Mnuchin Seeks Solution to Cannabis Conflict

Apr 10, 2019
Treasury Secretary Steven Mnuchin encouraged Congress to find a bipartisan solution to conflicting state and federal laws on cannabis regulation.

Testifying before a House Appropriations subcommittee, Mnuchin said the IRS has built specific rooms to hold cash from cannabis-related businesses that operate on a cash basis because they lack access to the banking system.

ICBA-supported legislation to establish a cannabis-banking safe harbor passed the House Financial Services Committee by a bipartisan vote last month.

The Secure and Fair Enforcement Banking Act (H.R. 1595) would apply to financial institutions and ancillary companies that serve cannabis-related businesses in states where cannabis is legal.