Safe Harbor Financial has unveiled what it says is the first fully managed cannabis banking program in the United States, offering financial institutions a turnkey way to serve the marijuana industry without building internal infrastructure or taking on reputational risk.
The program, announced this week ahead of CEO Terry Mendez’s appearance at the PBC Conference 2025, is designed for banks and credit unions interested in cannabis deposits but hesitant to launch their own programs. Under the model, Safe Harbor handles every aspect of operations — from client acquisition and onboarding to compliance oversight and account support — while deposits are held directly by the partnering institution.
“For more than a decade, we’ve helped financial institutions navigate the complexities of cannabis banking,” said Mendez. “Our program fills the gap with a proven, compliant path to growth. We’re making it easier than ever by offering a fully managed model that allows institutions to benefit from cannabis deposits without the added burden of risk, overhead or reputation management.”
Key features include outsourced BSA/AML compliance, client services, and marketing; a “reputational shield” by operating under Safe Harbor’s brand; and reduced startup costs. Licensed cannabis operators are vetted and onboarded by Safe Harbor, while partner banks hold the deposits. The company also offers a transition option for financial institutions winding down cannabis programs, allowing them to transfer deposit management and servicing without disruption.
Kimberly Seefried, Safe Harbor’s vice president and head of the new program, said many banks and credit unions want access to cannabis deposits but hesitate due to staffing or image concerns. “This program eliminates those barriers. We bring our proven model, team and brand – they simply hold the deposits,” she said.
Safe Harbor has been privately operating a similar model since 2015 and has processed more than $26 billion in cannabis-related deposits across 41 states and territories. By opening its platform nationwide, the company hopes to provide broader access to compliant financial services for the rapidly growing marijuana market.
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