Pioneering Cannabis Banking Company to Trade on Nasdaq via $185 Million Deal
Sundie Seefried is a pioneer in the cannabis banking industry, and her company, Safe Harbor Financial, is set to go public on the Nasdaq through a $185 million merger. The deal will give Safe Harbor more money to lend to marijuana businesses, which is expected to help fuel the growth of the cannabis industry. SPACs are companies that raise money with the intent of using it to make an acquisition, so this deal is a big vote of confidence in Sundie Seefried and her work in the cannabis banking space.
This deal will also position Safe Harbor to expand its financial services nationwide. Thanks to Sundie’s hard work and determination, the cannabis banking industry is growing and evolving, and this latest development is sure to have a positive impact on the future of cannabis legalization.
This deal is also a big win for Safe Harbor’s customers, as it will give them access to even more financial services. Sundie Seefried has always been on the forefront of the cannabis banking industry, and this deal is just another example of her dedication to her customers and to the cannabis industry as a whole. Look for Safe Harbor Financial to continue leading the way in cannabis banking. Thanks for reading!
- Cannabis Banking Challenges
- IRC-280E issues
- lack of credit cards for cannabis companies
IRS section 280E forbids businesses that sell a federally illegal substance from taking normal tax deductions. This creates significant financial challenges for cannabis companies, as they are unable to write off things like employee salaries, rent, and equipment costs. This makes it difficult for them to compete with other businesses in the same industry.
Another issue faced by cannabis companies is the lack of credit cards. Most banks are unwilling to work with cannabis businesses, so these companies are often forced to use cash-only transactions. This can be dangerous and difficult, as it makes it hard to track payments and can lead to theft and fraud.
The cannabis industry is also heavily regulated state-by-state.
banking issues in cannabis
Sundie Seefried is a pioneer in the cannabis banking industry, and her company, Safe Harbor Financial, is on its way to becoming public on the Nasdaq. Through a $185 million merger, Safe Harbor will be acquired by Northern Lights Acquisition, a SPAC also known as a special purpose acquisition company.
The deal will give Safe Harbor more money to lend to marijuana businesses, which is expected to help fuel the growth of the cannabis industry. Sundie Seefried is confident that the merger will position her company for success and allow
it to expand its financial services.
“This transaction supports Safe Harbor’s mission to provide banking and financial services to the cannabis industry,” said Seefried in a news release. “Northern Lights brings public company resources that will help us achieve our goal of becoming the leading provider of financial services to the cannabis industry.”
The acquisition is set to close in the third quarter of 2019, pending regulatory and shareholder approval. It will value Safe Harbor at $185 million, which is a significant increase from its current valuation of $50 million.
This is not the first time that Sundie Seefried has been involved in a major deal in the cannabis banking industry. In 2016, she orchestrated a merger between First Security Bank and Bridge Bank.