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Institutional Money Watching Cannabis More Closely Again

By Shadd Dales On May 22, 2026

In our latest Trade To Black Podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down the latest cannabis industry developments, including what really happened in Virginia this week concerning their adult use cannabis bill being vetoed by Governor Abigail Spanberger. Safe Harbor Financial (Nasdaq: SHFS) CEO Terry Mendez joins the podcast following the company’s latest earnings report. Safe Harbor reported roughly $2 million in revenue for Q1 2026, while loan program income surged more than 55% year over year. Then in segment two, institutional cannabis investor John Pinto of SOJE Capital joins the show to discuss where investors really stand on cannabis right now.

Terry Mendez, CEO of Safe Harbor Financial, broke down the company’s latest quarterly results. The headline numbers included a 55 percent year-over-year jump in loan program income, which Mendez attributed to a renegotiated financial services deal that raised Safe Harbor’s interest retention rate from 35 percent to 65 percent. He also highlighted a meaningful reduction in operating expenses, the result of a full management team overhaul and capital restructuring undertaken throughout 2025.

Mendez acknowledged the results could have been stronger but pointed to new product launches — including a 401k offering already onboarding a large multi-state operator — as evidence the company is investing for long-term growth. Safe Harbor, which trades on the NASDAQ, is actively monitoring the uplisting conversation and sees a potential advisory role for the company as cannabis operators navigate the requirements of senior exchange listings.

John Pinto, founder of SOJE Capital, brought an institutional investor’s perspective to the second segment and institutional cannabis investment, offering a counterpoint to some of the more optimistic uplisting speculation circulating. Pinto argued that meaningful institutional participation is unlikely before full rescheduling is complete and FinCEN language around know-your-customer and anti-money-laundering rules is formally updated.

Pinto did express a preference for his top holding, citing its strong cash flow, dominant position in Florida’s de facto adult use market, and its ability to benefit from any crackdown on hemp-derived THC products. On uplisting specifically, Pinto suggested a clear rescheduling outcome could reasonably produce a two-to-three times move in the top cannabis names, while cautioning that a true ten-times rerating would require uplisting, rescheduling, and a resolved federal excise tax framework working in combination. Be sure to tune in to hear his thoughts.

There’s a growing sense that capital is slowly preparing for the next stage of cannabis — even if Wall Street hasn’t fully stepped in yet.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.