The shares of SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (NASDAQ: SHFS) (“Safe Harbor”) increased 2.20% to close the last trading session at $0.93, demonstrating an upward trend. A couple of insider purchases increased investor confidence, which raised the price of SHFS shares.
Sundie Seefried, the CEO of SHFS, invested $23,737 to purchase 24,700 SHFS shares at a price of $0.96 per share, according to SEC filing made yesterday. Furthermore, Doug Fagan, a director of SHFS, invested $14,584 to purchase 15,000 shares at a price of $0.97 a share.
Looking at its recent developments, Safe Harbor recently provided a $1.17 million loan for the purchase and development of a new adult-use cannabis retail business in Bridgeport, Connecticut. The store will be run by the Connecticut-based social equity joint venture Higher Collective, whose goal is to develop a fair and inclusive cannabis market.
About $1.17 million in additional debt was raised at market-competitive rates by Safe Harbor and its partner financial institutions. The flexible form of the financing permits interest-only payments during the building phase. The Bridgeport property serves as a first lien security for the debt, and the loan earnings are being utilized to update and repair the space in preparation for its use as a retail cannabis business catering to adults.
There are presently four additional adult-use cannabis retail locations operated by Higher Collective in Connecticut: Hartford, Killingly, Willington, and New London. In addition to expanding its loan book, SHFS is able to contribute significantly to the advancement of this crucial cannabis business area because to its distinctive market positioning and skills. There is a great chance for Higher Collective and its social equity partner Keanaha to grow into the Bridgeport market.
The capacity of SHFS to provide a flexible loan at a very low interest rate is essential to maintaining its operational and financial viability as it grows. Higher Collective hopes to expand its activities with a larger group committed to supporting more social equality in cannabis through this effort, which will allow it to become a part of the Safe Harbor Social equality Program.
