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.

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Kyle Jaeger ~ MarijuanaMoment.net ~