This is part of the general series of MJBizDaily interviews with major players in the THC industry. To be considered for an interview, contact editor@mjbizdaily.com.
When Terry Mendez first met Sundie Seefried, the founder of marijuana finance company Safe Harbor Financial, she told him the company had a “bad sales department.”
“He started laughing and we had a conversation about being a CEO of a public company,” Mendez said.
The outside comment, made in September 2024 at an event in Vail, Colorado, sparked a conversation that would reshape Mendez’s career — and the future of Safe Harbor.
The initial exchange led to a consulting project to develop a public relations strategy. That paved the way for Mendez to join the company as CEO alongside Seefried in January 2025.
Within 30 days, after Seefried announced his retirement, he was promoted to sole CEO.
This year, Mendez is guiding Safe Harbor through a period of growth and innovation while redefining the role of a financial partner in the cannabis industry.
From general consulting to the cannabis industry
Before entering cannabis banking, Mendez’s career focused on finance, compliance and technology.
He has held leadership roles at Colorado-based fintech Broadridge Financial Solutions, where he supported investment banking, and at business management consulting firm Deloitte, where he developed expertise in risk management and compliance.
He also worked with Colorado-based global technology products supplier, Arrow Electronics, gaining experience in auditing and efficiency.
In 2019, Mendez made marijuana, becoming the CEO of Arizona-based multistate operator Devi Holdings, which was present in eight states.
The role gave him a front-row seat to the challenges and opportunities in the cannabis industry, from navigating complex regulations to understanding user needs.
It was this experience that qualified him for Safe Harbor, a fintech company that provides banking, lending and financial services to the regulated cannabis and hemp industries.
“This role brings all my skills into one place,” Mendez said.
A cannabis bank for cannabis practitioners and businesses
One of the most significant changes under Mendez’s leadership has been the expansion of Safe Harbor’s lending capabilities. Although the company has a loan book of $53 million, it is limited in how much it can lend directly.
To address this, Safe Harbor has partnered with private family offices and hedge funds, allowing loans from $5,000 to $50 million. This approach allows the company to support a wide range of cannabis businesses, from small operators to large MSOs. Safe Harbor has originated $122 million in loans since launching its marijuana lending platform in 2022.
It also addresses an ongoing problem in the cannabis industry: financial services for workers.
Many cannabis workers face challenges such as account closures because their income comes from cannabis-related businesses.
To address this, Safe Harbor now offers banking services to its client employees, and sponsors many employer 401(k) plans, providing retirement benefits that were previously inaccessible.
“We used to only bank on cannabis, ancillary businesses and hemp companies,” Mendez said. “Today, we can bank all the employees of our customers.”
How Safe Harbor is preparing for potential marijuana redistricting
As the cannabis industry grows, Mendez is well aware of the challenges and opportunities ahead. He is smart about the implications of moving marijuana to Schedule 3 of the Controlled Substances Act, as President Donald Trump ordered on Dec. 18.
Mendez sees marijuana reform as a huge opportunity that could open up access to capital, attract new investors and give marijuana users the resources they need to grow.
Once completed, Safe Harbor plans to help its clients navigate this transition, offering services to address tax liabilities, compliance challenges and operational efficiencies.
Mendez also emphasizes the importance of risk management.
“A lot of companies don’t handle it well,” he said. “Our job is to help providers evaluate the risks they’re taking.”
The Future of Safe Harbor: Beyond Bankruptcy Marijuana
Mendez positions Safe Harbor as an important partner for cannabis businesses looking to adapt and grow in what is expected to be a busy time.
He is particularly excited about opportunities in mergers and acquisitions, where the company can help operators tell their stories, attract capital and implement programs to support growth.
He is also keeping an eye on the market for THC products derived from hemp, which he sees as both an opportunity and a risk.
“If there is no legal solution, it may be a non-existent industry,” said Mendez.
Subscribe to the MJBiz Factbook
Exclusive industry data and analysis to help you make informed business decisions and avoid costly missteps. All facts, no hype.
What you will get:
- Monthly and quarterly updates, with new data and information
- Financial forecasts + capital investment trends
- A state-by-state guide to regulations, taxes and market opportunities
- Annual survey of cannabis businesses
- Consumer details
- And more!
In Mendez’s long-term vision for Safe Harbor, he wants the company to be more than a bank – he wants it to be a partner that helps cannabis businesses at every stage of their journey, whether it’s through financial solutions, compliance support or strategic consulting.
“When they consider me as a partner, there is little chance that they will jump to another bank.”
Margaret Jackson can be reached at margaret.jackson@mjbizdaily.com.
