Safe Harbor Financial Welcomes Newly Active Board Member, Karl Racine, Nationally Renowned Former Washington, D.C. Attorney General
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.
- Karl A. Racine's expertise may enhance strategic decision-making for Safe Harbor.
- The appointment of Racine reflects strong leadership, potentially increasing investor confidence.
- Safe Harbor's established track record with $17 billion in facilitated transactions supports its market credibility.
- Concerns about continuity due to Racine's recent transition from public office.
- Racine's limited industry-specific experience raises questions about immediate impact.
Acclaimed politician, lawyer and cannabis industry advocate to advise Safe Harbor Financial as it continues to enhance its fully compliant cannabis banking platform
ARVADA, Colo., Feb. 08, 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 Karl A. Racine has commenced active participation on the Company’s Board of Directors following his January 2023 departure from office.
“We are delighted to have Mr. Racine, a celebrated political figure and long-time proponent of the legal cannabis industry, commence active participation on our Board,” said Sundie Seefried, CEO at Safe Harbor. “Among his many other accomplishments, Mr. Racine spearheaded the bipartisan coalition urging Congress to pass the SAFE Banking Act; and recognizes the importance of providing cannabis-related businesses, or CRBs, with access to the banking system. We are looking forward to his invaluable insights as we continue to enhance our fully compliant cannabis financial services currently serving more than 1000 CRBs across the nation.”
Mr. Racine commented, “Having had the opportunity over the last several years to watch Safe Harbor Financial thrive, I am honored to now be an active member of the Board and help the Company achieve a new level of success as a public entity. Cannabis is currently legal in 37 states, yet banks providing services to state-licensed CRBs are subject to criminal and civil liability that inhibits their ability to provide banking services to these businesses. I am impressed with the work Safe Harbor has done over the past seven years to establish a fully compliant cannabis banking platform that has addressed an unmet need for hundreds of CRBs in the U.S., and I am confident in the team’s ability to expand its leadership in the legal cannabis fintech space.”
Mr. Racine is a litigation partner at Hogan Lovells law firm, representing clients in a wide range of civil and white-collar litigation and investigations. He became the first elected and independent Attorney General for the District of Columbia in 2015 and was reelected to a second term in 2018. During his eight-year tenure, Mr. Racine built the District’s first independent office of Attorney General, which is now among the best in the nation. He created a consumer protection office; new agency departments focused on environmental and restorative justice; and tackled issues such as gun violence, affordable housing, gentrification, wage theft and abusive business practices.
Mr. Racine previously served as the president of the bipartisan National Association of Attorneys General, which in 2022 awarded him and his team a sitting Attorney General’s highest honor: the Kelley-Wyman Award. He also served as the co-chair of the bipartisan Attorney General Alliance Association and co-chair of the Democratic Attorneys General Association. Mr. Racine has served as a board member for multiple non-profit organizations, including the Legal Aid Society of Washington and the Network for Victim Recovery of D.C.
Before being elected to public office, Mr. Racine had a highly successful career in private practice and government service, and became the first Black managing partner of a top 100 U.S. law firm. He also served as Associate White House Counsel during the Clinton Administration and as a D.C. Public Defender. Mr. Racine holds a Bachelor of Arts degree from the University of Pennsylvania and a Juris Doctor degree from the University of Virginia School of Law.
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 more than 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 seven years, Safe Harbor has facilitated more than
Forward-Looking Statements
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; 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.
Media Contact
Safe Harbor Financial
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720.951.0619
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FAQ
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