🎙️ Safe Harbor Financial, CEO, Sundie Seefried
Safe Harbor is a fintech platform with a 9-year track record of facilitating banking and lending services to the US cannabis industry.
State Harbor Financial (SHF) resolution of a $68.6M debt obligation with Partner Colorado Credit Union (PCCU) to spinoff from the parent company. PCCU taking more ownership in the company and less cash puts the company in a much better situation
National expansion, stock price fluctuations, and negotiations with vendors
Ways to attract investors to (SHF), a microcap company that is typically grouped with cannabis and financial services companies. SHF is focused on educating investors about their unique business model and targeting those who understand banking and FinTech
Acquisition of Abaca, how the deal would have been structured differently if done today
How SHF is able to offer lower interest rates for commercial lending due to their deposit base and conservative lending practices
Growth, expansion and how they are working to increase their presence in multiple states through business development, sales, and marketing
Partnership with Five Star Bank and how they earn money through loan origination fees and interest income
Types of collateral used for loans and the importance of risk management
The importance of SAFE Banking for the Cannabis industry and the challenges faced in getting federal support
June 15, 2023–Originates $6.7M First-Lien Secured Loan for Global Real Estate Investment Firm, the loan is secured by a first lien on a Class A multitenant cannabis industrial property located in Oakland, California.
May 16, 2023–Closes $5.5M first mortgage-backed loans for four properties in a key limited-license market with Tier 1 MSO
May 11, 2023–Partners with Five Star Bank to accept up to an additional $1 billion in cannabis-business related deposits
Background. Sundie Seefried has spent ~40 years in the credit union industry. In 2014, she saw that Cannabis-Related Businesses (CRBs) needed financial services and that Colorado communities would be safer if the new industry had access to banking solutions. Seefried was the former CEO of Partner Colorado Credit Union (PCCU). Established in 2015 by PCCU, Safe Harbor was formed to provide an unmet need–compliant banking and financial services to the rapidly growing U.S. cannabis industry. Seefried designed a full scope Cannabis Banking Program for PCCU known as the Safe Harbor program, which has withstood the scrutiny of 16 federal and state exams to date. In 2021, she became the full time CEO/President of Safe Harbor Financial. In February 2022, she helped to facilitate a $185M merger with Northern Lights Acquisition Corp SPAC. Over the past eight years, Safe Harbor Financial has facilitated more than $18 billion in deposit transactions for businesses with operations spanning over 40 states and US territories with regulated cannabis markets.
Northern Lights Acquisition Corp Transaction. The Company closed a PIPE in the amount of $20.45M of convertible preferred stock and warrants on September 28, 2022. To offset the reduced PIPE amount, Partner Colorado Credit Union, Safe Harbor's indirect parent (PCCU), agreed to a further amendment to the Unit Purchase Agreement, dated February 11, 2022, among the Company, 5AK, LLC, the Company's sponsor, Safe Harbor, SHF Holding Co., LLC, the sole member of Safe Harbor, and PCCU, the parent of the Seller, to provide for the deferral of ~$57M of the $70M due to the Seller at the closing of the business combination. On September 29, 2022 Northern Lights Acquisition Corp. completed its Business Combination with Safe Harbor Financial.
Growth & Expansion. Currently in 41 States with over 1,000 accounts.
Commercial Lending Opportunity.