Welcome to our dedicated page for SHF Holdings news (Ticker: SHFS), a resource for investors and traders seeking the latest updates and insights on SHF Holdings stock.
SHF Holdings, Inc. Class A Common Stock (symbol: SHFS) is a prominent financial services provider dedicated to the cannabis industry. The company offers essential banking solutions to cannabis, hemp, CBD, and ancillary businesses, thereby supporting the safety and growth of local economies. Through strategic partnerships and collaborations, SHF Holdings ensures compliance with the Bank Secrecy Act, leveraging guidance from FinCEN to implement measures of accountability, transparency, and risk mitigation.
SHF Holdings excels in providing a comprehensive suite of services, including Program Management Support, Customer Generation, Ongoing Program Auditing, and Compliance Monitoring. These services are designed to foster long-term partnerships and facilitate reliable financial operations within the cannabis sector.
In recent developments, Dan Roda, the Executive Vice President & Chief Operating Officer, highlighted the company's capacity to meet the high demand for competitive loans within the cannabis industry. This strategic advantage not only strengthens SHF Holdings' position as a leading credit originator but also underscores the scalability of its robust fintech platform.
Notably, SHF Holdings' loan book has surpassed $60 million, comprising 25 cannabis real estate assets across 10 states. This rapid growth reflects the company's prowess in diversifying revenue streams and reducing dependence on deposit-related fees through increased loan origination activities.
To date, SHF Holdings has facilitated over $21 billion in deposit transactions for regulated cannabis businesses across 41 states and U.S. territories. This achievement underscores the company's critical role in supporting the unique financial needs of cannabis operators while adhering to high standards of compliance and monitoring.
For more detailed information about SHF Holdings, its services, and latest news, visit www.shfinancial.org.
Safe Harbor Financial (NASDAQ: SHFS) has announced a $500,000 loan to PI 51st Avenue, (Natty Rems) through the Cannabis Resource Optimization Program (CROP). The loan, developed in partnership with Collective Clean Energy Fund (CCEF) and Partner Colorado Credit Union (PCCU), will fund energy-efficient upgrades at a Denver cannabis facility.
The financing includes favorable terms through a cash collateral arrangement and interest rate buydown from CCEF, enabling investment in energy-saving lighting and equipment. This initiative addresses the significant energy consumption in Colorado's cannabis sector, where energy costs represent approximately 33% of growers' operating expenses and cannabis facilities account for an estimated 2% of the state's electricity usage.
Safe Harbor Financial (NASDAQ: SHFS) reported Q3 2024 financial results with net income of $0.4 million, compared to a net loss of $750,000 in Q3 2023. Revenue decreased to $3.5 million from $4.3 million year-over-year. Notable improvements include a 48% increase in Loan Interest Income to $1.3 million and a 13.2% reduction in Operating Expenses to $3.3 million. For the nine months ended September 30, 2024, the company achieved net income of $3.3 million versus a $19.8 million loss in 2023, while revenue declined to $11.6 million from $13.1 million.
Safe Harbor Financial (NASDAQ: SHFS), a provider of financial services and credit facilities to the regulated cannabis industry, has scheduled its Q3 2024 financial results announcement for Tuesday, November 12, 2024, after market close. The company will host a conference call and webcast at 4:30 PM ET to discuss the results. Interested participants can join via phone using the dial-in numbers 646-307-1963 or toll-free 800-715-9871 with passcode 1606405, or access the live webcast through the provided link.
Safe Harbor Financial (NASDAQ: SHFS) has originated a $1.07 million secured credit facility for a Missouri cannabis operator, marking the first tranche of a $5 million commitment to refinance existing senior debt. The facility is secured by four retail dispensaries and a manufacturing facility in Missouri. The refinancing aims to reduce the operator's borrowing costs and optimize operations in Missouri's cannabis market. Safe Harbor positions itself as a key partner offering competitive financial solutions to cannabis operators who are typically underserved by traditional banking institutions.
Safe Harbor Financial, a leader in financial services for the regulated cannabis industry, announced its participation in the Benzinga Cannabis Capital Conference on October 8-9, 2024, in Chicago. Sundie Seefried, the company's CEO and President, will join a panel discussion on 'Cannabis Cash Flow: The Fed's Impact on Opportunities and Challenges in Macro-Economic Trends' on October 8 at 10:10 a.m. Central Time.
The company, trading under the NASDAQ symbol SHFS, will also host one-on-one investor meetings throughout the conference. Interested parties can contact SafeHarbor@kcsa.com for more information or to schedule a meeting.
Safe Harbor Financial (NASDAQ: SHFS) has announced strategic contract extensions for three key executives, coupled with a restructuring of their compensation packages. The changes include:
1. Sundie Seefried, President/CEO: Extended for one year through September 2025
2. Dan Roda: Extended through June 30, 2025, transitioning to Chief Credit Officer
3. Tyler Beuerlein: Term unchanged, continuing through February 2025 as Chief Strategic Business Development Officer
The new compensation structure reduces base pay in favor of incentives aligned with company revenue and growth objectives, resulting in an initial cost savings of $350,000. This move aims to ensure leadership continuity, drive growth, enhance operational efficiency, and deliver greater value to stakeholders in the cannabis banking landscape.
SHF Holdings, operating as Safe Harbor Financial (NASDAQ: SHFS), reported its financial results for Q2 2024 and the first half of 2024. Net income for Q2 2024 increased to $0.9 million from a net loss of $17.6 million in Q2 2023, while revenue decreased to $4.0 million from $4.6 million. Adjusted EBITDA rose 14.5% year-over-year to $0.97 million. For the first six months of 2024, net income grew to $3.0 million from a net loss of $19.0 million in the same period of 2023. Revenue for the first half of 2024 decreased to $8.1 million from $8.8 million.
Operating expenses decreased significantly for both periods, mainly due to lower compensation, rent, and provision for credit losses. The company launched a Small Business Line of Credit Program and recouped a $3.1 million defaulted loan, enhancing its financial standing. Cash and cash equivalents increased by 25% to $6.1 million from December 2023.
Safe Harbor Financial (NASDAQ: SHFS), a leader in financial services for the regulated cannabis industry, has announced its upcoming second quarter 2024 financial results release. The company will report its results for the period ended June 30, 2024, on Wednesday, August 14, 2024, after market close. A conference call and webcast will follow at 4:30 pm ET / 1:30 pm PT on the same day.
CEO Sundie Seefried and CFO Jim Dennedy will host the call to discuss financial results and provide key business highlights. Investors can join the call by dialing 646-307-1963 or 800-715-9871 (Toll Free) with passcode 9502925. A live webcast and replay will be available at the provided link.
Safe Harbor Financial (NASDAQ: SHFS) has partnered with BIPOCann to support minority-owned cannabis businesses. Key points include:
- BIPOCann will offer its $600 membership benefits free to Safe Harbor's social equity clients
- BIPOCann members receive a 75% discount on Safe Harbor's financial services application fees
- Safe Harbor launches a new webinar series on social equity and small operators
- First webinar on August 21, 2024, focusing on cannabis banking solutions
- Partnership aims to provide financial support and resources to minority-owned businesses
- Collaboration seeks to create a more inclusive and equitable cannabis industry
Safe Harbor Financial (NASDAQ: SHFS) has submitted comments to the Justice Department regarding the proposed reclassification of cannabis from Schedule I to Schedule III of the Controlled Substances Act. This change, while not legalizing cannabis, could significantly impact the industry by:
1. Alleviating tax burdens imposed by Section 280E, potentially adding over $100 million to large operators' balance sheets.
2. Creating a more favorable business environment for cannabis companies and financial service providers.
3. Increasing banking and transaction activity among Safe Harbor's clients.
Despite the reclassification, compliance requirements under the Bank Secrecy Act and Anti-Money Laundering regulations remain unchanged. Safe Harbor emphasizes its continued relevance in the cannabis financial services sector, expecting industry growth to increase demand for its services.
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