Safe Harbor Financial's annual deposits started at $153 million in 2015, and increased to around $4 billion last year, according to the company.
One of Colorado's first financial institutions to serve the marijuana industry is set to be sold for $185 million., Sundie Seefried remembers when business owners paid million-dollar tax bills in cash.
Northern Lights Acquisition Corp., a New York firm, just announced that it will pay $185 million to acquire Safe Harbor from parent company Partner Colorado Credit Union. The deal includes $70 million in cash and $115 million in Northern Lights stock, with Seefried set to retain her role after the transaction is closed.
"Once our clients in Colorado got their depository services taken care of and weren't dealing in cash all the time, they started getting licenses in other states," she says."We want to add investment services, broker-dealer services and the same kind of services our clients are getting thrown out of banks for."
Navigating a market that is still federally illegal has never been easy, Seefried points out, but legal pot's fast evolution and laws that differ from state to state made her line of work increasingly difficult as marijuana industry mergers and acquisitions increased."Every time it changes, we have to change our risk-mitigating strategies, and that's going to continue to be challenging as along as the market continues to merge.
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