Safe Harbor Launches New Payroll Cashflow Solution and Announces Major Banking Win with Canopy HR
Payroll Boost improves operator liquidity and creates multiple new revenue opportunities for Safe Harbor
DENVER, December 9, 2025 — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a provider of banking, lending, and financial services to the legal cannabis industry, announced that Canopy HR—one of the largest payroll-service providers in the cannabis sector—selected Safe Harbor to support nearly all of its cannabis payroll banking operations. The engagement represents a major new banking client win for Safe Harbor and is expected to contribute meaningfully to deposits, payments activity, and long-term revenue growth.
Alongside this engagement, Safe Harbor is introducing a new cashflow solution that allows cannabis operators to keep payroll-related funds in their accounts for up to two additional days every payroll cycle. This new feature, called Payroll Boost, strengthens weekly liquidity without requiring any changes to payroll workflows and leverages information already collected by participating payroll providers, allowing the solution to scale efficiently across large client populations. The offering reflects Safe Harbor’s deep cannabis-sector expertise, including leadership with direct operator-side experience, ensuring the solution addresses the real cashflow pressures cannabis businesses face.
New Growth Channels for Safe Harbor
In addition to securing Canopy HR’s banking business, Safe Harbor and Canopy HR are coordinating efforts to introduce Payroll Boost to its new and existing clients. This integrated solution creates two primary avenues for Safe Harbor’s growth:
- Conversions from existing Canopy HR clients
Canopy HR is informing its cannabis clients that access to Payroll Boost requires a Safe Harbor commercial banking account. Each conversion establishes a new banking relationship and is expected to increase deposit balances, payment-flow volume, and adoption of Safe Harbor’s lending and financial-services products. Safe Harbor will support conversions with managed onboarding assistance, using information already collected by Canopy HR to streamline the process and reduce operator friction. This also introduces clients to Safe Harbor’s broader managed-services capabilities, creating additional opportunities for long-term revenue growth.
- Growth driven by the payroll cash-retention benefit
Safe Harbor will market Payroll Boost directly to cannabis operators seeking stronger liquidity and more predictable weekly cashflow. Access to Payroll Boost requires a Safe Harbor banking account and the use of a Safe Harbor participating payroll provider such as Canopy HR, creating a clear path for new client acquisition. The feature is expected to generate additional banking relationships, increased deposit balances, expanded payment-flow activity, and deeper utilization of Safe Harbor’s broader service offerings.
The Payroll Boost integrated payroll-funding solution strengthens Safe Harbor’s competitive position, expands long-term revenue opportunities, and advances the Company’s evolution toward becoming the cannabis industry’s most comprehensive financial platform.
“This is a major win with significant growth potential,” said Terry Mendez, Chief Executive Officer of Safe Harbor. “Payroll Boost delivers measurable value to cannabis operators every payroll cycle, while expanding Safe Harbor’s deposit base and revenue opportunities.”
“Safe Harbor’s infrastructure enables us to deliver a more efficient and predictable payroll-funding experience for cannabis operators,” said Joel Pearson, Executive Vice President at Canopy HR. “This coordinated workflow strengthens financial outcomes for both employers and employees.”
About Safe Harbor:
Safe Harbor is a cannabis-exclusive financial platform delivering smarter banking, lending, payments and business services tailored to how the cannabis industry actually operates. As one of the original pioneers of compliant cannabis banking in the U.S., Safe Harbor has facilitated more than $25 billion in cannabis-related transactions across 41 states and territories. Through its proprietary Cannabis Banking Solutions™ Platform and network of regulated financial institution partners, Safe Harbor empowers cannabis operators to gain clarity, control and confidence in their financial operations. From daily banking to long-term growth, Safe Harbor provides real solutions and personal support—built exclusively for cannabis. For more information, visit www.SHFinancial.org.
