![]() ![]() ![]() Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations. Learn more at Cautionary Statement Regarding Forward-Looking StatementsĬertain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws, which statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and other words of similar meaning. Abaca and its partner financial institutions serve licensed plant-touching cannabis businesses in all legal U.S. Abaca provides cannabis businesses with compliant bank accounts, cash management, electronic payment processing, and other financial services through its secure, online platform, and has processed more than $3.4 billion in compliant cannabis commerce. For more information, visit About Abacaįounded in 2017, Abaca works in partnership with FDIC-insured banks to provide commercial banking, payments, and treasury management to state-legal cannabis businesses ranging from single-location dispensaries to multi-state and national operators. ![]() Over the past seven years, Safe Harbor (including its predecessor and the acquisition of Abaca) has facilitated more than $18 billion in deposit transactions for customers with operations spanning more than 40 states and US territories with regulated cannabis markets. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions while providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Zack Kobrin, Rick Fucci, and Danny Silva of Akerman LLP acted as legal advisors to Safe Harbor. The cash consideration consists of $3 million at closing and $3 million at each of the first and second anniversaries of the closing. The stock consideration consists of 2,100,000 shares at closing and $12.6 million in shares at the 1-year anniversary of the closing based on a 10-day VWAP. The consideration for the transaction provides the Abaca shareholders with $30 million of cash and stock. “Abaca’s comprehensive banking and financial technology platform provides cannabis businesses with a full suite of financial services including compliant bank accounts, treasury management, and payment capabilities, enabling us to continue on our path of becoming a one-stop-shop for cannabis banking solutions.” ![]() “The acquisition of Abaca is a critical first step in Safe Harbor’s ongoing strategy to identify companies that can expand our market share and deposit base for our financial institution clients, increase lending capacity, and complement our existing technology platform to be first in class in cannabis financial technology,” said Sundie Seefried, Founder and Chief Executive Officer of Safe Harbor. “As part of Safe Harbor, we’ll be able to supercharge the Company’s growth and accelerate our ability to develop and launch new financial products for our current and future cannabis business clients.” “Safe Harbor and Abaca share a common vision, both working to reduce the barriers to entry into banking and other financial services for cannabis operators, and we’re excited to continue pursuing that mission together,” said Dan Roda, co-founder and CEO of Abaca. Abaca’s digital platform enables small, medium, and enterprise cannabis businesses to manage and consolidate financial operations nationwide, including commercial checking, ACH, wire payments, cash logistics, treasury management, and payroll. Abaca has facilitated more than $3.4 billion in gross transactions and has revolutionized access to compliant cutting-edge financial service solutions to the cannabis industry. Abaca’s technology was launched in 2017 and built by banking, software, and compliance experts, becoming an industry-leading cannabis financial technology platform. ![]()
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