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

Friday May 17

Massachusetts is moving forward with marijuana cafes - Cannabis News

in U.S. News

by Bruce Kennedy - Editor in Chief

As more and more recreational marijuana shops open across Massachusetts, state regulators turned their focus…

1365 hits

Friday May 17

Can Cannabis Help Patients In Pain Avoid Opioids? Many Are Trying - Cannabis News

in Medical News

by Bruce Kennedy - Editor in Chief

For some people, pot is more appealing than powerful opioids.

1764 hits

Friday May 17

North Dakota changes law to help veterans get medical marijuana - Cannabis News

in Law & Crime

by Bruce Kennedy - Editor in Chief

Veterans in North Dakota can now get medical marijuana, without a doctor's recommendation.

1704 hits

Friday May 17

The Oxford English Dictionary Has Added Lots Of New Canna-Vocabulary - Cannabis News

in Culture & Arts

by Bruce Kennedy - Editor in Chief

The word ‘cannabis’ now has several sub-entries which reflect the new world of legal weed.

1707 hits

Monday May 20

State Treasurers Group Endorses Marijuana Banking Legislation - Cannabis News

in Politics

by Bruce Kennedy - Editor in Chief

A group representing state treasurers and finance officials is formally calling on Congress to pass…

738 hits