SHF (US:SHFS) Globenewswire·2025-12-23 13:00Core Insights - Safe Harbor Financial has strategically hired the founders of 420 IT Solutions to enhance its consulting and managed services division, aiming to leverage their expertise and existing client contracts [1][2][4] Group 1: Strategic Expansion - The acquisition of 420 IT Solutions adds an established operating business with proven leadership and immediate revenue, enhancing Safe Harbor's financial platform [2][4] - The transaction includes the acquisition of operating assets, client contracts, and proprietary advisory frameworks, with performance-based consideration tied to revenue milestones of $5 million in 2026 or $6 million in 2027 [3][4] Group 2: Leadership and Expertise - Frank A. Salluce and David Smokler, co-founders of 420 IT Solutions, bring over 60 years of combined experience in audit, advisory, and compliance consulting from leading firms like PwC and EY, which will strengthen Safe Harbor's operational capabilities [4][5] - Their integration into Safe Harbor is expected to deepen existing client relationships and introduce new financial institutions, supporting a more diversified financial services model [5] Group 3: Industry Positioning - Safe Harbor is positioned as a cannabis-exclusive financial platform, having facilitated over $26 billion in cannabis-related transactions across 41 states, providing tailored banking and financial services to the cannabis industry [6]