Partnership expands Safe Harbor's suite of financial services offerings to ATACH's members and advocacy network of over 1,000 State Licensed Permit Holders
ARVADA, Colo., Oct. 17, 2022 /PRNewswire/ -- SHF Holdings, Inc., d/b/a/Safe Harbor Financial ("Safe Harbor" or the "Company") (NASDAQ: SHFS), a leader in facilitating financial services to the regulated cannabis industry, today announced it has been selected as the preferred facilitator for financial compliance, validation, and onboarding services for the American Trade Association for Cannabis & Hemp (ATACH), an organization that promotes the expansion, protection, and preservation of businesses engaged in the legal trade of industrial, medical, and recreational cannabis and hemp based products.
ATACH members and network of state-level memorandum of understanding ("MOU") partners through ATACH National Council of State Organizations, which includes over 1,000 state licensed permit holders will be eligible to take advantage of Safe Harbor's established relationships with its financial institution clients offering traditional financial services to cannabis, hemp, and CBD related businesses including: business checking and savings, debit cards, online and mobile banking, wire services, ACH transactions, treasury services, and payroll solutions as well as lending services.
"The partnership with ATACH will help deliver compliant financial solutions for licensed cannabis operators by making available to all of its members access to financial services through our financial institution clients and using our compliance and onboarding services," stated Sundie Seefried, Founder and Chief Executive Officer of Safe Harbor. "As the premier cannabis-focused financial solutions provider to the cannabis industry, we are strongly positioned to assist the industry's most influential trade organization."
Established in 2015, Safe Harbor was formed to address an unmet need, providing compliant access to banking and financial services to the rapidly growing U.S. cannabis industry. Since inception, Safe Harbor has assisted with the onboarding of over $14 billion in transactions. As legislative reform unfolds in the U.S., Safe Harbor's platform is uniquely positioned to remain the standard for cannabis financial services.
"We're excited to connect our members to a reliable partner who will assist in providing access to financial services and has been an active advocate in the industry for many years now," said Michael Bronstein, President of ATACH. "Licensed cannabis operators have run into roadblocks hampering growth in the past, but now have the ability to access banking services through Safe Harbor's relationships with financial institutions. This partnership will advance our members' businesses giving them the tools they need to safely and organically grow."
About Safe Harbor
Safe Harbor is one of the first service providers to offer compliance, monitoring and validation services to financial institutions while providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. 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 (including its predecessor) has assisted with the onboarding of over $14 billion in deposit transactions for customers with operations spanning 20 states with regulated cannabis markets. For more information, visit www.shfinancial.org.
About ATACH
The American Trade Association for Cannabis & Hemp ("ATACH") is a 501(c)(6) trade organization registered in Washington, DC, founded in 2014 to promote the expansion, protection, and preservation of businesses engaged in the legal trade of industrial, medical, and recreational cannabis and hemp-based products. For more information, visit www.atach.org.
Cautionary Statement Regarding 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 following the closing of the business combination; 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.
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SOURCE Safe Harbor Financial
