$25 Billion And Counting: Safe Harbor Financial's Decade Of Keeping Cannabis Industry In The Green As Banks Remain Banned From Touching Marijuana Money

Safe Harbor Financial SHFS, which provides secure and compliant financial services for the regulated cannabis industry, announced it had surpassed $25 billion in processed cannabis-related funds through its network of partner banks.

This milestone aligns with the company’s 10th anniversary in a complex industry where many have succumbed to regulatory scrutiny.

"Our founding mission was to enhance community safety by providing a stable and compliant environment for legal cannabis companies. Reaching this threshold during our 10th anniversary is a landmark achievement that speaks to our unwavering commitment to supporting the cannabis industry with transparent, secure and scalable financial solutions,” Sundie Seefried, CEO of Safe Harbor Financial said in an email shared with Benzinga.

Since its founding in 2015, Safe Harbor has led the charge in addressing the burdensome financial challenges faced by the cannabis industry, such as not having access to traditional banking and financial services due to cannabis' classification as a Schedule I drug and therefore illegal at the federal level.

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Safe Harbor, one of the first financial institutions to design solutions specifically for cannabis businesses, now serves clients across nearly 40 states and U.S. territories. The firm provides a full suite of financial products that enable businesses to operate with confidence in a heavily regulated environment.

"Over the past decade, we've built an unparalleled platform that empowers cannabis businesses to thrive while setting new standards for compliance, accountability and innovation in the financial sector," continued Seefried. "I couldn't be more proud of what we've accomplished and am excited about the opportunities ahead as we continue to drive the industry forward."

Eivan Shahara, co-founder and CEO of Mint Cannabis, a vertical multi-state operator headquartered in Arizona, said Safe Harbor has been an essential partner in his company's journey.

"Their innovative approach to cannabis banking has enabled us to access critical financial services while maintaining full compliance with stringent state and federal regulations. As the industry grows and pushes for federal reform, Safe Harbor's expertise and leadership are more important than ever. We're proud to be part of their journey and look forward to achieving even greater success together."

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