Have you heard of Tokken yet? If not, you most likely will in the near future. Tokken has broken new ground as the first app in the world that regulates monetary exchanges within the cannabis industry. A new venture that was founded this year, Tokken is addressing the issue of money laundering and the inconvenience of cash only transactions.
No business can function properly without well-organized systems of sales, accounting, and transactions. Oftentimes, only handling cash can lead to mistakes and errors. Whether intentional or not, your business will often suffer for it.
There is also the issue of anonymity, something is still very much appreciated in the cannabis community. While cannabis is no longer stigmatized as it once was, there are still many people who would rather not make it publicly known that they are using cannabis due to personal reasons or career concerns.
Tokken’s electronic system will provide a safe way to link accounts and exchange funds as what would be the paypal of cannabis but with additional features. Users will be given a Tokken wallet through the app that represents the amount of money in your account. You’re then allowed to make payments from your Tokken wallet or cash out what you have. There is also the additional comfort of knowing that your U.S. dollar value does not change so you can always be sure of your account balance.
Today, many laws are being passed in favor of cannabis, but there is still a long way to go before the industry has a set standard with laws in place that will allow banks to comfortably be on board. With a system like Tokken, it sets us one step closer to become a well-established and respected industry on the financial front by showing that systems can be put in place that allow for monetary control along with better control for businesses.