Feds Working On New Marijuana Banking Guidance, Treasury Secretary Mnuchin Tells Congress

Issuing updated marijuana banking guidance is “at the top of the list” for the U.S. Treasury Department, according to Sec. Steve Mnuchin.

“I can tell you we’re working on it as we speak,” he told a hearing of the House Ways and Means Committee Thursday.

The comments came in response to Rep. Earl Blumenauer, who implored Mnuchin to work with the committee to develop rules for marijuana banking and taxation.

Continuing to ban the emerging marijuana industry from traditional banking services is a threat to public safety, the Oregon Democrat said.

“There is this air of uncertainty about access to banking services,” he said to Mnuchin. “The Obama administration issued some guidance to allow banks to open accounts for people who grow, process, and (provide) retail sales of marijuana. But still there are many of them who don’t have access to banking services. It is a threat to public safety.”

Read more of this story at The Cannabist.

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Alberta recently announced plans to stop licensing cannabis retailers until Canada's cannabis supply shortage has been resolved—a move some US experts think is the wrong way for the Canadian province to approach the issue. At the end of November, the Alberta Gaming, Liquor and Cannabis Commission (AGLC), which regulates the province's cannabis industry, said they would temporarily stop issuing licenses for new pot shops. The AGLC says they made that move because the province simply can't get enough cannabis to supply any more stores.

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