That is a part of an everyday collection of MJBizDaily interviews with main THC business gamers. To be thought of for an interview, contact editorial@mjbizdaily.com.
When Terry Mendez first met Sundie Seefried, the founding father of hashish monetary companies firm Secure Harbor Monetary, he informed her the corporate had a “horrible advertising and marketing division.”
“She began to giggle and we had a dialog about being a public firm government,” Mendez stated.
The offhand remark, made in September 2024 at an occasion in Vail, Colorado, sparked a dialog that will reshape Mendez’s profession – and Secure Harbor’s future.
The preliminary trade led to a consulting challenge to develop a public relations technique. That paved the way in which for Mendez to be a part of the corporate as co-CEO with Seefried in January 2025.
Inside 30 days, after Seefried introduced her retirement, he was promoted to sole CEO.
This 12 months, Mendez is steering Secure Harbor by a interval of progress and innovation whereas redefining the function of a monetary associate within the hashish business.
From mainstream consulting to the hashish business
Earlier than stepping into hashish banking, Mendez’s profession centered on finance, compliance and know-how.
He held management roles at Colorado-based fintech Broadridge Monetary Options, the place he supported funding banks, and at enterprise administration consultancy Deloitte, the place he developed experience in danger administration and compliance.
He additionally labored with Colorado-based international know-how merchandise supplier Arrow Electronics, gaining insights into auditing and operational effectivity.
In 2019, Mendez made the leap into hashish, turning into the CEO of Arizona-based multistate operator Devi Holdings, which had a presence in eight states.
The function gave him a front-row seat to the challenges and alternatives within the hashish business, from navigating complicated rules to understanding the wants of operators.
It was this expertise that made him a super match for Secure Harbor, a fintech firm that gives banking, lending and monetary companies to the regulated hashish and hemp industries.
“This function brings all my talent units in a single place,” Mendez stated.
Hashish banking for hashish staff in addition to companies
One of the crucial important shifts underneath Mendez’s management has been the growth of Secure Harbor’s lending capabilities. Whereas the corporate has a $53 million mortgage e book, it’s restricted in how a lot it might lend instantly.
To handle this, Secure Harbor has partnered with personal household places of work and hedge funds, enabling loans starting from $5,000 to $50 million. The strategy permits the corporate to assist a broader vary of hashish companies, from small operators to massive MSOs. Secure Harbor has originated $122 million in loans since launching its hashish lending platform in 2022.
It’s additionally tackling a persistent concern within the hashish business: monetary companies for workers.
Many hashish staff face challenges like account closures as a result of their paychecks come from cannabis-related companies.
To handle this, Secure Harbor now gives banking companies to its shoppers’ staff, and sponsors multiemployer 401(okay) plans, offering retirement advantages that had been beforehand out of attain.
“We used to financial institution solely hashish operators, ancillary companies and hemp firms,” Mendez stated. “Right now, we will financial institution all the staff of our shoppers.”
How Secure Harbor is adjusting to doable marijuana rescheduling
Because the hashish business matures, Mendez is keenly conscious of the challenges and alternatives forward. He’s pragmatic in regards to the implications of shifting hashish to Schedule 3 of the Managed Substances Act, as President Donald Trump ordered Dec. 18.
Mendez sees marijuana rescheduling as a monumental alternative that would unlock entry to capital, appeal to new traders and supply hashish operators with the sources they should develop.
As soon as finalized, Secure Harbor plans to assist its shoppers navigate the transition, providing companies to handle tax liabilities, compliance challenges and operational efficiencies.
Mendez additionally emphasizes the significance of danger administration.
“Most firms don’t get it proper,” he stated. “Our job is to assist operators stock the dangers they’re absorbing.”
Secure Harbor’s future: Past marijuana banking
Mendez is positioning Secure Harbor as an indispensable associate for hashish companies looking for to adapt and develop in what’s anticipated to be a busy interval.
He’s notably enthusiastic about alternatives in mergers and acquisitions, during which the corporate may also help operators inform their tales, appeal to capital and implement techniques to assist progress.
He’s additionally keeping track of the marketplace for hemp-derived THC merchandise, which he sees as each a possibility and a danger.
“If there isn’t a legislative answer, it is likely to be an business that doesn’t exist,” Mendez stated.
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In Mendez’s long-term imaginative and prescient for Secure Harbor, he needs the corporate to be greater than a financial institution – he needs it to be a associate that helps hashish companies at each stage of their journey, whether or not it’s by monetary options, compliance assist or strategic consulting.
“The extra they have a look at me as a associate, the much less doubtless they’ll soar to a different financial institution.”
Margaret Jackson will be reached at margaret.jackson@mjbizdaily.com.
