Safe Harbor Financial Modifies Commercial Alliance Agreement with Partner Colorado Credit Union

Core Insights - Safe Harbor Financial has announced a four-year extension and modification of its commercial alliance agreement with Partner Colorado Credit Union, which eliminates a $1.2 million indemnity liability from its balance sheet as of September 30, 2024, effective January 1, 2025 [1][2] - The updated agreement simplifies business processes, aligns expenses with income, and reduces exposure to contingent liability on the loan portfolio, enhancing financial performance and shareholder value [2] Company Overview - Safe Harbor is a leading service provider offering compliance, monitoring, and validation services to financial institutions in the cannabis industry, facilitating traditional banking services for cannabis, hemp, CBD, and ancillary operators [3] - Over the past eight years, Safe Harbor has facilitated more than $23 billion in deposit transactions across 41 states and U.S. territories with regulated cannabis markets [3]