centers on compliant cannabis banking, deposit services, loan program income, lending products, payments solutions, and services for cannabis-related businesses and financial institutions.
Recurring updates include expanded financing capabilities such as commercial real estate financing, working capital, equipment financing, cash flow lending, accounts receivable financing, bridge financing, and loan syndications. Other news themes include financial results, balance sheet actions, the Partner Colorado Credit Union commercial alliance, deposit growth in emerging U.S. cannabis markets, and regulatory developments affecting state-licensed cannabis operators.
SHF Holdings, Inc. (NASDAQ: SHFS) has announced its definitive agreement to acquire Rockview Digital Solutions, Inc. (d/b/a Abaca) for $30 million. This acquisition aims to enhance Safe Harbor's operational footprint, adding over 300 accounts and expanding its reach to more than 30 states. Abaca, a leader in cannabis financial technology, has processed over $3 billion in transactions and will strengthen Safe Harbor's financial service offerings. The deal is expected to close this quarter, subject to regulatory approvals.
Safe Harbor Financial (NASDAQ: SHFS) announced an agreement with Partner Colorado Credit Union to defer cash payments for six months, enhancing financial flexibility. The deferment allows Safe Harbor to execute its growth strategy effectively, positioning it to expand services in the cannabis sector and scale nationally. The original payment obligation of $56.9 million includes $21.9 million due by December 15, 2022, with the remaining $35.0 million spread across six installments. Chief Executive Officer Sundie Seefried expressed confidence in the partnership's potential for growth.
Safe Harbor Financial (NASDAQ: SHFS) has appointed James Dennedy as its new Chief Financial Officer, effective October 24, 2022. With over 25 years of experience, Dennedy aims to support Safe Harbor's growth within the cannabis financial services sector. The company has facilitated over $14 billion in transactions since its inception and is poised for expansion as the demand for compliant banking solutions in the cannabis industry increases. The leadership change is seen as a strategic move to enhance operational execution and capitalize on market opportunities.
SHF Holdings (NASDAQ: SHFS) has been selected as the preferred facilitator for financial services for the American Trade Association for Cannabis & Hemp (ATACH). This partnership allows ATACH's network of over 1,000 licensed permit holders to access financial services tailored for the cannabis industry, including banking and lending solutions. Safe Harbor has facilitated over $14 billion in transactions since its inception in 2015, positioning itself as a leader in compliant financial services for the cannabis sector.