Safe Harbor Financial, a provider of financial services and credit facilities for the regulated cannabis industry, today announced that since its inception in 2015, the company has successfully facilitated the processing of more than $20 billion in cannabis-related funds through its trusted network of partner banks.
“Our ability to leverage our deep knowledge and experience in navigating the cannabis industry’s complex regulatory environment has positioned Safe Harbor as an integral component for safely processing funds from legal operators into the banking system,” said Sundie Seefried, CEO of Safe Harbor Financial. “The milestone of successfully facilitating $20 billion of compliant cannabis funds through our financial institution partners speaks directly to the strength of our fintech platform and the increasing role Safe Harbor is playing in supporting the growth of cannabis related businesses across the country. In fact, we are on target to exceed $4 Billion in 2023 alone, representing a 31% increase over 2022.”
“By monitoring and validating $20 billion in deposits, Safe Harbor has helped to grow core deposits for the financial institutions with whom we have partnered. The increase in core deposits provides a greater deposit base on which Safe Harbor can continue to expand its senior secured debt financing to cannabis related businesses with our partner banks; further driving shareholder value by increasing revenue,” concluded Seefried.