SHF Holdings, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024
May 14, 2024 at 01:36 am IST
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SHF Holdings, Inc. reported earnings results for the first quarter ended March 31, 2024. For the first quarter, the company reported net income was USD 2.05 million compared to net loss of USD 1.41 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to basic loss per share from continuing operations of USD 0.06 a year ago.
Diluted earnings per share from continuing operations was USD 0.04 compared to diluted loss per share from continuing operations of USD 0.06 a year ago.
SHF Holdings, Inc. is a service provider to offer compliance, monitoring, and validation services to financial institutions, providing traditional banking services to cannabis, hemp, cannabidiol (CBD), and ancillary operators. Its services include regulatory compliance consulting and software for maintaining Know Your Customer (KYC) and Bank Secrecy Act (BSA) compliance to financial institutions, principally conducted vis-a-vis its financial services platform; the origination, onboarding, verification, and servicing of cannabis-related deposit business for and on behalf of its partner financial institutions; and sourcing, underwriting, servicing, and administering loans issued to cannabis businesses and related entities, which are often also its customers, as well as being customers of its partner financial institutions. Through the Companyâs platform, its financial institution clients can provide cannabis-related businesses (CRBs) with access to traditional financial services.