Safe Harbor Financial Delivers Strong 29% YoY Growth in Emerging US Cannabis Markets
- Safe Harbor reported a 29% increase in average deposit balances in emerging U.S. marijuana markets over the 12 months ending February 4, 2026, contributing to a 4.5% overall year-over-year growth in total average deposit balances.
- Emerging markets now represent 31% of Safe Harbor's average deposit balances, driven by the company’s early-entry strategy into new and expanding state marijuana markets before operators fully scale.
- The emerging market growth includes over 100 new customer depository accounts established in the past year and higher deposit levels from existing clients expanding their operations.
- Safe Harbor has facilitated more than $26 billion in marijuana-related transactions across 41 states and territories, positioning itself as a leading financial services platform for the regulated marijuana and hemp industries.
SHF Holdings, Inc., operating as Safe Harbor, says average deposit balances in emerging U.S. marijuana markets climbed 29% in the 12 months ending February 4, 2026, helping push the company’s total average deposit balances up 4.5% year-over-year. The company, which trades on the Nasdaq under the ticker SHFS, said emerging markets now account for 31% of its average deposit balances. Safe Harbor attributes the increase to its strategy of entering new and expanding state marijuana markets early, before operators fully scale.
“We’ve built a strong foundation by investing in high-potential markets early, whether that’s new states launching their programs, established states expanding adult-use licensing, or mature markets where operators are scaling operations,” said Terry Mendez, Chief Executive Officer of Safe Harbor. “The 29% year-over-year emerging market asset growth demonstrates both the strength of our strategy and the trust licensed operators place in Safe Harbor as their partner through every stage of growth.”
According to the company, the emerging market growth includes more than 100 new customer depository accounts established over the past year, along with higher deposit levels from existing clients expanding operations.
Safe Harbor groups its emerging footprint into three categories: newly launched markets such as Delaware, Minnesota, Kentucky, Alabama and Mississippi; adult-use states expanding licensing frameworks, including New York, New Jersey, Maryland, Connecticut, Missouri and Ohio; and medical or transitioning markets like Pennsylvania, Illinois, Virginia and Florida where operators are growing their footprint.
The company defines “average deposit balances” as the trailing 14-day average of daily deposit balances held at its partner financial institutions. It classifies emerging markets as states that have launched or materially expanded marijuana programs within the past five years.
Safe Harbor says it has facilitated more than $26 billion in marijuana-related transactions across 41 states and territories through its network of regulated financial institution partners, positioning itself as a specialized financial services platform for the regulated marijuana and hemp industries.