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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.
Safe Harbor Financial (NASDAQ: SHFS) has appointed Mike Regan as Head of Investor Relations and Data Science. Regan, who holds an MBA from MIT Sloan and a Bachelor's in Finance from Georgetown University, brings extensive experience from roles at Credit Suisse, Deutsche Bank, and hedge funds.
In his new position, Regan will focus on helping investors understand the company's growth initiatives while leading the development of new products utilizing Safe Harbor's databases. His recent experience includes founding Excelsior Equities, where he served as Director of Research focusing on cannabis equities since 2019.
The appointment aligns with Safe Harbor's growth strategies across their key programs: Safe Harbor Protects, Safe Harbor Lends, Safe Harbor Connects, and Safe Harbor Enables. The company continues to expand its position as a fintech leader providing financial services and credit facilities to the regulated cannabis industry.
Safe Harbor Financial (SHFS) announced significant developments in a shareholder letter from newly appointed CEO Terry Mendez. The company successfully negotiated a favorable debt modification with Partner Colorado Credit Union (PCCU), securing a two-year interest-only period that frees up over $6 million in cash and extends the due date to October 2030 at a 4.25% interest rate.
The fintech company, which has processed over $25 billion in cannabis-related funds through its partner bank network, is planning to transform from a specialized banking services provider into a comprehensive FinTech platform. The company's partner financial institutions have successfully passed over 16 federal or state regulator exams.
Safe Harbor will hold a Special Shareholder Meeting on March 13, 2025, to vote on a proposed reverse stock split aimed at maintaining Nasdaq listing compliance. The meeting will also detail the company's strategic vision under the new leadership.
Safe Harbor Financial (NASDAQ: SHFS) has successfully modified its debt agreement with Partner Colorado Credit Union (PCCU). The new terms include a two-year interest-only period for February and March 2025, which will unlock over $6 million in cash flow that would have been used for principal amortization. The Note will maintain its 4.25% interest rate and extends the due date to October 2030.
PCCU, one of Safe Harbor's largest shareholders, supports this modification to provide the company with enhanced financial flexibility for pursuing new opportunities. The agreement aims to strengthen Safe Harbor's position as a fintech leader in providing financial services to the regulated cannabis industry.
Safe Harbor Financial (NASDAQ: SHFS) has closed a $1.5 million secured credit facility for a Missouri cannabis operator, representing the second tranche of a $5 million loan funding package. This follows an initial tranche of $1.07 million originated on October 29, 2024. The funding aims to refinance high-interest senior debt across four retail dispensaries in Missouri.
The company structured the financing package with competitive market interest rates and favorable loan terms, enabling cannabis businesses to manage debt more efficiently. This transaction demonstrates Safe Harbor's commitment to providing bank-quality lending solutions specifically tailored for cannabis operators, while building a strong and diversified credit portfolio for investors.
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.