SHF Holdings Inc Stock Price, News & Analysis

Safe Harbor Financial (SHFS) has announced a temporary pause in principal payments for February and March 2025 on its Senior Secured Promissory Note with Partner Colorado Credit Union (PCCU). The agreement comes as both parties engage in discussions about potentially modifying the Note terms.

The temporary pause is expected to improve Safe Harbor's liquidity by approximately $510,000. While the company is working to finalize a modification within the two-month period, there is no guarantee an agreement will be reached.

The fintech company, which facilitates financial services and credit facilities to the regulated cannabis industry, views this Letter Agreement as PCCU's commitment to support their plans for scaling and expanding service offerings.

Safe Harbor Financial (NASDAQ: SHFS) announced a CEO succession plan where current CEO Sundie Seefried will retire in 30 days. The company has appointed Terry Mendez as co-CEO under a three-year executive employment agreement, who will become CEO upon Seefried's retirement.

During the 30-day transition period, both will serve as co-CEOs, with Mendez focusing on innovation and growth opportunities while Seefried ensures operational continuity. After the transition, Seefried will remain on the Board of Directors.

Terry Mendez brings significant experience in strategic planning and operational transformation, particularly in IT and cannabis industries. He previously founded Amos Advisory Solutions, led cannabis operations, and served as VP of Finance and global chief accounting officer at Hitachi Vantara, overseeing operations in 52 countries.

Safe Harbor Financial (NASDAQ: SHFS) has achieved a significant milestone by processing over $25 billion in cannabis-related funds through its partner bank network, coinciding with its 10th anniversary. Founded in 2015, the company has established itself as a pioneer in providing secure and compliant financial services for the regulated cannabis industry.

The company currently serves clients across nearly 40 states and US territories, offering comprehensive financial solutions designed specifically for cannabis businesses. CEO Sundie Seefried emphasized their founding mission of enhancing community safety through stable and compliant banking services for legal cannabis companies.

Safe Harbor's achievement demonstrates its strategic focus on scaling operations and expanding services while maintaining industry compliance standards. The milestone has been endorsed by industry players, including Mint Cannabis CEO Eivan Shahara, who highlighted Safe Harbor's important role in providing access to critical financial services while ensuring regulatory compliance.

Safe Harbor Financial (NASDAQ: SHFS) has announced a significant modification to its commercial alliance agreement with Partner Colorado Credit Union (PCCU). The updated agreement, effective January 1, 2025, includes a four-year extension and eliminates the $1.2 million indemnity liability from Safe Harbor's balance sheet that was reported as of September 30, 2024.

Under the modified terms, Safe Harbor will no longer be required to record loan loss reserves on its income statement when facilitating loans for clients with PCCU. CEO Sundie Seefried highlighted that these changes will simplify business processes, better align expenses with income, and address contingent liability exposure on the loan portfolio while strengthening the PCCU partnership.

Safe Harbor Financial (NASDAQ: SHFS) has announced a $500,000 loan to PI 51st Avenue, (Natty Rems) through the Cannabis Resource Optimization Program (CROP). The loan, developed in partnership with Collective Clean Energy Fund (CCEF) and Partner Colorado Credit Union (PCCU), will fund energy-efficient upgrades at a Denver cannabis facility.

The financing includes favorable terms through a cash collateral arrangement and interest rate buydown from CCEF, enabling investment in energy-saving lighting and equipment. This initiative addresses the significant energy consumption in Colorado's cannabis sector, where energy costs represent approximately 33% of growers' operating expenses and cannabis facilities account for an estimated 2% of the state's electricity usage.

Safe Harbor Financial (NASDAQ: SHFS) reported Q3 2024 financial results with net income of $0.4 million, compared to a net loss of $750,000 in Q3 2023. Revenue decreased to $3.5 million from $4.3 million year-over-year. Notable improvements include a 48% increase in Loan Interest Income to $1.3 million and a 13.2% reduction in Operating Expenses to $3.3 million. For the nine months ended September 30, 2024, the company achieved net income of $3.3 million versus a $19.8 million loss in 2023, while revenue declined to $11.6 million from $13.1 million.

Safe Harbor Financial (NASDAQ: SHFS), a provider of financial services and credit facilities to the regulated cannabis industry, has scheduled its Q3 2024 financial results announcement for Tuesday, November 12, 2024, after market close. The company will host a conference call and webcast at 4:30 PM ET to discuss the results. Interested participants can join via phone using the dial-in numbers 646-307-1963 or toll-free 800-715-9871 with passcode 1606405, or access the live webcast through the provided link.

Safe Harbor Financial (NASDAQ: SHFS) has originated a $1.07 million secured credit facility for a Missouri cannabis operator, marking the first tranche of a $5 million commitment to refinance existing senior debt. The facility is secured by four retail dispensaries and a manufacturing facility in Missouri. The refinancing aims to reduce the operator's borrowing costs and optimize operations in Missouri's cannabis market. Safe Harbor positions itself as a key partner offering competitive financial solutions to cannabis operators who are typically underserved by traditional banking institutions.

Safe Harbor Financial, a leader in financial services for the regulated cannabis industry, announced its participation in the Benzinga Cannabis Capital Conference on October 8-9, 2024, in Chicago. Sundie Seefried, the company's CEO and President, will join a panel discussion on 'Cannabis Cash Flow: The Fed's Impact on Opportunities and Challenges in Macro-Economic Trends' on October 8 at 10:10 a.m. Central Time.

The company, trading under the NASDAQ symbol SHFS, will also host one-on-one investor meetings throughout the conference. Interested parties can contact SafeHarbor@kcsa.com for more information or to schedule a meeting.