Terry Mendez redefines cannabis banking at Safe Harbor

This is part of a regular series of MJBizDaily interviews with major THC industry players. To be considered for an interview, contact editorial@mjbizdaily.com.

When Terry Mendez first met Sundie Seefried, the founder of cannabis financial services company Safe Harbor Financial, he told her the company had a “terrible marketing department.” 

“She started to laugh and we had a conversation about being a public company executive,” Mendez said.

The offhand comment, made in September 2024 at an event in Vail, Colorado, sparked a conversation that would reshape Mendez’s career – and Safe Harbor’s future.

The initial exchange led to a consulting project to develop a public relations strategy. That paved the way for Mendez to join the company as co-CEO with Seefried in January 2025.

Within 30 days, after Seefried announced her retirement, he was promoted to sole CEO.

This year, Mendez is steering Safe Harbor through a period of growth and innovation while redefining the role of a financial partner in the cannabis industry.

From mainstream consulting to the cannabis industry

Before getting into cannabis banking, Mendez’s career focused on finance, compliance and technology.

He held leadership roles at Colorado-based fintech Broadridge Financial Solutions, where he supported investment banks, and at business management consultancy Deloitte, where he developed expertise in risk management and compliance.

He also worked with Colorado-based global technology products provider Arrow Electronics, gaining insights into auditing and operational efficiency.

In 2019, Mendez made the leap into cannabis, becoming the CEO of Arizona-based multistate operator Devi Holdings, which had a presence in eight states.

The role gave him a front-row seat to the challenges and opportunities in the cannabis industry, from navigating complex regulations to understanding the needs of operators.

It was this experience that made him an ideal fit for Safe Harbor, a fintech company that provides banking, lending and financial services to the regulated cannabis and hemp industries.

“This role brings all my skill sets in one place,” Mendez said.

Cannabis banking for cannabis employees as well as businesses

One of the most significant shifts under Mendez’s leadership has been the expansion of Safe Harbor’s lending capabilities. While the company has a $53 million loan book, it’s limited in how much it can lend directly.

To address this, Safe Harbor has partnered with private family offices and hedge funds, enabling loans ranging from $5,000 to $50 million. The approach allows the company to support a broader range of cannabis businesses, from small operators to large MSOs. Safe Harbor has originated $122 million in loans since launching its cannabis lending platform in 2022.

It’s also tackling a persistent issue in the cannabis industry: financial services for employees.

Many cannabis workers face challenges like account closures because their paychecks come from cannabis-related businesses.

To address this, Safe Harbor now offers banking services to its clients’ employees, and sponsors multiemployer 401(k) plans, providing retirement benefits that were previously out of reach.

“We used to bank only cannabis operators, ancillary businesses and hemp companies,” Mendez said. “Today, we can bank all the employees of our clients.”

How Safe Harbor is adjusting to possible marijuana rescheduling

As the cannabis industry matures, Mendez is keenly aware of the challenges and opportunities ahead. He’s pragmatic about the implications of moving cannabis to Schedule 3 of the Controlled Substances Act, as President Donald Trump ordered Dec. 18.

Mendez sees marijuana rescheduling as a monumental opportunity that could unlock access to capital, attract new investors and provide cannabis operators with the resources they need to grow.

Once finalized, Safe Harbor plans to help its clients navigate the transition, offering services to address tax liabilities, compliance challenges and operational efficiencies.

Mendez also emphasizes the importance of risk management.

“Most companies don’t get it right,” he said. “Our job is to help operators inventory the risks they’re absorbing.”

Safe Harbor’s future: Beyond marijuana banking

Mendez is positioning Safe Harbor as an indispensable partner for cannabis businesses seeking to adapt and grow in what’s expected to be a busy period.

He’s particularly excited about opportunities in mergers and acquisitions, in which the company can help operators tell their stories, attract capital and implement systems to support growth.

He’s also keeping an eye on the market for hemp-derived THC products, which he sees as both an opportunity and a risk.

“If there isn’t a legislative solution, it might be an industry that doesn’t exist,” Mendez said.

In Mendez’s long-term vision for Safe Harbor, he wants the company to be more than a bank – he wants it to be a partner that helps cannabis businesses at every stage of their journey, whether it’s through financial solutions, compliance support or strategic consulting.

“The more they look at me as a partner, the less likely they are going to jump to another bank.”

Margaret Jackson can be reached at margaret.jackson@mjbizdaily.com.