Business
Safe Harbor Financial Launches New Line of Credit Products for Cannabis Businesses
Line of Credit Offering Expands Safe Harbor’s Industry-Leading Suite of Deposit & Credit Tools Supporting the Growth of the U.S. Cannabis Industry GOLDEN,
About this update from Shf Holdings, Inc.
[{"type":"text","content":"Line of Credit Offering Expands Safe Harbor’s Industry-Leading Suite of Deposit & Credit Tools Supporting the Growth of the U.S. Cannabis Industry\nGOLDEN, Colo., Sept. 19, 2023 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, today announced the launch of its new portfolio of line of credit products available to cannabis businesses nationwide. The Company’s new line of credit offering expands its growing suite of deposit and credit tools to serve a greater number of cannabis enterprises, including those which have previously faced difficulty obtaining debt financing at reasonable terms. Under these new and expanded programs, Safe Harbor, operating jointly with its financial institution partners, will offer credit facilities ranging from $25,000 to $1 million at market-leading, normalized rates. In many cases, these lines of credit can be obtained without hard collateral. “This line of credit program further advances our mission of normalizing banking for the cannabis industry and creates a key opportunity to serve many businesses whose growth has been stalled by the inability to obtain credit at reasonable terms elsewhere,” said Dan Roda, Executive Vice President & Chief Operating Officer at Safe Harbor. “Our continued efforts to create an expansive suite of financial solutions for the cannabis industry is more important now than ever in light of the continued progress of cannabis banking and scheduling reform and heightened momentum for the industry’s near-term growth.” The introduction of these products follows Safe Harbor’s launch of interest-bearing commercial accounts announced in July of this year. Through the Company’s expanding array of deposit and credit offerings offered through its partner financial institutions, Safe Harbor is furthering its position as a key partner for cannabis companies and brands, while supporting its own continued growth through the creation of new revenue channels. 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, dr...