Business
Safe Harbor Financial Appoints Finance and Cannabis Industry Veteran Paul Penney as Chief Investment Officer
Experienced investor and portfolio manager to oversee lending strategy for leading cannabis-focused financial services provider Penney adds a proprietary
About this update from Shf Holdings, Inc.
[{"type":"text","content":"Experienced investor and portfolio manager to oversee lending strategy for leading cannabis-focused financial services provider\nPenney adds a proprietary lending pipeline from existing relationships with both Multi-State Operators (\"MSOs\") and proven Single-State Operators (\"SSOs\")\nARVADA, Colo., April 6, 2022 /PRNewswire/ -- SHF, LLC, d/b/a/ Safe Harbor Financial (\"Safe Harbor\" or the \"Company\"), the leading financial services provider to the cannabis industry, announced today the hiring of Paul Penney as Chief Investment Officer. Penney brings over 20 years of experience working across multiple verticals in portfolio management, research and investment banking, including the last five years directly investing and advising in the cannabis sector.\nIn his new role at Safe Harbor, Penney will lead the lending strategy, investor relations, and investment opportunities as well as assist with M&A strategy. Safe Harbor recently announced the signing of a business combination agreement with Northern Lights Acquisition Corp. (Nasdaq: NLIT), a special purpose acquisition corporation. Upon closing, the estimated post-transaction equity value of the Company will be approximately $327 million.\nPenney was previously Chief Investment Officer of KreditForce Capital, a merchant bank focused on emerging growth industries including cannabis, where he managed a portfolio of both public and private equity positions as well as senior secured debt investments. He also served as a strategic advisor and board member to some of the nation's notable cannabis brands and vertically integrated public and private companies including Sunday Goods, Humboldt Farms, Stiiizy, Kikoko, TapRoot, and Kush Co.\nPrior to KreditForce, Penney became the first U.S.-based analyst to provide official research coverage on the legalized cannabis sector as a Senior Research Analyst and Managing Director at Northland Capital Markets. He was an active advisor, underwriter, and industry thought leader for several of the largest cannabis going public transactions.\nEarlier in his career, Penney served as Managing Director and Portfolio Manager at Cypress Funds (a TCW related investment firm), and was the Managing and Founding Partner at Compass North Capital, a long/short equity fund focused on the retail, financial technology and media industry verticals. He also work...