It's like a specialized ETF (Exchange Traded Fund) for the cannabis industry, but instead of holding a portfolio of companies, its sole aim is to identify and acquire one private cannabis company to take public.

• Business Combination Facilitation: The company's core activity is to identify, acquire, and merge with private companies, primarily within the cannabis industry, to bring them public.

Based on the provided description, Northern Lights Acquisition Corp. (SHFS) is a Special Purpose Acquisition Company (SPAC). It does not currently have significant operations, generate revenue, or sell products/services. Its primary purpose is to identify and acquire an existing business. Therefore, SHFS does not have any major customers at this time.

Terry Mendez - Chief Executive Officer and Interim Chief Financial Officer

Mr. Mendez was appointed Chief Executive Officer in February 2025, having initially served as Co-CEO from January 2025. He has also held the role of Interim Chief Financial Officer since June 2025, following the resignation of the previous CFO. He is a Certified Public Accountant (CPA) and holds a Bachelor of Science in Economics from the Wharton School, University of Pennsylvania. Prior to his current roles at SHF Holdings, Mr. Mendez held executive leadership positions in several cannabis and cannabis-related businesses, including Chief Financial Officer of 42 Degrees (a cannabis extractor/distributor from November 2023 to May 2025), Chief Executive Officer of Devi Holdings (a multi-state cannabis operator from February 2022 to February 2024), and Chief Executive Officer of Dalwhinnie Enterprises (a single-state vertically integrated cannabis operator from December 2019 to April 2021). His career also includes senior finance leadership roles at Hitachi Vantara, Arrow Electronics, and Broadridge Financial Solutions, in addition to 14 years in public accounting with firms such as Arthur Andersen and Deloitte.

Douglas Beck - Principal Accounting Officer and Senior Vice President of Finance and Controller

Mr. Beck was appointed Principal Accounting Officer of SHF Holdings on September 24, 2025, and has served as the Senior Vice President of Finance and Controller since May 2025. His prior experience includes serving as Chief Financial Officer at AiAdvertising, Inc. (November 2024 to April 2025), ShiftPixy, Inc. (January 2023 to March 2024), and as a consultant and CFO for Beyond Air Inc. He is a licensed Certified Public Accountant and holds a Bachelor of Science in Accounting from Fairleigh Dickinson University.

Michael Regan - Chief Investment & Strategy Officer

Mr. Regan was appointed Chief Investment & Strategy Officer of SHF Holdings on September 24, 2025.

Jeffrey Kay - Chief Marketing Officer

Mr. Kay was appointed Chief Marketing Officer of SHF Holdings on September 24, 2025.

Sundie Seefried - Founder and Director

Ms. Seefried founded Safe Harbor Financial in 2015. She previously served as the Chief Executive Officer of SHF Holdings until February 2025 and then as Co-CEO for a transitional period before retiring from that role while remaining on the Board of Directors. Her background includes serving as Chief Executive Officer of Partner Colorado Credit Union (PCCU) from 2001 until June 2021 and as CEO of Eagle Legacy Services, LLC from January 2020 until March 2021. She also held board positions with the Colorado Division of Financial Services (2019-2021) and the Credit Union Association (2007-2015).

1. Regulatory and Legal Environment of the Cannabis Industry: The cannabis industry operates within a complex and evolving regulatory and legal framework, particularly concerning federal and state laws in the United States. Changes in federal legislation, such as potential rescheduling of cannabis or the passage of the SAFE Banking Act, could significantly impact the company’s operations and market opportunities by altering the landscape for its financial institution clients and their cannabis-related businesses.

2. Financial Performance and Nasdaq Listing Compliance: SHF Holdings, Inc. has faced challenges maintaining compliance with Nasdaq listing requirements, including issues related to its Minimum Bid Price and stockholders’ equity. While the company has previously regained compliance with the bid price, it continues to face the risk of delisting due to its stockholders’ equity deficit. Furthermore, the company has experienced declines in adjusted EBITDA due to reduced account fee income and increased professional expenses, raising concerns about its ability to service debt and overall financial health.

3. Market Conditions and Competition within the Cannabis Industry: The broader economic environment, characterized by high inflation, a challenging tax landscape, and elevated interest rates, negatively impacts the cannabis industry. These factors can affect consumer spending and the ability of cannabis businesses to access affordable capital, which in turn can reduce the demand for SHF Holdings' compliance services and negatively impact its financial performance.

Here are 3-5 expected drivers of future revenue growth for SHF Holdings (symbol: SHFS) over the next 2-3 years:

1. Expansion of Cannabis Banking Programs and Services: SHF Holdings, through its subsidiary Safe Harbor Financial, is actively expanding its core offerings within the cannabis banking sector. This includes the introduction of a "Fully Managed Cannabis Banking Program" designed to assist financial institutions in serving the legal cannabis industry, as well as extending its lending services with capabilities to finance operations ranging from $5,000 to transactions exceeding $25 million. This strategic expansion aims to broaden its client base and service reach within its existing market.
2. Growth in Emerging U.S. Cannabis Markets and New Customer Accounts: The company has demonstrated a focus on penetrating new geographical markets and acquiring additional clients. SHF Holdings reported a 29% increase in deposits from emerging U.S. markets over the 12 months ending February 4, 2026, driven by the addition of over 100 new accounts. This indicates that continued expansion into new regulated cannabis markets and growing its customer base within those markets will be a significant revenue driver.
3. Launch and Expansion of Managed Services Platform and Strategic Acquisitions: Safe Harbor launched a Managed Services platform to offer comprehensive back-office solutions to cannabis operators, including treasury management, HR outsourcing, and cash flow advisory. This platform is further strengthened by the acquisition of 420 IT Solutions. Additionally, the acquisition of Abaca (Rockview Digital Solutions) for $30 million in October 2022 aims to build a comprehensive cannabis fintech ecosystem and scale capabilities. These initiatives diversify the company's revenue streams into higher-margin, recurring services and enhance its technological offerings.
4. Potential Positive Impact of Federal Cannabis Policy Changes: SHF Holdings is strategically positioned to benefit from potential federal cannabis policy reforms, such as rescheduling and the advancement of the SAFER Banking Act. The company anticipates that reclassification of cannabis, once implemented, would improve the financial stability of cannabis operators, reduce business attrition, and encourage greater participation from financial institutions, thereby expanding the addressable market for Safe Harbor's services.
5. New Partnerships and Diversification of Service Offerings: To deepen client relationships and improve retention, Safe Harbor has been expanding its suite of compliant services. In January 2026, the company began offering cannabis-specific insurance solutions through partnerships with Frontier Risk and AlphaRoot, and also broadened its payment solutions portfolio through new partnerships with Lüt and GreenCard. This expansion into a wider array of curated financial and ancillary services is expected to drive future revenue growth.

Share Issuance

• Northern Lights Acquisition Corp. closed its initial public offering on June 28, 2021, issuing 10,000,000 units at $10.00 per unit, plus an over-allotment option of 1,500,000 units, generating approximately $115 million in gross proceeds.
• SHF Holdings, Inc. entered into a Common Stock Purchase Agreement with CREO Investments LLC as of October 17, 2025, which allows SHF to sell shares to CREO and potentially receive up to $150.0 million in aggregate gross proceeds under an equity line, with an option to increase to $500.0 million.
• The company recently engaged in a Securities Purchase Agreement for Series B Preferred Stock and warrants, resulting in approximately $6.3 million in additional cash (net proceeds of about $6.1 million) from an aggregate purchase price of approximately $28.8 million. Additionally, about $10.7 million of debt to Partner Colorado Credit Union (PCCU) was exchanged for Series B Preferred Stock and a warrant.

Inbound Investments

• In connection with the acquisition of Safe Harbor Financial, a Private Investment in Public Equity (PIPE) of $20.45 million of convertible preferred stock and warrants was closed on September 28, 2022.
• SHF Holdings, Inc. has an equity line arrangement with CREO Investments LLC, offering the potential for up to $150.0 million in aggregate gross proceeds, which can be increased to $500.0 million.

Outbound Investments

• Northern Lights Acquisition Corp. completed a reverse merger acquisition of SHF, LLC d/b/a Safe Harbor Financial from Partner Colorado Credit Union on September 28, 2022.
• The acquisition of Safe Harbor Financial was valued at $185 million, comprised of $70 million in cash and $115 million in shares of Northern Lights Class A common stock, although approximately $57 million of the cash payment was deferred.