Safe Harbor Financial Originates $4.6 Million Secured Credit Facility for Michigan Cannabis Operator
Safe Harbor’s Total Loan Book to Exceed $60 million
GOLDEN, Colo., March 12, 2024 (GLOBE NEWSWIRE) — 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, announced today that it originated a $4.6 million credit facility for a Michigan cannabis operator secured by a four-dispensary real estate portfolio. Structured with a market-leading rate and terms, the credit facility will allow the vertically integrated operator to expand its cultivation and retail operations in the Great Lake State.
With this new credit facility, Safe Harbor’s total loan book will exceed $60 million in outstanding loans and commitments, showcasing the rapid growth of its robust and highly diversified loan portfolio, which is comprised of 25 cannabis real estate assets across 10 states covering every segment of the cannabis value chain.
“Our ability to support emerging cannabis operators across the country with competitive rates and structures demonstrates the significant role Safe Harbor continues to play in supporting the unique and evolving financial needs of cannabis operators,” said Safe Harbor Financial Chief Operating Officer and Executive Vice President, Dan Roda. “In just over a year, we have increased our loan book from just under $20 million to over $60 million, successfully creating a powerful new customer acquisition tool and revenue channel for Safe Harbor. By increasing our high margin loan origination activity, not only have we diversified and introduced new revenue streams to the business, we have become less dependent on our deposit-related fees. As we advance more opportunities to serve our existing and new clients with our expanding credit product portfolio, we are strategically positioned to further scale our business with new lending-related revenue.”
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. 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 $21 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.
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 and loan performance; 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; Safe Harbor’s ability to make the same or similar loans in the future; 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.
Media Contact Information
Safe Harbor Media
Ellen Mellody
570-209-2947
safeharbor@kcsa.com
Investor Relations Contact Information
Safe Harbor Investor Relations
ir@SHFinancial.org
KCSA Strategic Communications
Phil Carlson
safeharbor@kcsa.com
