Business
Safe Harbor Financial Launches Interest-Bearing Commercial Accounts
- Leverages strategic partnership to deliver industry-leading deposit product - - Further normalizes banking services for growing U.S. cannabis businesses -
About this update from Shf Holdings, Inc.
[{"type":"text","content":"- Leverages strategic partnership to deliver industry-leading deposit product - - Further normalizes banking services for growing U.S. cannabis businesses - GOLDEN, Colo., July 12, 2023 (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, today announced the launch of interest-bearing commercial deposit accounts to cannabis businesses nationwide. This new product offering was launched in response to an unmet need in the industry, as many of the smaller banks and credit unions servicing the cannabis industry do not currently make interest-bearing products available to these clients. Offered through one of Safe Harbor’s proprietary financial institution partnerships, this new account product will provide depositors the opportunity to earn interest income with no maximum balance limitation. “We are excited to launch the first interest-bearing account product broadly available to U.S. cannabis businesses,” said Sundie Seefried, Chief Executive Officer at Safe Harbor. “Interest-bearing accounts are especially important to large depositors in the current banking climate, and we’re proud to be able to offer our clients more of the important financial and treasury tools that they need to grow and protect their businesses.” 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 ...