Safe Harbor Financial To Acquire Abaca For $30 Mln
(RTTNews) - SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (SHFS), announced Monday it has entered into an agreement to acquire Rockview Digital Solutions, Inc. d/b/a Abaca, an industry-leading cannabis financial technology platform, for $30 million.
Built on modern cloud-hosted technology by banking and compliance experts, Abaca's digital-first commercial banking solutions make cannabis banking easy by revolutionizing access to cutting-edge banking and financial solutions.
Combining Safe Harbor's wide range of financial services and Abaca's industry-leading fintech and payment solutions will create comprehensive and streamlined banking solutions for cannabis operators.
The enhanced Safe Harbor fintech platform will now offer operators desktop and mobile banking, treasury management, payment processing, cash handling, logistics, and a new payroll service launching later this quarter. In addition, the acquisition will increase management talent of seasoned cannabis fintech executives.
The transaction is structured to provide Abaca shareholders with $3 million cash at close and $8.4 million in common stock based on the 10-day VWAP of Safe Harbor common stock.
At the 1-year anniversary, the Company will pay an additional $3 million in cash and $12.6 million in Safe Harbor common stock based on the 10-day VWAP preceding the 1-year anniversary. Upon the 2-year anniversary, there will be a final cash payment of $3 million in cash.
The transaction is expected to close this quarter, subject to regulatory approvals and other customary closing conditions.
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