Golden-based SHF Holdings Inc., operating as Safe Harbor, announced a 29% increase in average deposit balances within emerging U.S. markets over the past year, contributing to a total average deposit growth of 4.5%. These emerging markets now account for 31% of the Company’s overall deposit balances.
This growth reflects Safe Harbor’s focus on high-potential markets, with CEO Terry Mendez stating, “We’ve built a strong foundation by investing in high-potential markets early, whether that’s new states launching their programs, established states expanding adult-use licensing, or mature markets where operators are scaling operations.” The increase in deposits is attributed to over 100 new customer accounts and rising deposits from existing clients as their operations grow.
The Company’s presence in these expanding markets positions it well to benefit from regulatory developments and operator expansions as they mature. Safe Harbor’s strategy encompasses three categories: states recently implementing cannabis licensing programs, established adult-use states expanding their market, and markets where operators are increasing their activities.
The data highlights that deposit levels fluctuate as cannabis operators navigate different business phases, enhancing the need for banking services as they launch and mature their operations. Safe Harbor aims to support clients throughout this evolution, ensuring it remains a key player as state cannabis programs develop further.
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