Northern Lights Acquisition and Safe Harbor Financial announced today a definitive business combination agreement that values the combined company at $327 million.
The SPAC will acquire Safe Harbor for $185 million, of which $70 million will be paid in cash and $115 million in shares of Northern Lights Class A common stock. The transaction will provide up to $107 million of gross proceeds (assuming no redemptions), including $117 million from Northern Lights’ cash-in-trust and a fully committed $60 million PIPE.
Established in 2015 by PCCU, Safe Harbor was formed to provide compliant access to banking and financial services for the U.S. cannabis industry. Over the past seven years, Safe Harbor has grown to nearly 600 accounts spanning 20 states. Additionally, Safe Harbor has processed over $11 billion in transactions with $4 billion in 2021 and has grown deposits at a 73% CAGR since inception. Read more.
