Business
Safe Harbor Financial Partners with Five Star Bank to Create a Potential Billion-Dollar Growth Opportunity for Cannabis Banking
- Partnership opens financial service opportunities for lines of credit and banking services for Safe Harbor clients - WARSAW, N.Y. and GOLDEN, Colo., May 11,
About this update from Shf Holdings, Inc.
[{"type":"text","content":"- Partnership opens financial service opportunities for lines of credit and banking services for Safe Harbor clients -\nWARSAW, N.Y. and GOLDEN, Colo., May 11, 2023 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (\"Safe Harbor\") (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, and Five Star Bank, a New York-based subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), are partnering to expand crucial access to cannabis banking nationwide. Safe Harbor’s fintech platform provides a single point of access for commercial deposit bank accounts, access to payment services and treasury management for licensed cannabis businesses through its network of partner financial institutions. Backed by Five Star Bank’s ability to dedicate up to $1 billion in deposit capacity through its relationship with Safe Harbor, cannabis businesses of all sizes will be afforded greater access to credit facilities along with a robust suite of cannabis banking services. The collaboration will also enable multi-state operators to consolidate their financial operations and realize normalized commercial banking services. “Safe Harbor Financial is a strong, reliable fintech partner with deep domain expertise,” said Sean Willett, Chief Administrative Officer of Five Star Bank. “The Safe Harbor team’s dedication to their clients and their track record of processing over $18 billion in compliant cannabis deposit transactions through partner financial institutions align perfectly with our focus on empowering the next wave of financial technology companies and the affinity groups they serve.” Sundie Seefried, CEO of Safe Harbor, commented, “This partnership expands our capacity to accept up to an additional $1 billion in cannabis-business related deposits and enables us to deliver the most robust and affordable cannabis banking solution available. Five Star Bank’s commitment to fintech enablement uniquely positions Safe Harbor to increase our capacity and continue our national expansion plan.” About Safe Harbor Financial 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 growt...