Safe Harbor, New York institution create marijuana banking partnership

Cannabis industry financial services company Safe Harbor Financial announced a marijuana business banking partnership with Five Star Bank.

Any financial terms of the deal between the Colorado- and New York-based companies were not disclosed.

“Backed by Five Star Bank’s ability to dedicate up to $1 billion in deposit capacity through its relationship with Safe Harbor, cannabis businesses of all sizes will be afforded greater access to credit facilities along with a robust suite of cannabis banking services,” Safe Harbor noted in a joint news release.

“The collaboration will also enable multi-state operators to consolidate their financial operations and realize normalized commercial banking services.”

The deal “expands our capacity to accept up to an additional $1 billion in cannabis-business related deposits and enables us to deliver the most robust and affordable cannabis banking solution available,” Safe Harbor CEO Sundie Seefried in a statement.

Five Star, headquartered in Warsaw, New York, is a subsidiary of publicly traded bank holding company Financial Institutions, which trades on the Nasdaq as FISI.

Shares of Golden, Colorado-based Safe Harbor trade on the Nasdaq as SHFS.

Source: https://mjbizdaily.com/safe-harbor-new-york-institution-create-marijuana-banking-partnership/