DENVER–Safe Harbor, which began its life as a CUSO and which is now a fintech that provides banking, lending and financial services to the regulated cannabis and hemp industries, is reporting it has launched the cannabis industry’s first “comprehensive financial solutions platform.”
“The platform is designed to help operators bank, borrow, operate and grow with greater clarity, control and financial stability,” the company said in a statement.
Safe Harbor noted that a decade ago, while a CUSO of Partner Colorado Credit Union, it created the nation’s first compliant cannabis banking program, giving operators safe access to the financial system.
“Today, the Company is expanding beyond its banking foundation to address the industry’s broader financial health needs,” the company said. “Cannabis operators continue to face uncertain policy, complex regulations, high taxes and limited access to qualified financial support. The platform brings key financial functions together under one brand, delivered by Safe Harbor along with trusted industry strategic partners.”
Safe Harbor said its platform provides compliant financial access for licensed cannabis operators, including secure accounts, digital access tools, payment support, cash logistics coordination and detailed reporting for audit and regulatory needs.
Additional Solutions
The company further said it offers solutions allowing organizations to:
- Borrow: The company has “broadened its lending program to include more flexible options for established cannabis operators, making capital more accessible across the industry. In addition, Safe Harbor will support financial institutions in reselling cannabis-related loans and managing portfolio risk, enabling greater capital flow into the sector,” it said.
- Operate: Safe Harbor said it now offers operational and financial support services such as bookkeeping, payroll, reporting, collections, cash management, merchant services, HR, insurance, logistics and other cannabis solutions.
- Grow: The platform also includes strategic finance and advisory services, including fractional CFO support, forecasting, budgeting, valuations, investor preparation, multi-entity structuring, 280E guidance and M&A support, according to the company.
‘Transformational Moment’
“This is a transformational moment for Safe Harbor and for the cannabis industry,” Terry Mendez, CEO of Safe Harbor, said in a statement. “We have expanded from a single-service provider into a multi-service financial platform that supports day-to-day operations as well as long-term planning and oversight. Our goal is to help operators navigate a challenging environment with clearer information and more reliable financial infrastructure as we move toward becoming the SoFi of cannabis.”
As the CU Daily reported earlier here, over the past year, the company said has restructured its board, expanded its senior team, secured additional capital and reduced operating expenses.
