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.
SHF Holdings, Inc. (NASDAQ: SHFS) announced the appointment of Douglas Fagan as a Director on its Board, effective immediately. Fagan, who currently serves as President and CEO of Partner Colorado Credit Union, replaces Joshua Mann. This strategic appointment is expected to enhance Board guidance, with Fagan bringing valuable insights from his experience in credit unions and financial services. Safe Harbor Financial specializes in providing banking solutions to the regulated cannabis industry, managing over 1,000 cannabis-related relationships and facilitating more than $18 billion in deposit transactions over eight years. The company aims to meet Bank Secrecy Act obligations while fostering community growth.
SHF Holdings, Inc. (NASDAQ: SHFS) announced significant debt resolution achievements, having resolved over $68.6 million since the start of 2023. This represents more than 60% of its total outstanding debt, which was $81.9 million as reported for 2022.
The resolution included a settlement with Partner Colorado Credit Union that accounted for approximately $64.7 million in deferred payables, consisting of cash and stock transactions. The company filed its 10-K NT with the SEC, ensuring its timely filer status.
CEO Sundie Seefried expressed optimism about focusing on growth, both organically and through M&A opportunities, following the successful debt negotiations.
SHF Holdings, operating as Safe Harbor Financial (NASDAQ: SHFS), reported significant growth in its Q1 2023 performance compared to Q1 2022. The average number of accounts increased by 75% to 1,018, while monthly deposit fees rose by 49% to $706,728. Monthly average balances on deposits climbed 57% to $222.9 million, and average deposits reached $359.1 million, reflecting increases of 33%.
The company's CEO emphasized the importance of these metrics for expanding its footprint and enhancing profitability. Safe Harbor is among the first to offer banking services to the cannabis industry, managing over 1,000 cannabis-related accounts and facilitating more than $18 billion in transactions over eight years.
SHF Holdings, Inc. (NASDAQ: SHFS) reported a 34% increase in full-year revenue to $9.4 million for 2022, up from $7.0 million in 2021. Active accounts grew by 82% to 1,040. The company resolved approximately $64.7 million in payment obligations, enhancing its balance sheet for growth in 2023. Key highlights include originating $15.8 million in loans and concluding a business combination with Northern Lights Acquisition Corp. Despite revenue growth, the company faced a net loss of $35.1 million for the year, attributed to the devaluation of financial instruments post-business combination.
SHF Holdings, Inc. (NASDAQ: SHFS) announced a significant restructuring of its balance sheet through an agreement with its largest stockholder, Partner Colorado Credit Union (PCCU). This involves settling approximately $64.7 million of deferred payments by issuing a 5-year, $14.5 million senior secured note at 4.25% interest and 11.2 million shares of Class A common stock. The CEO, Sundie Seefried, emphasized that this move alleviates financial constraints and enhances the company's ability to pursue growth opportunities, reflecting PCCU's confidence in Safe Harbor's long-term plans.
SHF Holdings, Inc. (NASDAQ: SHFS) announced a conference call for March 30, 2023, at 4:30 PM ET to discuss its fourth quarter and full-year 2022 financial results. CEO Sundie Seefried and CFO Jim Dennedy will present during the call. Safe Harbor is a pioneer in providing banking services to the regulated cannabis sector, managing over 1,000 cannabis-related relationships and facilitating more than $17 billion in deposit transactions across nearly 40 states. The call will be accessible via webcast and has links provided for participants.
SHF Holdings, Inc. (NASDAQ: SHFS) has announced Karl A. Racine's active participation on its Board of Directors, following his departure from office in January 2023. Racine, a prominent political figure and advocate for the cannabis industry, is expected to provide valuable insights as Safe Harbor continues to enhance its compliant banking platform for cannabis-related businesses (CRBs). With cannabis legal in 37 states, Racine's extensive experience in legal and regulatory matters positions him to help the Company expand its leadership in the legal cannabis fintech space. Over the past seven years, Safe Harbor has facilitated over $17 billion in transactions for more than 1000 CRBs across nearly 40 states.
Safe Harbor Financial (NASDAQ: SHFS) has successfully completed its acquisition of Rockview Digital Solutions, Inc. (Abaca), a financial technology platform serving the cannabis industry. This acquisition expands Safe Harbor's customer base to over 1,000 accounts across 40 states and U.S. territories, increasing projected monthly revenue by approximately 40%. The transaction includes $30 million in cash and stock, enhancing their lending and technology capabilities and nearly doubling their workforce with industry experts. Safe Harbor aims to become a leading provider of financial services for the cannabis sector.
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