- Innovative program supports social equity licensees with a 20% discount off account application and monthly fees -
- Envisioned by a Safe Harbor Financial employee and social justice activist, the program aims to support entrepreneurs disproportionately impacted by cannabis prohibition and enforcement -
GOLDEN, Colo., May 23, 2023 (GLOBE NEWSWIRE) -- 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 Harbor
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 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.
Certain 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.
|Safe Harbor Media|
Nick Callaio, Marketing Manager
|Safe Harbor Investor Relations|