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Safe Harbor Financial announced the official launch of its Fully Managed Cannabis Banking Program, an operational and compliance outsourcing for financial institutions.
The turnkey program is designed for community banks, credit unions and financial institutions seeking to serve the legal cannabis market without expanding internal teams, taking on new risk, staffing or marketing cannabis services directly. From client acquisition and onboarding to compliance oversight and account support, Safe Harbor handles 100% of the program operations while deposits are held directly by the partner institution.
Key features of the program include:
- Sticky Deposit Growth: Licensed cannabis operators are vetted, acquired and onboarded by Safe Harbor, with deposits placed directly at the partner bank or credit union.
- Complete Operational Outsourcing: Safe Harbor manages all aspects of program execution, including BSA/AML compliance, client service, business development, marketing and reporting.
- Reputational Shield: The program is operated under the Safe Harbor brand, insulating financial institutions from direct cannabis association.
- Improved Efficiency Ratio: By minimizing startup costs and operational overhead, the program enables financial institutions and cannabis businesses to achieve stronger margins and more efficient resource utilization.
