Safe Harbor Financial Partners with Bennett Thrasher to Deliver Advanced Financial Services to Cannabis Operators Nationwide
- Strategic partnership expands access to professional financial services for cannabis operators
- Comprehensive service offering includes audits, tax preparation, valuations, and CFO-level support
- Helps cannabis businesses navigate complex 280E tax regulations
- Enables operators to access executive-level financial guidance without full-time hire costs
- None.
Insights
Safe Harbor's partnership with Bennett Thrasher enhances its cannabis fintech ecosystem with critical accounting services, strengthening its market position and expanding revenue potential.
Safe Harbor Financial's strategic alliance with Bennett Thrasher represents a significant expansion of its service ecosystem for cannabis operators. This partnership effectively transforms Safe Harbor from a pure-play cannabis banking platform into a more comprehensive financial services provider by integrating specialized accounting, tax, and CFO services tailored for the unique challenges of the cannabis industry.
The partnership addresses critical pain points for cannabis operators, particularly around tax code 280E compliance - a notorious challenge that prevents cannabis businesses from deducting ordinary business expenses due to federal prohibition. By offering specialized tax preparation services, Safe Harbor is tackling one of the industry's most significant financial burdens that typically results in effective tax rates of 60-70% for operators.
From a strategic perspective, this move positions Safe Harbor to capture more wallet share from existing clients while potentially attracting new customers seeking comprehensive financial infrastructure. The addition of CFO services is particularly noteworthy, as many cannabis businesses struggle to hire qualified financial executives due to industry stigma and compliance complexities.
For investors, this partnership signals Safe Harbor's evolution toward a higher-margin, stickier business model. Financial advisory services typically command premium fees compared to basic banking services, potentially improving Safe Harbor's revenue per client. Additionally, by becoming more deeply embedded in clients' financial operations through audit and tax services, Safe Harbor likely increases customer retention and creates more defensive competitive positioning.
The timing aligns with the cannabis industry's maturation as operators face increasing pressure for financial transparency from investors, regulators, and potential acquirers. By facilitating corporate valuations and M&A transaction support, Safe Harbor is positioning itself to benefit from industry consolidation trends while helping clients navigate this complex landscape.
New Strategic Alliance Expands Access to Audit, Tax, and CFO-Level Support for Underserved, Regulated Businesses Across the U.S.
DENVER, May 29, 2025 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a Safe Harbor Financial (Safe Harbor) (Nasdaq: SHFS), a fintech leader in facilitating financial services and credit facilities to the cannabis industry, announced a strategic partnership with Bennett Thrasher, a leading accounting and advisory firm. This collaboration brings rigorous financial compliance and advisory services to businesses operating in regulated markets — supporting operational and financial compliance from startup through expansion.
Through this partnership, Safe Harbor clients gain access to a full suite of financial and advisory services tailored specifically for cannabis businesses, including:
- Annual audits and quarterly reviews to ensure transparency and boost stakeholder confidence
- Tax preparation and filing designed to navigate the complexities of tax law, including 280E
- Ongoing financial and tax advisory to support strategic planning and compliance
- Corporate valuations to guide capital raises, acquisitions, or succession planning
- M&A transaction support and due diligence for operators pursuing growth or consolidation
- CFO services and technical accounting to deliver executive-level guidance without in-house overhead
“Whether a cannabis business is launching, expanding, or preparing for a capital event, financial clarity is essential,” said Terrance Mendez, CEO of Safe Harbor Financial. “This partnership addresses a critical gap in financial infrastructure for businesses operating in this highly regulated space. It reflects our broader mission: to equip operators of all sizes with the tools, guidance, and infrastructure they need to grow with confidence.”
“Safe Harbor’s platform is built on transparency and trust — values we share,” said Richard Bartolanzo, Partner at Bennett Thrasher. “By embedding our tax and audit services into Safe Harbor’s ecosystem, regulated operators can access financial functions with ease. Together, we’re helping clients operate with greater efficiency, accuracy, and confidence in a complex environment.”
Why This Matters
Operators in regulated industries face a wide range of financial challenges, from the complexities of 280E tax law to investor expectations and limited access to traditional advisory services. Many businesses — whether just starting out or well-established — struggle to meet these demands without experienced support. By integrating Bennett Thrasher’s expertise into the Safe Harbor platform, operators can:
- Improve audit readiness and financial hygiene
- Build credibility with investors, lenders, and regulators
- Avoid costly tax errors and compliance missteps
- Make smarter decisions with strategic financial guidance
- Gain CFO-level insight without the cost of a full-time hire
Together, Safe Harbor and Bennett Thrasher are delivering the next generation of cannabis financial support, giving operators the infrastructure they need to grow responsibly and sustainably. For more information, visit www.shfinancial.org.
About Bennett Thrasher
For more than 45 years, Bennett Thrasher has provided businesses and individuals with strategic business guidance and solutions through professional tax, audit, advisory and outsourcing services. Whether you’re a client or an associate, we help transform your vision into unprecedented success. Our approach has catapulted us into the ranks of the largest and fastest growing public accounting and advisory firms. Bennett Thrasher operates globally from our headquarters in Atlanta and is committed to diversity and the communities we serve. To learn more about Bennett Thrasher, visit us at www.btcpa.net.
About Safe Harbor:
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions that provide traditional banking services to cannabis, hemp, CBD and ancillary operators, making communities safer, driving growth in local economies and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than
Cautionary Statement Regarding Forward-Looking Statements:
Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S. and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; success or viability of new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that have been or may be brought by or against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Safe Harbor Investor Relations Contact:
Mike Regan, Head of Safe Harbor Investor Relations
ir@SHFinancial.org
Safe Harbor Media Relations Contact:
Ellen Mellody
570-209-2947
safeharbor@kcsa.com
FAQ
What services will Safe Harbor Financial (SHFS) provide through its partnership with Bennett Thrasher?
How will the SHFS partnership with Bennett Thrasher benefit cannabis businesses?
What tax-related services does Safe Harbor (SHFS) offer cannabis operators?
What strategic financial services does SHFS provide for cannabis M&A activities?
