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By Sundie Seefried, CEO of Safe Harbor Private Banking For nearly three years, we’ve provided banking services to more than 100 cannabis businesses through Safe Harbor Private Banking and now process $80mm of deposits per month As a credit union, I feel we have an obligation to serve the underserved and unbanked and made a commitment to take cash off the streets and keep our communities safer throughout Colorado We are now maxing out our capacity and quickly approaching the limit on the amount of deposits we can accept from cannabis companies So, our focus now includes raising awareness and educating nationally Through speeches and editorials and face-to-face meetings, we are doing all we can to help other banks and credit unions serve the industry and help to ensure the safety of their communities As part of that effort, we are also hosting a free webinar series to share information and candidly answer questions The first webinar held on July 13 had nearly 100 attendees that... READ MORE »

By Sundie Seefried, CEO of Safe Harbor Private Banking After Colorado voters approved the sale and use of medicinal and recreational cannabis, the state's landscape changed Suddenly, dispensaries and grow houses were everywhere, and customers numbered in the hundreds of thousands But, federal laws made it difficult for cannabis businesses to open checking or savings accounts in federally insured financial institutions It was nearly impossible to wire funds, access lines of credit, or maintain payroll accounts The result is an industry that has been forced to pay its bills, employees, suppliers, and taxes in cash Briefcases and backpacks full of cash But, over a year ago, concerned about the risks a cash-based industry poses to public safety, Safe Harbor stepped up with a compliance cannabis banking program to take money off the streets and and offer law-abiding businesses a solution Because lack of banking, and not moving banking access forward, doesn’t just punish marijuana... READ MORE »