ARVADA, Colo.–The $340-million Partner Colorado Credit Union has created Safe Harbor Services, LLC, a company to sell and distribute its Safe Harbor cannabis banking program.
Matthew Cochran has been named president. Sundie Seefried, Partner Colorado’s CEO, will remain at the helm of the 32,000-member credit union and Safe Harbor’s internal Colorado division.
“After long indepth contemplation, the Partner Colorado board decided to launch its own company as a majority owner,” said Seefried in a statement. “We want to expand the cannabis banking program nationally and help other financial institutions solve the safety issue of the unbanked cannabis industry. Appointing a separate president to run operations and expansion will relieve the credit union staff from such a time-intensive and monumental task.”
Cochran is a business and product development executive with more than 20 years of credit union and community bank experience.
“Building a team and launching Safe Harbor’s cannabis banking program nationally is an exciting opportunity,” said Cochran in a statement. “I’ll be staffing the company over the next few months and launching a multi-state BETA test with banks and credit unions in September.”
The national launch of Safe Harbor is scheduled for the MJ Biz Conference, Nov. 14-17, in Las Vegas.
According to the credit union, Safe Harbor offers a fully compliant banking program to cannabis businesses who previously found it difficult to open checking and savings accounts in federally insured financial institutions. The result was a law-abiding industry forced to pay its bills in cash creating risk and a community safety issue.
“Safe Harbor now banks $80 million monthly from Colorado’s cannabis businesses, taking that cash off the streets and keeping communities safer,” the credit union said.