With Jeff Sessions rescinding the Cole Memo, Representatives from states where citizens have voted for some form of legal cannabis are concerned about losing Treasury Department FinCEN guidance on marijuana opening up legal states to criminal activity.
US Treasury Secretary Steve Mnuchin testified before the House Financial Services Committee about concerns over cannabis companies cash, taxes and marijuana banking. Some other stuff in Financial Stability Oversight Council Report.
Members of Congress from legal cannabis states California, Colorado and Washington questioned the Hollywood meda-producer over the cash problem in legal marijuana states with lack of access to banking services.
Rep. Denny Heck (D-WA) "EARLIER IN RESPONSE TO THE QUESTION ABOUT FEN/PHEN GUIDANCE ON ACCESS FOR MARIJUANA BUSINESSES AND STATES THAT HAVE LEGALLY CONSTITUTED THEM EITHER THROUGH APPROVAL OF LEGISLATIVE ACTION OR BY A VOTE OF THE PEOPLE WHICH IS NOW THE MAJORITY OF STATES. WHAT YOU SAID MR. SECRETARY AND I'M QUOTING YOU VERBATIM A COUPLE OF HOURS AGO I CAN ASSURE YOU WE DON'T WANT BAGS OF CASH. I CAN CONCEIVE OF NO WAY IN WHICH YOU CAN AVOID BAGS OF CASH IF YOU BACK DOWN ON GUIDANCE. DO YOU HAVE SOMETHING IN MIND THAT WOULD ENABLE US TO PREVENT A PERILOUS CIRCUMSTANCE TO PUBLIC SAFETY OF HAVING BAGS OF CASH WHICH IS OFFERED IN TERMS OF GUIDANCE?
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