SHF Holdings Inc (OQ:SHFS)

Business Focus: Commercial Banks

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Sector: Financials	Industry: Banks

See Regulatory Filings on SEC

Company Contact

Address:	1526 Cole Blvd., Suite 250 GOLDEN CO 80401
Tel:	N/A
Website:	N/A
IR:	N/A

Key People

Sundie Seefried Chief Executive Officer, Director	Joshua Mann Co-Chief Executive Officer	James H. Dennedy Chief Financial Officer
Dan Roda Chief Operating Officer, Executive Vice President	Tyler Beuerlein Chief Strategic Business Development Officer	Donnie Emmi Secretary, Chief Legal Officer

Business Overview

SHF Holdings, Inc. is a service provider to offer compliance, monitoring, and validation services to financial institutions, providing traditional banking services to cannabis, hemp, cannabidiol (CBD), and ancillary operators. Its services include regulatory compliance consulting and software for maintaining Know Your Customer (KYC) and Bank Secrecy Act (BSA) compliance to financial institutions, principally conducted vis-a-vis its financial services platform; the origination, onboarding, verification, and servicing of cannabis-related deposit business for and on behalf of its partner financial institutions; and sourcing, underwriting, servicing, and administering loans issued to cannabis businesses and related entities, which are often also its customers, as well as being customers of its partner financial institutions. Through the Company's platform, its financial institution clients can provide cannabis-related businesses (CRBs) with access to traditional financial services.

Financial Overview

For the fiscal year ended 31 December 2023, SHF Holdings Inc revenues increased 85% to $17.6M. Net loss decreased 51% to $17.3M. Revenues reflect Investment income segment increase from $2.1M to $5.8M, Deposit, activity, onboarding income segment increase of 42% to $8.6M. Lower net loss reflects FV/Uls Adjust on Derivatives for Hedging increase from $939K to $4.6M (income), Professional services decrease of 6% to $1.9M (expense).

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