That is a part of a daily collection of MJBizDaily interviews with main THC business gamers. To be thought of for an interview, contact editorial@mjbizdaily.com.
When Terry Mendez first met Sundie Seefried, the founding father of hashish monetary companies firm Protected Harbor Monetary, he advised her the corporate had a “horrible advertising division.”
“She began to chuckle and we had a dialog about being a public firm government,” Mendez mentioned.
The offhand remark, made in September 2024 at an occasion in Vail, Colorado, sparked a dialog that will reshape Mendez’s profession – and Protected Harbor’s future.
The preliminary trade led to a consulting mission to develop a public relations technique. That paved the best way for Mendez to be part of the corporate as co-CEO with Seefried in January 2025.
Inside 30 days, after Seefried introduced her retirement, he was promoted to sole CEO.
This 12 months, Mendez is steering Protected Harbor by means of a interval of progress and innovation whereas redefining the function of a monetary companion within the hashish business.
From mainstream consulting to the hashish business
Earlier than stepping into hashish banking, Mendez’s profession centered on finance, compliance and expertise.
He held management roles at Colorado-based fintech Broadridge Monetary Options, the place he supported funding banks, and at enterprise administration consultancy Deloitte, the place he developed experience in threat administration and compliance.
He additionally labored with Colorado-based international expertise merchandise supplier Arrow Electronics, gaining insights into auditing and operational effectivity.
In 2019, Mendez made the leap into hashish, turning into the CEO of Arizona-based multistate operator Devi Holdings, which had a presence in eight states.
The function gave him a front-row seat to the challenges and alternatives within the hashish business, from navigating complicated rules to understanding the wants of operators.
It was this expertise that made him a perfect match for Protected Harbor, a fintech firm that gives banking, lending and monetary companies to the regulated hashish and hemp industries.
“This function brings all my ability units in a single place,” Mendez mentioned.
Hashish banking for hashish staff in addition to companies
Probably the most important shifts underneath Mendez’s management has been the enlargement of Protected Harbor’s lending capabilities. Whereas the corporate has a $53 million mortgage e-book, it’s restricted in how a lot it will possibly lend instantly.
To deal with this, Protected Harbor has partnered with personal household workplaces and hedge funds, enabling loans starting from $5,000 to $50 million. The strategy permits the corporate to assist a broader vary of hashish companies, from small operators to massive MSOs. Protected Harbor has originated $122 million in loans since launching its hashish lending platform in 2022.
It’s additionally tackling a persistent difficulty within the hashish business: monetary companies for workers.
Many hashish staff face challenges like account closures as a result of their paychecks come from cannabis-related companies.
To deal with this, Protected Harbor now provides banking companies to its purchasers’ staff, and sponsors multiemployer 401(ok) plans, offering retirement advantages that have been beforehand out of attain.
“We used to financial institution solely hashish operators, ancillary companies and hemp firms,” Mendez mentioned. “Immediately, we are able to financial institution all the staff of our purchasers.”
How Protected Harbor is adjusting to doable marijuana rescheduling
Because the hashish business matures, Mendez is keenly conscious of the challenges and alternatives forward. He’s pragmatic in regards to the implications of transferring hashish to Schedule 3 of the Managed Substances Act, as President Donald Trump ordered Dec. 18.
Mendez sees marijuana rescheduling as a monumental alternative that might unlock entry to capital, appeal to new traders and supply hashish operators with the sources they should develop.
As soon as finalized, Protected Harbor plans to assist its purchasers navigate the transition, providing companies to handle tax liabilities, compliance challenges and operational efficiencies.
Mendez additionally emphasizes the significance of threat administration.
“Most firms don’t get it proper,” he mentioned. “Our job is to assist operators stock the dangers they’re absorbing.”
Protected Harbor’s future: Past marijuana banking
Mendez is positioning Protected Harbor as an indispensable companion for hashish companies searching for to adapt and develop in what’s anticipated to be a busy interval.
He’s significantly enthusiastic about alternatives in mergers and acquisitions, wherein the corporate might help operators inform their tales, appeal to capital and implement methods to assist progress.
He’s additionally maintaining a tally of the marketplace for hemp-derived THC merchandise, which he sees as each a possibility and a threat.
“If there isn’t a legislative resolution, it is perhaps an business that doesn’t exist,” Mendez mentioned.
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In Mendez’s long-term imaginative and prescient for Protected Harbor, he needs the corporate to be greater than a financial institution – he needs it to be a companion that helps hashish companies at each stage of their journey, whether or not it’s by means of monetary options, compliance assist or strategic consulting.
“The extra they have a look at me as a companion, the much less seemingly they’ll soar to a different financial institution.”
Margaret Jackson will be reached at margaret.jackson@mjbizdaily.com.
