Tokken Attacks Cannabis Cash Problem


Denverite profiled Tokken as startup of the week. The company, based in Denver, is focused on one of the major challenges the cannabis industry faces: Cash transactions. The company “eliminates the risk of money laundering by creating a virtual barrier to cash transactions using an indelible Blockchain ledger to ensure data integrity and a proprietary compliance program.” From the consumer’s perspective, Tokken works as a mobile banking app. The app launched earlier this week, and the company is actively processing cannabis transactions in Colorado.

Tokken, which has 9 employees and was founded in March, has raised about $1mm. CEO Lamine Zarrad, who recently worked as a bank examiner for the Office of the Comptroller of the Currency (OCC) before founding the company, has assembled a diverse team (pictured below), and Denverite shares a lot of information about the well-rounded group.


According to Denverite, Tokken aims to be in 50 dispensaries by year-end and to expand to California and Puerto Rico.

Read Chloe Aiello’s “Tokken takes on marijuana legitimization first, and then economic disenfranchisement”:

Published by NCV Newswire
NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

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