Safe Harbor Financial Expands Lending and Deposit Relationship with Tier-One Multi-State Operator
June 22 2023 - 7:30AM
SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe
Harbor” or the “Company”) (NASDAQ: SHFS), a leader in
facilitating banking, payments, and financial services to the
regulated cannabis industry, today announced that it has expanded
its lending and deposit relationship with a tier-one multistate
operator (“MSO”) through the origination of an additional first
lien-secured loan in the approximate amount of $2.9 million on a
cultivation facility located in a limited license, adult-use
cannabis state.
“In an environment where other lenders are
scaling back, the expansion of Safe Harbor’s relationship with this
MSO demonstrates the acceleration of our new origination and
placement activities and our continued support of the cannabis
industry’s growth,” said Sundie Seefried, Chief Executive Officer
at Safe Harbor. “In addition to originating this new loan on a key
cultivation property, we are proud to open deposit accounts for
this top-performing MSO’s operating entities in this key market and
to deepen our service relationship.”
As previously announced, the Company originated
four commercial real estate-backed loans for subsidiaries of a
tier-one MSO. The loans were an approximate amount of $5.5 million
in aggregate and are secured by a first deed of trust on four
retail dispensary locations in a key limited-license state. The
current loan is in accordance with the same lending commitment as
previous loans provided to the MSO, offering the same
market-leading terms–including a fixed interest rate, five-year
term and a 25-year amortization period–for permanent financing of
the MSO’s critical assets. The terms of the original commitment
provide for the potential financing of up to nine of the MSO’s
additional properties across several states.
About Safe HarborSafe 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
approximately 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 $18 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.
Forward-Looking
StatementsCertain 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 originate and service the referenced additional loans;
whether similar loans, or loans at similar rates would be offered
in the future; new product and service offerings Safe Harbor may
introduce in the future; 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.
Contact Information
Safe Harbor MediaNick Callaio, Marketing
Manager720.951.0619Nick@SHFinancial.org |
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Safe Harbor Investor Relationsir@SHFinancial.org |
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