Sundie Seefried, a trailblazer in cannabis banking, is stepping down as CEO of Safe Harbor Financial, the firm she built from the ground up. In her place, finance and business transformation expert Terry Mendez will take the reins, marking a new era for the company. The transition will take place over the next 30 days, during which both executives will serve as co-CEOs.
Seefried isn’t stepping away completely. She will remain on the board of directors, ensuring continuity for the Colorado-based cannabis financial services firm. “We remain committed to thoughtful succession planning and long-term strategic growth,” she said in a statement, emphasizing that Mendez’s leadership will help maximize shareholder value and refine operational strategies.
Seefried’s Legacy: From Credit Unions to Cannabis Finance
Seefried’s entrance into cannabis finance wasn’t exactly planned. In 2014, while serving as CEO of Partner Colorado Credit Union, she saw an industry desperate for banking solutions. Safe Harbor Financial was born out of that necessity, initially offering services to marijuana businesses in Colorado.
By 2016, Seefried was so immersed in cannabis banking that she published Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty. The book solidified her reputation as a leading expert in the sector, offering a framework for compliant and sustainable financial services in an industry that has long been shunned by traditional banks.
In 2022, Safe Harbor spun off into an independent entity and went public on the Nasdaq under the ticker SHFS. The move marked a significant milestone, cementing its status as a key financial player in the cannabis space.
Who Is Terry Mendez?
Mendez isn’t new to either finance or cannabis. He launched Amos Advisory Solutions in 2016, a firm focused on business expansion and strategic consulting. His resume includes stints at Arthur Andersen and Deloitte & Touche, two of the biggest names in accounting.
His experience extends to leadership roles in both single-state and multi-state cannabis operations, making him uniquely positioned to navigate Safe Harbor’s next phase.
“The business is now looking at the challenges currently facing the industry and determining how we can leverage our people to develop technology that delivers trusted solutions to the marketplace,” Mendez said in a statement.
He acknowledged Seefried’s pioneering efforts in cannabis finance, but his focus is forward-looking: refining Safe Harbor’s technology and operations to ensure the company remains competitive.
What’s Next for Safe Harbor Financial?
The cannabis industry is changing fast, and Safe Harbor isn’t immune to the turbulence. With ongoing regulatory uncertainty and shifting market dynamics, Mendez will have his work cut out for him.
A few key priorities for Safe Harbor’s next chapter:
- Technology Development: Mendez has hinted at expanding the company’s tech capabilities, likely focusing on digital banking and compliance solutions tailored for cannabis businesses.
- Industry Partnerships: As competition in the cannabis finance space heats up, strategic alliances could be crucial for long-term success.
- Regulatory Adaptation: Safe Harbor will need to stay ahead of evolving regulations, especially as federal marijuana banking laws remain in flux.
With Seefried staying on as a board member, her institutional knowledge will help guide Safe Harbor through this transition. Meanwhile, Mendez’s background in finance, strategy, and cannabis operations makes him a logical choice for the company’s next phase.
A Leadership Shift, But Not a Departure
Seefried’s retirement marks the end of an era, but not a complete exit. She built Safe Harbor into what it is today—one of the few financial institutions willing to work with cannabis businesses. Her continued role on the board ensures that her vision remains part of the company’s future.
For Safe Harbor, the challenge ahead is clear: adapting to an increasingly complex cannabis financial landscape while maintaining its position as a trusted service provider. With Mendez at the helm, the firm appears ready to tackle what’s next.