Because marijuana is still illegal according to federal law, traditional banks won’t do business with marijuana retailers.
Tokken gives such businesses an app-based banking system that also takes payments from customers.
“I do think we have an amazingly unique product to support a new, burgeoning industry,” Tokken’s CEO Lamine Zarrad, said. “It’s an incredible honor for such a young startup like Tokken to receive this level of recognition from SXSW. We’re competing against very well-funded, mature, and talented companies. We’re elated that we can hang with the big dogs.”