Marijuana industry finance company SHF Holdings, Safe Harbor Financial, has modified its debt with Partner Colorado Credit Union.
The modification, which includes a two-year interest-only period covering February and March 2025, is expected to give Colorado-based Safe Harbor more than $6 million in cash that would have gone toward principal amortization, according to a Tuesday news release.
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The note will keep its 4.25% interest rate for the remainder of the term.
“Not only does the note modification significantly enhance our financial standing, I can confidently say that it also provides Safe Harbor with tremendous optionality as we enter this new chapter,” CEO Terry Mendez, who took the helm of Safe Harbor after Sundie Seefried retired from the company, said in a statement.
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