Safe Harbor Financial, a provider of financial services and credit facilities to the regulated cannabis industry, launched a portfolio of line of credit products for cannabis businesses in the U.S.
The company’s line of credit offering expands its growing suite of deposit and credit tools to serve a greater number of cannabis enterprises, including those which have previously faced difficulty obtaining debt financing at reasonable terms. Under these new and expanded programs, Safe Harbor, operating jointly with its financial institution partners, will offer credit facilities ranging from $25,000 to $1 million at normalized rates. In many cases, these lines of credit can be obtained without hard collateral.
“This line of credit program further advances our mission of normalizing banking for the cannabis industry and creates a key opportunity to serve many businesses whose growth has been stalled by the inability to obtain credit at reasonable terms elsewhere,” Dan Roda, executive vice president and chief operating officer at Safe Harbor, said. “Our continued efforts to create an expansive suite of financial solutions for the cannabis industry is more important now than ever in light of the continued progress of cannabis banking and scheduling reform and heightened momentum for the industry’s near-term growth.”
