Business
Northern Lights Acquisition Corp. Announces Entering into a Business Combination Agreement with Safe Harbor Financial, the Leading Provider of Financial Services and Access to Banking Solutions for the U.S. Cannabis Industry
- Transaction advances Safe Harbor's mission to be the leading provider of compliant and reliable access to banking and financing solutions for the U.S.
About this update from Shf Holdings, Inc.
[{"type":"text","content":"- Transaction advances Safe Harbor's mission to be the leading provider of compliant and reliable access to banking and financing solutions for the U.S. cannabis industry\n - One of the first cannabis-focused commercial lending platforms with an actionable pipeline of over $300 million in near term opportunities with proven multi-state and single-state operators\n - Tenured management team led by banking and cannabis industry pioneer, Founder and CEO Sundie Seefried\n - Estimated post-transaction equity value of the post-closing company will be $327 million with a fully committed $60 million PIPE from leading institutional investors\n\n\nNEW YORK and ARVADA, Colo., Feb. 14, 2022 /PRNewswire/ -- Northern Lights Acquisition Corp. (NASDAQ: \"NLIT\") (\"Northern Lights\"), a special purpose acquisition corporation and SHF, LLC dba Safe Harbor Financial (\"Safe Harbor\" or the \"Company\"), the leading cannabis-focused financial services provider offering reliable access to banking and financing solutions for the cannabis industry, announced today the signing of a definitive business combination agreement that will result in Northern Lights' acquisition of Safe Harbor from a subsidiary of Partner Colorado Credit Union, a Colorado-chartered credit union based in Arvada, Colorado (\"PCCU\"). Upon the closing of the transaction, Northern Lights and Safe Harbor will be led by Sundie Seefried, Founder and Chief Executive Officer of Safe Harbor. The boards of directors and managers of Northern Lights, PCCU, and Safe Harbor have unanimously approved the proposed business combination. \nEstablished in 2015 by PCCU, Safe Harbor was formed to provide an unmet need – compliant access to banking and financial services for the rapidly growing U.S. cannabis industry. Over the past seven years, Safe Harbor has grown to nearly 600 accounts spanning 20 states. Additionally, Safe Harbor has processed over $11 billion in transactions with $4 billion in 2021 and has grown deposits at a 73% CAGR since inception. As legislative reform unfolds in the U.S., Safe Harbor's platform is uniquely positioned to continue as the trusted, leading standard for cannabis financial services. \nThe regulated U.S. cannabis market currently consists of more than 70,000 cannabis-related businesses (\"CRBs\"), with sales that are expected to double to over $46 billion by 202...