Safe Harbor Financial Services announced Wednesday that it is expanding its client offerings to include cannabis-specific insurance solutions, marking a notable broadening of the company’s platform beyond banking and lending services.
The expansion comes through new partnerships with Frontier Risk and AlphaRoot, which will provide insurance products to clients through Safe Harbor’s Advantage Partner Network. According to the company, the move adds insurance as a new service category while also creating an additional revenue stream and strengthening long-term client relationships.
Under the new partnerships, Safe Harbor clients will have access to insurance products tailored specifically for marijuana and hemp businesses, including coverage for property, workers’ compensation, general liability, product liability and other risk management needs. These types of policies have historically been difficult for marijuana operators to secure due to regulatory complexity and limited insurer participation.
Safe Harbor CEO Terry Mendez said the expansion aligns with the company’s broader strategy of building a comprehensive financial services ecosystem designed specifically for the regulated marijuana industry. He said the addition of insurance solutions extends the company’s original mission of addressing industry-specific financial challenges, rather than limiting its role to traditional banking services.
The company said the insurance offerings are intended to support compliant growth while helping operators manage operational risks as markets mature and regulatory expectations continue to evolve. By integrating insurance into its existing platform, Safe Harbor said it can provide a more streamlined experience for clients already using its banking, lending and payment services.
Safe Harbor described the move as part of a larger effort to scale its Advantage Partner Network into a fintech-driven ecosystem that brings together vetted, industry-specific service providers. The company said additional service categories are expected to be introduced over time.
Safe Harbor is a financial technology company focused exclusively on serving marijuana and hemp businesses. It has facilitated more than $26 billion in cannabis-related transactions across 41 states and territories and operates through partnerships with regulated financial institutions.
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