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, a leading financial services provider to the regulated cannabis industry, has successfully exited a $3.1 million loan that was previously in default. The company recovered the full principal amount along with $202,175 in accrued interest. This total of $3.3 million will be reallocated to enhance lending and credit line capacity. Dan Roda, EVP and COO, attributes this success to the company’s robust underwriting criteria, which has resulted in only one non-performing loan in its history. The loan, originated in 2021 and secured by Class A industrial real estate in Denver, underscores Safe Harbor's effective risk management and strengthens its loan portfolio.
Safe Harbor Financial, a leading provider of financial services and credit facilities to the regulated cannabis industry, announced its participation in the 2024 Maxim Fintech Virtual Symposium. The event is scheduled for June 25, 2024, at 9:00 AM ET. Key executives, including CEO Sundie Seefried and CFO Jim Dennedy, will join a fireside chat to discuss trends and developments in the Fintech industry. The event will be available for live streaming on M-Vest. Interested participants can register via M-Vest’s website or access the webcast through Safe Harbor Financial's events page.
Safe Harbor Financial (NASDAQ: SHFS) has launched a new small business line of credit program. The program began with the origination of $550,000 in lines of credit to three long-standing clients in Colorado's cannabis industry. CEO Sundie Seefried highlighted that these lines of credit are offered at reasonable terms and aim to address the needs of small and mid-sized cannabis businesses, which are often overlooked by traditional financial institutions. The lines of credit issued do not require real estate collateral and utilize flexible underwriting standards, which distinguishes Safe Harbor's offerings from other financing sources in the cannabis sector.
Safe Harbor Financial (NASDAQ: SHFS) reported a significant improvement in its Q1 2024 performance. Net income soared by 245% year-over-year to $2.0 million, reversing a net loss of $1.4 million in Q1 2023. Adjusted EBITDA increased 165.3% to $1.1 million. Operating expenses fell by 35.8% to $3.7 million. However, revenue slightly declined by 3% to $4.1 million. CEO Sundie Seefried highlighted the company's strategic initiatives and growth in lending programs, noting a 251% increase in loan income. Key operational highlights included originating substantial loans in Denver and Michigan. The company has $5.6 million in cash and equivalents as of March 31, 2024.
Safe Harbor Financial, operating as SHF Holdings, Inc., will release its Q1 2024 financial results on May 13, 2024. The company specializes in financial services and credit for the regulated cannabis industry. A conference call with the CEO and CFO will follow the release to discuss results and business highlights.
Safe Harbor Financial, a leading financial services provider to the regulated cannabis industry, issues a statement on the DEA rescheduling cannabis from Schedule I to Schedule III. CEO Sundie Seefried highlights the positive impact on lending opportunities, access to capital, and financial stability in the industry. This shift is expected to drive growth, innovation, and job creation. The global implications of rescheduling could influence international agreements and treaties. Despite the positive changes, challenges with payment networks and regulatory compliance persist. Safe Harbor Financial remains committed to providing tailored financial solutions to support the evolving cannabis sector.
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