Safe Harbor Financial Launches New Line of Credit Products for Cannabis Businesses
Line of Credit Offering Expands Safe Harbor’s Industry-Leading Suite of Deposit & Credit Tools Supporting the Growth of the U.S. Cannabis Industry
News provided bySafe Harbor Financial Services, Inc.
Sep 19, 2023, 8:05 AM ET
GOLDEN, Colo., Sept. 19, 2023 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, today announced the launch of its new portfolio of line of credit products available to cannabis businesses nationwide.
The Company’s new line of credit offering expands its growing suite of deposit and credit tools to serve a greater number of cannabis enterprises, including those which have previously faced difficulty obtaining debt financing at reasonable terms. Under these new and expanded programs, Safe Harbor, operating jointly with its financial institution partners, will offer credit facilities ranging from $25,000 to $1 million at market-leading, normalized rates. In many cases, these lines of credit can be obtained without hard collateral.
“This line of credit program further advances our mission of normalizing banking for the cannabis industry and creates a key opportunity to serve many businesses whose growth has been stalled by the inability to obtain credit at reasonable terms elsewhere,” said Dan Roda, Executive Vice President & Chief Operating Officer at Safe Harbor. “Our continued efforts to create an expansive suite of financial solutions for the cannabis industry is more important now than ever in light of the continued progress of cannabis banking and scheduling reform and heightened momentum for the industry’s near-term growth.”
The introduction of these products follows Safe Harbor’s launch of interest-bearing commercial accounts announced in July of this year. Through the Company’s expanding array of deposit and credit offerings offered through its partner financial institutions, Safe Harbor is furthering its position as a key partner for cannabis companies and brands, while supporting its own continued growth through the creation of new revenue channels.
About Safe Harbor
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Currently managing more than 1000 cannabis-related relationships, 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 eight years, Safe Harbor has facilitated more than $20 billion in deposit transactions for businesses with operations spanning over 40 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements'' within the meaning of federal securities laws. 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; Safe Harbor’s ability to offer similar products in the future or maintain current products; the impact of recent volatility in the capital markets, which may adversely affect the price of the Company's securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; other statements regarding Safe Harbor's expectations, hopes, beliefs, intentions or strategies regarding the future; and the other risk factors discussed in Safe Harbor's filings from time to time with the Securities and Exchange Commission. 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, are subject to risks and uncertainties. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Safe Harbor), and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
|Safe Harbor Media|
Nick Callaio, Marketing Manager
|Safe Harbor Investor Relations|
|KCSA Strategic Communications|
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