Marijuana finance company Safe Harbor modifies debt
Marijuana industry finance company SHF Holdings, Safe Harbor Financial, has modified its debt with Partner Colorado Credit Union.The modification, which includes a two-year interest-only period covering February and March 2025, is expected to give Colorado-based Safe Harbor more than $6 million in cash that would have gone toward principal amortization, according to a Tuesday news release.
ADVERTISEMENT The note will keep its 4.25% interest rate for the remainder of the term.“Not only does the note modification significantly enhance our financial standing, I can confidently say that it also provides Safe Harbor with tremendous optionality as we enter this new chapter,” CEO Terry Mendez, who took the helm of Safe Harbor after Sundie Seefried retired from the company, said in a statement.
“The new agreement with (Partner Colorado Credit Union) provides us with flexibility to pursue additional opportunities to enhance and expand our service offering and reinforces our commitment to delivering long-term value to all stakeholders.” ADVERTISEMENT Partner Colorado CEO Doug Fagan said the debt modification will provide Safe Harbor with the financial flexibility it needs to pursue new opportunities.“As one of the largest shareholders, we realize that Safe Harbor’s success contributes to the success of our members,” Faban said in a statement.
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