Citation
The chronic-le, February, 2017

Material Information

Title:
The chronic-le, February, 2017
Series Title:
The chronic-le
Creator:
s.n.
Place of Publication:
Denver, CO
Publisher:
Westword
Publication Date:
Language:
English

Subjects

Genre:
serial ( sobekcm )

Record Information

Source Institution:
Auraria Library
Holding Location:
Auraria Library
Rights Management:
Copyright [name of copyright holder or Creator or Publisher as appropriate]. Permission granted to University of Colorado Denver to digitize and display this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.

Downloads

This item has the following downloads:


Full Text
FEBRUARY 2017
YOUR GUIDE fv TO MARIJUANA IN COLORADO


14 Life Goes On
Ed Perlmutter on the future of cannabis in Colorado and the U.S.
By Kate McKee Simmons
20 Dispensary Listings
Our comprehensive guide to the state’s marijuana centers, by town.
This Colorado company has a solution to the cannabis bankingdilemma.
By Kate McKaa
Banking issues have been a major stumbling block for the cannabis industry, withbanks refusingto work with marijuana-related companies for fear of coming under scrutiny of federal regulators. So far, attempts to clear
up that conflict have gone nowhere in Congress — but now a former federal government employee has come up with a partial solution: Tokken, an app for both customers and dispensaries that was recently named a finalist for the 2017 SXSW Interactive Innovation Award.
A former banker for Merrill Lynch, Lamine Zarrad came to Colorado in 2014 as a regulator with the U.S. Treasury. He soon became the department’s liaison between the cannabis industry and Washington, D.C., helping to address fiscal concerns ofboth the federal government and Colorado businesses. That led to his working with compliance experts in the financial sector to try to untangle the banking issue.
The main problem he found was that most banks willing to work with cannabis businesses were too small and had too few resources to take on a new industry. “They’re community banks,” Zarrad explains. “They are autonomous historically because their risk profiles are very low, and here you take it from lending to farmers and local grocery stores suddenly to cannabis, which kind of put this whole model on its head.”
So he decided to leave his federal job and start a company that would take available automated processes and adapt them for cannabis. “Tokken was born by observing inefficiencies in the banking sector,” he says. Zarrad founded the Denver-based continued on page 10
The Chronicle is published by Westword, 969 Broadway, Denver, CO 80203; the contents are copyright 2017 by Voice Media Group.
5 | The Chronicle February 2017
WESTWORD.COM


Full Text

PAGE 2

.. ., ....... 14 Life Goes On Ed Perlmutter on the future of cannabis in Colorado and the U.S. By Kate McKee Simmons 20 Dispensary Listings Our comprehensive guide to the state's marijuana centers , by town. I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I anking issues have been a major stumbl ing block for the cannabis industry, with banks refusingtowork with marijuana-related companies for fear of coming under scrutiny of fed eral regulators. So far, attempts to clear up that conflict have gone nowhere in Congress -but now a former federal government employee has come up with a partial solution: Tokken, an app for both customers and dispensaries that wasrecentlynamedafinalistforthe2017 SXSW Interactive Innovation Award. This Colorado company has a solution to the can nabis banking dilemma . ., ....... .. ........ A former banker for Merrill Lynch, Lamine Zarrad came to Co lorado in 2014 as a regulator with the U.S. Trea sury . He soon became the department's liaison between the cannabis industry and Washington, D.C., helping to ad dress fiscal concerns ofboth the federal government and Colorado businesses. That led to his working with compli ance experts in the financial sector to try to untangle the banking issue. The main problem he found was that most banks willing to work with cannabis businesses were too small and had too few resources to take on a new industry. "They're community banks," Zarrad explains. "They are autonomous historically because their risk profiles are very low, and here you take it from lending to farmers and local grocery stores suddenly to cannabis, which kind ofputthis whole model on its head." So he decided to leave his federal job and start a company that would take availab l e a u tomated processes and adapt them for cannabis. " Tokken was born by observing inefficiencies in the banking sector ," he says. Zarrad founded the Denver-based continued o n page 10 The Chronkle is publish e d by Westward , 969 Broadway , D e nv er, CO 8 0203 ; the cont e nts ar e copyright 2017 by Voice M edia Group. 6 T H E c H R 0 N I c L E F E B R u A R y 2 0 1 7 I WESTWORO.COM