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.
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SHF Holdings, Inc. (NASDAQ: SHFS) announced the appointment of Douglas Fagan as a Director on its Board, effective immediately. Fagan, who currently serves as President and CEO of Partner Colorado Credit Union, replaces Joshua Mann. This strategic appointment is expected to enhance Board guidance, with Fagan bringing valuable insights from his experience in credit unions and financial services. Safe Harbor Financial specializes in providing banking solutions to the regulated cannabis industry, managing over 1,000 cannabis-related relationships and facilitating more than $18 billion in deposit transactions over eight years. The company aims to meet Bank Secrecy Act obligations while fostering community growth.
SHF Holdings, Inc. (NASDAQ: SHFS) announced significant debt resolution achievements, having resolved over $68.6 million since the start of 2023. This represents more than 60% of its total outstanding debt, which was $81.9 million as reported for 2022.
The resolution included a settlement with Partner Colorado Credit Union that accounted for approximately $64.7 million in deferred payables, consisting of cash and stock transactions. The company filed its 10-K NT with the SEC, ensuring its timely filer status.
CEO Sundie Seefried expressed optimism about focusing on growth, both organically and through M&A opportunities, following the successful debt negotiations.