GOLDEN, Colo. – Safe Harbor Financial (NASDAQ: SHFS), a company providing financial services to the regulated cannabis industry, announced today that CEO Sundie Seefried has been appointed to its Board of Directors. This move follows the resignation of board member John Darwin, who is leaving to pursue other opportunities.
Seefried's appointment is set to fill the vacancy left by Darwin, whose departure is not due to any disagreements with the company's operations or practices. Fred Niehaus, Chairman of the Board, expressed confidence in Seefried's expertise in cannabis finance and her success in compliant banking for cannabis-related businesses. As a seasoned professional with 39 years in the financial sector, Seefried's experience is expected to be valuable to the board as Safe Harbor continues to expand its services.
The company acknowledged Darwin's significant contributions over his three-year tenure and wished him well in his future endeavors. With Seefried's appointment, the board maintains its seven-member composition.
Safe Harbor is recognized for pioneering compliance and banking services for the cannabis sector. It has facilitated over $21 billion in deposit transactions for businesses operating in regulated cannabis markets across 41 states and U.S. territories. The company is committed to high standards of accountability and transparency, adhering to the Bank Secrecy Act and FinCEN guidance.
InvestingPro Insights
Safe Harbor Financial's recent board changes come at a time when the company is navigating through a transformative phase in the cannabis industry. Amidst this backdrop, InvestingPro insights provide a snapshot of the company's financial health and market performance.
According to InvestingPro data, Safe Harbor Financial holds a market cap of approximately 44.35 million USD. The company has seen a striking revenue growth of 95.45% over the last twelve months as of Q4 2023, indicating a robust increase in its financial activities despite not being profitable over the same period. With a gross profit margin of 100%, the company has effectively managed its cost of goods sold, but it has reported an operating income margin of -18.06%, reflecting challenges in managing operational expenses relative to its revenues.
An InvestingPro Tip highlights that Safe Harbor's stock has experienced high price volatility, which is consistent with the 33.63% decline in its price total return over the past three months. However, it's worth noting that the company has also seen a high return over the last year, with a 74.61% price total return, showcasing the potential for significant swings in investor sentiment and stock performance. Analyst predictions that the company will be profitable this year could signal a turning point for Safe Harbor Financial.
For investors looking for a more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/SHFS. And for those considering an InvestingPro subscription, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
As Safe Harbor Financial continues to make strategic moves in the boardroom and beyond, these insights can help investors gauge the potential risks and rewards associated with the company's stock.
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