Safe Harbor Financial Launches Industry's First Fully Managed Cannabis Banking Program for Financial Institutions

Core Viewpoint - Safe Harbor Financial has launched the Fully Managed Cannabis Banking Program, the first comprehensive operational and compliance outsourcing solution for financial institutions in the cannabis industry, aiming to facilitate compliant banking services without the need for internal staffing or risk management [1][3][4]. Group 1: Program Features - The program is designed for community banks, credit unions, and financial institutions that want to serve the legal cannabis market without expanding their internal teams or taking on new risks [2][4]. - Safe Harbor manages all aspects of the program, including client acquisition, compliance oversight, and account support, while deposits are held by the partner institution [2][7]. - Key features include sticky deposit growth, complete operational outsourcing, a reputational shield, and improved efficiency ratios for financial institutions [7]. Group 2: Market Context - The launch comes as financial institutions are increasingly looking for safe and scalable ways to engage with the cannabis market amid regulatory uncertainties [3][4]. - Safe Harbor has processed over $26 billion in cannabis-related deposits across 41 U.S. states and territories, indicating a strong market presence and experience [4][6]. Group 3: Strategic Expansion - The Fully Managed Cannabis Banking Program represents a strategic expansion of a model that Safe Harbor has operated privately since 2015, now opening its platform to additional partners nationwide [4][6]. - The program also provides a seamless exit strategy for institutions that wish to wind down their cannabis banking operations, allowing for a smooth transition of deposit management and client servicing [5].