Mnuchin: Cannabis conflict ‘a problem’

Mar 05, 2020

Treasury Secretary Steven Mnuchin told lawmakers that the lack of banking access for cannabis-related businesses is a problem. Testifying before a House Appropriations subcommittee, Mnuchin said the IRS has had to build entire rooms to take in large amounts of cash from businesses that remain unbanked, reflecting safety risks caused by conflicting state and federal laws.

Mnuchin made similar comments last year in the run-up to House passage of ICBA-advocated legislation to create a safe harbor for financial institutions that serve these businesses in states where cannabis is legal. Senate passage remains a top 2020 priority for ICBA and will be a key issue at next month’s ICBA Capital Summit in Washington.