From First-Mover To Full-Stack Partner

Terry Mendez stepped into Safe Harbor Financial at a pivotal moment for both the company and the cannabis banking sector. As CEO of the Denver-based fintech, he is leading one of the industry’s earliest compliant cannabis banking pioneers through a new phase of growth, building on a platform that has helped move tens of billions of dollars in regulated cannabis funds through the financial system.

In the following interview, Mendez explains how a chance meeting turned into the top job, why Safe Harbor is evolving from a niche banker into a full-stack solutions partner for cannabis operators and financial institutions, and where he sees the greatest opportunities as regulation and technology reshape the market.

What led you to Safe Harbor?

I was introduced to Safe Harbor somewhat serendipitously. I was at a networking event in Vail, Colorado, and happened to sit next to Sundie Seefried, the founder and former CEO of Safe Harbor Financial. We discussed what it really means to be the CEO of a public company, particularly one that had come out of a SPAC transaction. That dialogue was compelling enough that Sundie followed up afterwards with a business proposal.

From there, I entered into a consulting arrangement where I worked with Safe Harbor to build out a strategy for the company’s future. When I presented that plan to Sundie and the board, they asked a question that changed everything: “Can you do this for us?”

That’s how I moved from being an outside consultant to being offered the CEO role upon Sundie’s retirement in February 2025. It was an opportunity that grew naturally out of conversation, trust and vision alignment. What began as a simple dinner conversation turned into a project, and then into the chance to lead. It’s been an incredible time in the role this past year—a fast-paced journey that started with a chance meeting and has grown into a transformative leadership position.

Share the success of the cannabis banking sector—and how Safe Harbor fits in.

Cannabis banking is unlike any other sector. In traditional industries, opening a bank account is straightforward—you walk into a bank, apply and often have an account set up the same day. In cannabis, it’s an entirely different story.

The onboarding process can take days, and sometimes weeks, because financial institutions must go much deeper into ownership structures and compliance requirements. That’s simply the reality of the regulatory environment.

The only reason cannabis banking exists at all is because of guidance issued about a decade ago by the U.S. Financial Crimes Enforcement Network was heavily influenced by the efforts of our founder, Sundie Seefried. As a result, Safe Harbor was the very first financial institution to step into this space, pioneering solutions when no one else would.

Since then, the industry has grown significantly, with more than 680 financial institutions now banking cannabis. But Safe Harbor continues to lead because of our proven model and track record, and our deep expertise that blends finance with operational insight.

What makes Safe Harbor unique is that we go beyond banking. We sit in between financial institutions and cannabis-related businesses to provide a broad set of services—not only traditional banking solutions, but also full-scale outsourced business shared services priced significantly lower than these businesses hiring these resources directly. These services include finance, accounting, HR and technology support.

Why do we do this? Because building a cannabis practice inside a bank is expensive and comes with reputational risks if compliance isn’t flawless. By outsourcing through Safe Harbor, financial institutions reduce risk and increase their potential for success, while cannabis operators lower costs and gain access to highly experienced service providers that have been operators.

Many of our team members have run cannabis businesses themselves, so we bring insider knowledge of daily challenges. We don’t just compete on who can offer the largest loans. Instead, we solve the real, everyday problems of operators, ancillary businesses, hemp companies and even their employees. Further, we have world-class partnerships with curated solutions that are brought to our clients at preferred or most favored nation pricing.

In short, Safe Harbor is more than a bank—it’s the last mile service provider that actually presses the buttons and gets the job done well at a price cannabis-related businesses can afford.

Tell us about your strategic partnerships that are propelling a new era of growth.

The way I think about our partnerships is similar to how Salesforce built its ecosystem. Salesforce isn’t just software, it’s a platform surrounded by interconnected partners. The real value comes from that interconnectedness, where solutions combine to create something greater.

At Safe Harbor, we’re building a similar model. Our base business is strong, but the goal is to go deeper and broader into product categories. We want to become a full solutions provider for cannabis companies—not only in banking, but in every business function outside of plant-touching operations like cultivation, trimming or manufacturing edibles.

That includes accounting and finance, tax reporting, payroll and HR, cybersecurity and access control, and even technology infrastructure like camera monitoring. The cannabis industry has so many operational requirements that eat up time, resources and money. Our vision is to remove that burden by creating turnkey solutions that leverage our consulting capabilities and our strategic partnerships.

What does that look like in practice? Imagine being a cannabis operator who needs payroll and HR services, or cybersecurity solutions. Instead of hunting for providers, negotiating contracts and managing yet another relationship, you come to Safe Harbor. We integrate our technology and people with carefully selected cannabis friendly partners to deliver a solution directly to you. All you have to say is “Yes I want this,” and it’s done.

This is similar to what firms like Accenture or Boston Consulting do for large corporations. The difference is we’re tailoring it for cannabis companies in a way that is both affordable and turnkey. These partnerships allow us to meet more of our clients’ needs, reduce their costs, and accelerate growth for both them and Safe Harbor.

What does the future for Safe Harbor look like to you?

Right now, banking is our foundation, but I see it as one arm of a much larger platform we’re building. The future of Safe Harbor lies in being a multi-solution partner to the cannabis industry—solving the problems that operators don’t want to, or can’t, handle on their own.

We’ve already started with employee banking and business process outsourcing, signing up our first clients in those areas. But we’re also exploring supply chain management, technology integration and solutions that could emerge with rescheduling or legalization. As the regulatory landscape evolves, new partners and opportunities will become available, and we’re positioning Safe Harbor to seize those.

I also think deeply about the role of technology, whether it’s AI, automation, or large language models. These tools aren’t valuable in isolation; they’re valuable when they lower costs and help cannabis businesses focus on what they do best: growing, extracting and producing high-quality products.

The future is about Safe Harbor becoming a comprehensive solutions provider. Banking will always be one of our strengths, but it won’t be the only one. We want to take on the areas that cannabis operators don’t want to manage, freeing them to focus on their craft.

And as we execute transformative deals, we’ll have the resources to expand even further. That capital gives us optionality, including the potential to acquire plant-touching operations or MSOs if legalization opens that door.

In eight months, we’ve restructured our board and management team, addressed NASDAQ compliance challenges, stabilized our financial footing and launched a full suite of new services. That’s the pace and scale of transformation we’re aiming to sustain.

For me, the future of Safe Harbor is about moving fast, innovating relentlessly and becoming the indispensable partner for the cannabis industry’s next era of growth.