Safe Harbor Financial (NASDAQ: SHFS), a leader in facilitating financial services to the regulated cannabis industry, announced its financial results late Monday for the third quarter that ended September 30, 2022.
Third Quarter Financial and Operational Highlights
- Safe Harbor completed its business combination transaction with Northern Lights Acquisition Corp and began trading on the NASDAQ on September 29, 2022.
- Revenue increased 38.6% to $2.38 million for the three months that ended September 30, 2022, compared to $1.72 million for the third quarter of 2021. The increase was primarily attributable to the Company's increase in investment income as a result of recent Federal Reserves interest rate increases and an increase in loan interest income.
- Adjusted EBITDA was $1.28 million, compared to $947,000 in the same period of 2021.
- As of September 30, 2022, Safe Harbor had cash and marketable securities of $7.27 million.
"2022 has been a transformative …