Financial technology solutions growing in the marijuana industry
Written By Nate Linhart Posted: 02/17/2016, 11:16am
Tokken, a new Bitcoin company, is attempting to get involved in the marijuana industry from a financial standpoint. Tokken, founded by Lamine Zarrad, is using financial software to assist banks and pot dispensaries in monitoring transactions.
The New York Times reports major credit card companies, such as Visa and MasterCard, will not process transactions for marijuana dispensaries. Additionally, a lot of banks still will not open accounts for pot-related businesses, according to The New York Times.
Due to this, Ballpark Holistic Dispensary, a dispensary in Denver, Colorado, is reportedly ready to use Tokken’s financial system once it becomes available.
Tokken isn’t the only company in this space. Other companies providing financial solutions include KIND Financial and Amercanex.
Financial solutions with goals of helping the cannabis industry: