Safe Harbor's Cannabis-Focused 401(k) Plan Gains Early Adoption as Canopy HR Names It the Recommended Retirement Solution for its Clients

Six new clients, including a multistate operator, validate demand for retirement infrastructure built specifically for the cannabis workforce

DENVER, Aug. 06, 2026 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a Safe Harbor (the “Company” or “Safe Harbor”) (NASDAQ: SHFS), a leading fintech platform serving the banking, lending and financial services needs of the regulated cannabis and hemp industries, announced that Canopy HR, a provider of comprehensive HR, compliance, benefits and administrative support for the cannabis industry, has selected the Safe Harbor Multiple Employer 401(k) Plan as the recommended retirement solution for its cannabis-focused clients.

Since launching in April 2026, the plan has already gained significant early adoption, with six new clients, including a multistate operator, onboarded to the plan.

In addition to the six new clients, Safe Harbor's own employees participate in the same plan, making the Company the first participating sponsor and reinforcing management's confidence in the plan's design, compliance framework and investment offerings.

The Safe Harbor Multiple Employer 401(k) Plan was developed to address a longstanding challenge facing cannabis businesses and their employees: access to retirement benefits through providers willing to knowingly and transparently serve the regulated cannabis industry. The plan provides employees access to institutional-quality retirement investment options through a structure designed specifically for cannabis-related businesses.

Addressing a Critical Workforce Need
As the cannabis industry matures, operators are increasingly focused on attracting and retaining talent while building more professionalized organizations. At the same time, retirement benefits remain difficult to access for many cannabis employers because numerous traditional retirement providers have historically been reluctant to knowingly serve cannabis-related businesses.

The Safe Harbor Multiple Employer 401(k) Plan was created to eliminate that uncertainty through a transparent framework in which participating service providers openly support cannabis industry participants. The result is a retirement solution designed to help operators offer competitive benefits while reducing concerns about potential disruptions that have historically affected some industry participants.

Growing Demand Driven by State Retirement Requirements
The opportunity continues to expand as more states implement retirement-plan mandates requiring employers to either offer a qualified retirement plan or enroll employees in a state-facilitated program.

Today, seventeen states operate active retirement-plan mandates, and each of those states also maintains a legal medical or adult-use cannabis program. As cannabis businesses continue to grow and professionalize, the need for compliant retirement solutions is becoming increasingly important for operators seeking to meet both workforce expectations and regulatory requirements.

Relationship Expands Market Reach
Canopy HR's decision to recommend the Safe Harbor Multiple Employer 401(k) Plan provides meaningful third-party validation of the solution and expands Safe Harbor's access to a large national HR and payroll ecosystem serving cannabis-related employers.

Canopy HR serves approximately 526,000 worksite employees through its national network of HR, payroll and workforce management businesses. 

Through the relationship, cannabis operators within the Canopy HR ecosystem gain access to a retirement solution designed specifically for the operational realities of the cannabis industry.

"Canopy HR's decision to recommend our Retirement Plan is a meaningful validation of both the need in the market and the solution we've built," said Terry Mendez, Chief Executive Officer and Chief Financial Officer of Safe Harbor. "Cannabis employees deserve the same access to institutional retirement infrastructure that workers in every other industry take for granted, and operators deserve a partner that openly supports the industry they serve. We believed strongly enough in this solution to enroll our own employees in the same plan we offer cannabis operators. Receiving Canopy HR’s endorsement and seeing these operators begin onboarding so quickly reinforces what we've believed all along: cannabis businesses and their employees are ready for retirement infrastructure built specifically for this industry."

"Cannabis employers are increasingly focused on building stronger organizations by attracting and retaining talented employees, and retirement benefits are an important part of that effort," said Joel Pearson, President at Canopy HR. "Cannabis employers deserve access to the same retirement infrastructure available to businesses in any other industry. As we evaluated retirement-plan options for our cannabis-focused clients, we were looking for a solution that understood the unique realities of the industry while providing the quality, transparency and support employers expect. Safe Harbor's industry expertise and compliance-focused approach made this a strong fit for our cannabis client ecosystem. We're pleased to help connect cannabis employers with a retirement solution designed specifically for their workforce."

Expanding Safe Harbor's Financial Services Platform
In addition to banking, lending and capital access services, Safe Harbor has expanded its workforce-focused offerings through employee banking solutions, payroll and HR infrastructure, and now retirement benefits. Together, these services help cannabis operators address critical financial and operational needs through a platform built exclusively for the industry while broadening the Company's ability to serve operators beyond traditional banking relationships.

Additional information is available at shfinancial.org/retirement-solutions-401k.

About Safe Harbor:
Safe Harbor is a cannabis-exclusive financial platform delivering smarter banking, lending, payments and business services tailored to how the cannabis industry actually operates. As one of the original pioneers of compliant financial operations support and cannabis banking consulting in the U.S., Safe Harbor has assisted in the processing of more than $36 billion in cannabis-related depository funds across 41 states and territories. Through its proprietary Cannabis Banking Solutions™ Platform and network of regulated financial institution partners, Safe Harbor empowers cannabis operators to gain clarity, control and confidence in their financial operations. From daily banking to long-term growth, Safe Harbor provides real solutions and personal support — built exclusively for cannabis. Safe Harbor is a financial technology company, not a bank. Banking services are provided by our partner financial institutions. For more information, visit shfinancial.org.

About Canopy HR

Canopy HR Solutions delivers comprehensive HR solutions tailored to the cannabis industry. By combining specialized compliance expertise, payroll administration, employee benefits, HR technology, and workforce support, Canopy HR helps cannabis operators navigate regulatory complexity, attract and retain top talent, and build scalable, compliant organizations. The company serves cannabis businesses across multiple markets with proactive guidance and solutions designed to meet the industry's unique operational needs. For more information, visit canopyhrsolutions.com.

Cautionary Statement Regarding Forward-Looking Statements:
Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S. and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; success or viability of new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that have been or may be brought by or against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Safe Harbor Investor Relations Contact:
ir@SHFinancial.org 

Safe Harbor Media Relations Contact:
safeharbor@kcsa.com