Safe Harbor Financial announced on September 2, 2025, the official launch of its Fully Managed Cannabis Banking Program, touted as the industry’s first and only solution offering complete operational and compliance outsourcing for financial institutions. This program is designed for community banks, credit unions, and other financial institutions seeking to serve the legal cannabis market without expanding internal teams or taking on new risks.
The turnkey program handles 100% of the program operations, from client acquisition and onboarding to compliance oversight and account support, while deposits are held directly by the partner institution. This model allows institutions to benefit from cannabis deposits without the added burden of risk, overhead, or reputation management.
CEO Terry Mendez stated that this launch comes as financial institutions increasingly seek safe, scalable ways to serve the cannabis market while mitigating regulatory ambiguity. With over $26 billion in cannabis-related deposits processed to date across 41 U.S. states and territories, Safe Harbor is now opening its proven platform to additional partners nationwide, also offering a seamless exit strategy for institutions winding down cannabis banking operations.
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