VP Marketing, Partner Colorado Credit Union
FOR IMMEDIATE RELEASE
Battle Creek, MI (April 8, 2021) – Today, BlueOx Credit Union announced its partnership with Safe Harbor Financial to offer traditional depository services to the cannabis industry in the state of Michigan. The joint announcement was made by Safe Harbor Financial CEO, Sundie Seefried, and Steve Cobb, President and Chief Executive Officer of BlueOx Credit Union.
“We’re excited to be working with Steve and his team to offer a viable banking option for legal cannabis businesses and keep communities safer throughout Michigan,” said Seefried. “We’ve worked collaboratively with BlueOx to adapt our program to meet the needs of cannabis businesses in Michigan and ensure the safety and soundness of the credit union.” The new cannabis banking division of BlueOx Credit Union will be called Solid Harbor of Michigan.
Safe Harbor Financial’s banking program strives to help financial institutions meet or exceed complicated federal banking law requirements, such as those included in the Bank Secrecy Act and anti-money laundering laws, when providing services to cannabis-related business by conducting centralized due diligence of prospective account holders and providing the tools needed to monitor cash transactions. “Safe Harbor has been refining this program under the scrutiny of regulators for many years,” said Cobb, “so we wanted to partner with them knowing we’d be able to ensure the safety of the credit union, while giving legal cannabis businesses in Michigan a safe place to bank their money.”
Safe Harbor Financial is a Credit Union Service Organization (CUSO) of Partner Colorado Credit Union—the leader in providing compliance-based banking services to the legalized cannabis industry through it’s Safe Harbor Private Banking division. Safe Harbor Private Banking manages over 500 cannabis bank accounts and has processed over $8 billion dollars.
“The challenges in establishing and maintaining banking relationships is still very real for cannabis businesses in Michigan,” said Cobb. “Offering financial services to the cannabis industry benefits the citizens of Michigan by eliminating millions of dollars in cash passing through the facilities, both in retail transactions as well as business-to-business transactions.” “By offering financial services to cannabis businesses in Michigan, BlueOx Credit Union is living up to the credit union philosophy of people helping people and serving the underserved. “It’s the credit union way,” said Cobb.
About BlueOx Credit Union//Solid Harbor of Michigan
Representing over $215 million in assets, BlueOx Credit Union is a state-chartered, federally insured Credit Union, with membership open to individuals who live, work, worship or attend school in the state of Michigan. Solid Harbor of Michigan is the new cannabis banking division of the credit union.
About Safe Harbor Financial
Safe Harbor Financial (formerly Safe Harbor Services) was established to help bridge the gap between those operating cannabis-related businesses (CRBs) and financial institutions. It all began when Sundie Seefried, a 35-year veteran of the credit union industry, realized that helping financial institutions provide CRBs with an alternative to operating as cash-only businesses would ultimately mean greater community safety. In 2014, Sundie established the Safe Harbor Program in Colorado. Its success led to an expansion of the program into other states with approved sale of recreational and/or medical cannabis. The core Safe Harbor Financial team is comprised of leaders in the fields of banking, financial services and legal counsel. They also have a deep understanding of the cannabis industry. Their expertise regarding the policies and guidelines for offering financial services to the cannabis industry is what allows Safe Harbor Financial to make available an innovative program for connecting CRBs with desirable financial services. For more information, visit SHFinancial.org.