Safe Harbor Launches Payroll Boost, Wins Major Canopy HR Banking Deal

Safe Harbor Financial, a leading provider of banking, lending, and financial services to the legal cannabis industry, has announced a major expansion of its payroll and cashflow capabilities with the launch of Payroll Boost, alongside a significant new banking partnership with Canopy HR, one of the largest payroll providers serving cannabis businesses nationwide.

Under the new agreement, Canopy HR has selected Safe Harbor to support the majority of its cannabis payroll-banking operations. The partnership represents a major client win for Safe Harbor and is expected to drive meaningful growth in deposits, transaction volume, and long-term revenue.

Payroll Boost Enhances Liquidity Without Disrupting Payroll Workflows

As part of the announcement, Safe Harbor unveiled Payroll Boost, a new integrated cashflow solution designed to improve short-term liquidity for cannabis operators. The feature allows employers to retain payroll-related funds in their accounts for up to two additional days every pay cycle, providing stronger weekly cash position without changing existing payroll processes.

Payroll Boost leverages payroll data already collected by partner providers like Canopy HR, enabling the solution to scale efficiently across large client populations. Developed with direct input from industry professionals with operator-side experience, the offering addresses real-world cashflow pressures unique to the cannabis sector.

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Two New Growth Channels for Safe Harbor

The new partnership and product launch create dual growth pathways for Safe Harbor:

1. Conversion of Existing Canopy HR Clients

Canopy HR is informing its cannabis customers that access to Payroll Boost requires a Safe Harbor commercial banking account. Each conversion is expected to:

• Establish new banking relationships

• Increase deposit balances

• Expand payments volume

• Drive adoption of Safe Harbor’s lending and financial services

Safe Harbor will support these conversions through streamlined, managed onboarding using information already gathered by Canopy HR—reducing friction and accelerating adoption.

2. New Client Acquisition Through Payroll Boost

Safe Harbor will also promote Payroll Boost directly to cannabis operators seeking improved liquidity and more predictable cashflow. Access requires both a Safe Harbor banking account and participation with an approved payroll provider like Canopy HR—creating a built-in funnel for new client growth.

Together, these channels are expected to strengthen Safe Harbor’s competitive positioning while expanding long-term revenue opportunities across banking, payments, and financial services.

Leadership Commentary

“This is a meaningful partnership with real growth upside,” said Terry Mendez, Chief Executive Officer of Safe Harbor. “Payroll Boost delivers measurable, recurring value to cannabis operators every payroll cycle while expanding our deposit base and long-term revenue potential.”

Joel Pearson, Executive Vice President of Canopy HR, added:
“Safe Harbor’s infrastructure allows us to offer a more predictable and efficient payroll-funding experience. This coordinated solution strengthens financial outcomes for both employers and their employees.”

Strengthening Safe Harbor’s Role as a Full-Service Cannabis Financial Platform

With the addition of Payroll Boost and the Canopy HR banking partnership, Safe Harbor continues its evolution toward becoming the most comprehensive financial platform dedicated to the cannabis industry—delivering specialized solutions that improve liquidity, streamline operations, and support responsible business growth.

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