Safe Harbor Financial’s Social Equity Program Proudly Welcomes New Accounts
23 Maio 2023 - 8:30AM
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 that it has opened 13
new accounts through its financial institution partners under its
newly expanded Social Equity Program. Originating from new social
equity operators across three states, the 13 new accounts have
joined throughout 2023, with additional applicants currently in the
program’s pipeline.
Envisioned by Sophia Dennis, who has served as a
Relationship Manager at the Company for the last four years, the
program is designed to remove some of the barriers to entry
experienced by social equity licensees. Its aim is to meet the
needs of the growing cannabis industry while supporting those who
have been negatively impacted by the inequitable enforcement of the
War on Drugs.
With the support of Safe Harbor, Ms. Dennis also
facilitates a “Banking a Cannabis Business” class as part of The
Color of Cannabis’ (“TCC”) 10-week social equity business
registration course. The course provides training and mentorship
from industry experts to help people of color to create sustainable
cannabis businesses. As the result of her work, Safe Harbor
received a TCC Ally award in 2022.
“I’ve made it my mission to fight the inequity I
observed and experienced as the daughter of an immigrant growing up
in a poor, crime-ridden, and underserviced community,” said Ms.
Dennis. “Reliable financial services are absolutely essential to
growing businesses, but the cost to access those services is an
obstacle for many social equity entrepreneurs. I was thrilled to
find that my colleagues at Safe Harbor share my passion for
empowering and facilitating minority participation in the cannabis
industry.”
Sundie Seefried, Chief Executive Officer at Safe
Harbor, stated, “We applaud Sophia’s initiative and dedication, and
we are very proud to offer reduced account fees to assist
entrepreneurs who have been negatively and unfairly impacted by
cannabis prohibition. As we grow, we look forward to identifying
additional opportunities to better support social equity licensees
and the development of a diverse and vibrant industry.”
Karl Racine, former Attorney General for the
District of Columbia and member of Safe Harbor’s Board of
Directors, commented, “As a longstanding advocate for social
justice and cannabis reform, I am privileged to serve on the Board
of Directors of a company that shares my commitment to these
ideals, and I am excited to see the continuing positive impact of
Safe Harbor’s industry-leading Social Equity Program.”
About the Color of Cannabis
Founded out of the urgent need to have more
representation of minorities in the industry, The Color of Cannabis
provides a pathway for restorative economic and criminal justice to
communities negatively impacted by the war on drugs. Advocating
openly, unapologetically, and responsibly for people of color to
participate in the regulated market is work that cannot be
neglected. The regulated cannabis industry presents an opportunity
for minorities to build generational wealth and the community must
be educated on the opportunities.
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 statements contained in this press
release constitute "forward-looking statements" within the meaning
of federal securities laws. Forward-looking statements may include,
but are not limited to, statements with respect to trends in the
cannabis industry, including proposed changes in U.S and state
laws, rules, regulations and guidance relating to Safe Harbor's
services; Safe Harbor's growth prospects and Safe Harbor's market
size; Safe Harbor's projected financial and operational
performance, including relative to its competitors; whether similar
social equity accounts, or similar application and monthly fee
discounts would be offered in the future; new product and service
offerings Safe Harbor may introduce in the future; the impact of
recent volatility in the capital markets, which may adversely
affect the price of the Company's securities; the outcome of any
legal proceedings that may be instituted against Safe Harbor; other
statements regarding Safe Harbor's expectations, hopes, beliefs,
intentions or strategies regarding the future; and the other risk
factors discussed in Safe Harbor's filings from time to time with
the Securities and Exchange Commission. In addition, any statements
that refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "outlook," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would," and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject, are subject to risks and uncertainties. These
forward-looking statements involve a number of risks and
uncertainties (some of which are beyond the control of Safe
Harbor), and other assumptions, that may cause the actual results
or performance to be materially different from those expressed or
implied by these forward-looking statements.
Contact Information
Safe Harbor MediaNick Callaio, Marketing
Manager720.951.0619Nick@SHFinancial.org |
|
Safe Harbor Investor RelationsMattio
Communicationsir@mattio.com |
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