- Property to be Converted to a Cannabis Retail Store Operated by Higher Collective, a Social Equity Joint Venture -
- Expands Safe Harbor Financial Social Equity Program -
GOLDEN, Colo., Dec. 13, 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, announced today that it originated a $1.17 million loan for the acquisition and construction of a new adult-use cannabis retail store in Bridgeport, Connecticut. The store will be operating under the Higher Collective brand, a Connecticut-based social equity joint venture, whose mission is to create an inclusive and equitable cannabis industry.
Safe Harbor, together with its partner financial institutions, funded $1.17 million in new debt at market-competitive terms that include a flexible structure that allows interest-only payments during the construction period. The debt is secured by a first lien on the property in Bridgeport, with the loan proceeds being used to renovate and modernize the property for use as an adult-use cannabis retail store. Higher Collective currently has four other adult-use cannabis retail stores across Connecticut, including Hartford, Killingly, Willington, and New London.
Dan Roda, Executive Vice President & Chief Operating Officer at Safe Harbor, stated, “We are pleased to support this rapidly growing social equity joint venture, which aligns with Safe Harbor’s commitment to supporting social equity operators within the cannabis industry with the provision of normalized banking services. Our unique market positioning and capabilities allow us to play a significant role in advancing this important segment of the cannabis industry while also continuing to grow our loan book.”
Patrik Jonsson, CEO of Higher Collective, stated, “Expanding into the Bridgeport market is a tremendous opportunity for Higher Collective and our social equity partner Keanaha. Safe Harbor’s ability to offer a flexible loan at a very competitive rate is key to supporting our operational and financial success as we expand. We are excited to be a part of the Safe Harbor Social Equity Program to grow our operations with a more expansive group dedicated to promoting greater social equity in cannabis.”
In May 2023, Safe Harbor launched a new and improved Social Equity Program to support entrepreneurs disproportionately impacted by cannabis prohibition and enforcement. The Company services social equity accounts nationwide through its institutional partners.
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 approximately 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 eight years, Safe Harbor has facilitated more than $20 billion in deposit transactions for businesses with operations spanning over 40 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.
About Higher Collective: Higher Collective is a pioneering retail concept in the cannabis industry, committed to fostering social equity, diversity, and inclusion. With four operational adult-use retail locations in Connecticut — Killingly, Willington, New London, and Hartford, including the state's first operating drive-thrus at Willington and Killingly — each dispensary offers a welcoming space for individuals to explore their relationship with cannabis. Created in collaboration with social equity partners, Higher Collective aims to redefine the cannabis experience while taking tangible steps toward a more equitable future.
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 and loan performance; 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; Safe Harbor’s ability to make the same or similar loans in the future; 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.
