The head of the U.S. Treasury Department said on Tuesday that there is no regulatory solution to existing banking access issues for the marijuana industry, and he encouraged Congress to resolve the problem with legislation “on a bipartisan basis.”

During a House appropriations subcommittee hearing, several lawmakers asked Treasury Secretary Steven Mnuchin about what could be done to provide state-legal cannabis businesses with access to financial institutions.

The Trump administration official agreed that it was a problem, noting that the Internal Revenue Service (IRS) has had to build “cash rooms” for taxes paid by marijuana companies, but he said the matter was outside the Treasury’s jurisdiction.

Click here to read the complete article

Kyle Jaeger ~ MarijuanaMoment.net

Recent News Articles

Tuesday August 20

Wasn’t the DEA Going to Let Others Grow Research-Grade Cannabis?

in Science

by Bruce Kennedy - Editor in Chief

Arizona-based researcher Dr. Sue Sisley is spearheading an extraordinary lawsuit against the U.S. Drug Enforcement…

173 hits

Tuesday August 20

California’s legal marijuana will outsell the black market in 5 years, forecast says

in U.S. News

by Bruce Kennedy - Editor in Chief

California’s black market for marijuana still rakes in more cash than the state’s legal cannabis…

178 hits

Tuesday August 20

Study on cannabis chemical as a treatment for pancreatic cancer may have 'major impact,' Harvard…

in Medical News

by Bruce Kennedy - Editor in Chief

Pancreatic cancer makes up just 3 percent of all cancers in America. But with a…

370 hits

Wednesday August 21

Former MLB All-Star Shane Victorino Talks Plans To Give Back To Hawaii Through New Cannabis…

in Sports

by Bruce Kennedy - Editor in Chief

Scores of athletes have entered the cannabis space in recent years. A few notable names…

172 hits

Thursday August 22

Colorado Researchers Study Cannabis and Athletes

in Sports

by Mike Fuller

A group of Colorado researchers recently studied how cannabis use affects athletes, and found a…

172 hits