Minority Cannabis Entrepreneurs Gain New Financial Backing, Thanks To This Partnership

SHF Holdings, Inc., doing business as Safe Harbor Financial SHFS — a facilitator of financial services and credit solutions for the cannabis industry, has partnered with BIPOCann, a Denver-based consulting firm dedicated to aiding social equity and minority entrepreneurs in the cannabis sector.

Under this partnership, BIPOCann will offer its full membership benefits, valued at $600, to all of Safe Harbor’s existing social equity clients at no additional cost. Additionally, BIPOCann members will receive a 75% discount on application fees for financial services, complementing Safe Harbor's existing social equity discount program.

"For years, access to reliable banking services has been one of the biggest challenges for small businesses in the cannabis industry," stated BIPOCann founder and CEO Ernest Toney.

"I'm excited for BIPOCann's partnership with Safe Harbor to mitigate that challenge for social equity entrepreneurs and business owners across the country. This partnership strengthens our collective abilities to serve social equity operators with financial resources and tools that empower business development and growth."

Earlier this month, Safe Harbor successfully exited a $3.1 million loan previously in default.

In addition to the full repayment of the principal, the company received $202,175 in accrued interest, all of which will be reallocated into its lending and credit line capacity.

Read Also: EXCLUSIVE: Colorado Cannabis Gets A Boost As 3 Operators Land $550K In Credit Lines

New Webinar Series Focused On Social Equity

To further support minority-owned businesses, Safe Harbor is launching a new webinar series focused on social equity and small operators across the country. The first session – Navigating Social Equity in Cannabis with BIPOCann & Safe Harbor Financial: Cannabis Banking Solutions – will take place on Wednesday, August 21, 2024, featuring participation from BIPOCann representatives and members.

This monthly series aims to provide valuable insights and resources on rescheduling, legal, lending, and capital topics, to help these businesses overcome barriers and accelerate growth.

Sundie Seefried, CEO of Safe Harbor, also commented on the partnership, "We're excited to team up with BIPOCann to help create an inclusive, equitable cannabis industry. By combining our expertise and resources, we aim to provide these businesses with the financial support and tools they need to thrive. This collaboration not only reinforces our dedication to social equity but also sets a benchmark for the industry, demonstrating how targeted support can drive meaningful change."

Price Action: Safe Harbor shares closed Wednesday market share 3.98% lower at 64 cents per share, according to Benzinga Pro.

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Pro tip: Learn all about the future of the cannabis industry at the Benzinga Cannabis Capital Conference this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following this link.

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