Colorado-based marijuana finance company SHF Holdings, which does business as Safe Harbor Financial, agreed to settle its $64.7 million debt with Partner Colorado Credit Union.
Under the agreement, SHF Holdings will resolve the debt in exchange for a five-year, $14.5 million senior secured note with a 4.25% interest rate as well as 11.2 million Class A common stock shares of the company.
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Partner Colorado Credit Union (PCCU) was Safe Harbor’s parent company before Safe Harbor went public on the Nasdaq through a special purpose acquisition company last fall.
Safe Harbor owed PCCU the funds as part of that deal.
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“A testament to the strong business we have built, we believe this Agreement reflects our strategic partner’s confidence in our ability to execute our long-term growth plans and build shareholder value,” Safe Harbor CEO Sundie Seefried said in a statement.
“Importantly,
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