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Safe Harbor Financial Modifies Commercial Alliance Agreement with Partner Colorado Credit Union
SHFSSHF (SHFS) Newsfilter·2025-01-07 21:30

Core Insights - Safe Harbor Financial has announced a four-year extension and modification of its commercial alliance agreement with Partner Colorado Credit Union, which eliminates a 1.2millionindemnityliabilityfromitsbalancesheetasofSeptember30,2024,effectiveJanuary1,2025[1][2]−Theupdatedagreementsimplifiesbusinessprocesses,alignsexpenseswithincome,andreducesexposuretocontingentliabilityontheloanportfolio,enhancingfinancialperformanceandshareholdervalue[2]CompanyOverview−SafeHarborisaleadingserviceproviderofferingcompliance,monitoring,andvalidationservicestofinancialinstitutionsinthecannabisindustry,facilitatingtraditionalbankingservicesforcannabis,hemp,CBD,andancillaryoperators[3]−Overthepasteightyears,SafeHarborhasfacilitatedmorethan1.2 million indemnity liability from its balance sheet as of September 30, 2024, effective January 1, 2025 [1][2] - The updated agreement simplifies business processes, aligns expenses with income, and reduces exposure to contingent liability on the loan portfolio, enhancing financial performance and shareholder value [2] Company Overview - Safe Harbor is a leading service provider offering compliance, monitoring, and validation services to financial institutions in the cannabis industry, facilitating traditional banking services for cannabis, hemp, CBD, and ancillary operators [3] - Over the past eight years, Safe Harbor has facilitated more than 23 billion in deposit transactions across 41 states and U.S. territories with regulated cannabis markets [3]