EXCLUSIVE: Learn How This Cannabis Banking Innovator’s ‘Lead with Lending’ Strategy Drives Financial Success
Safe Harbor Financial Services Inc. (NASDAQ:SHFS) is making waves in the cannabis banking industry with its innovative approach to financial services. In a recent episode of Benzinga’s Cannabis Insider podcast, Jim Dennedy, CFO, and Donnie Emmi, chief legal officer, shared insights on the company’s impressive growth and future strategies.
“Safe Harbor acts as a banking intermediary,” explained Dennedy, detailing their cash management and reconciliation services. “We do the cash pickups and collections. We deposit that with the Fed. We do the reconciliation of those cash deposits with the Fed to certify that the funds all came from legally derived sources,” he elaborated. Their innovative suite of credit products helps clients grow and manage working capital.
Q1 Performance And Strategic Lending Initiatives
Safe Harbor reported a remarkable 245% increase in net income this quarter. Dennedy attributed this growth to significant financial instruments and operational improvements. “We had …