The Trump administration's top fiscal official appeared to voice support for letting marijuana businesses store their profits in banks. "I assure you that we don't want bags of cash," Treasury Secretary Steven Mnuchin testified on Tuesday during an appearance before the House Financial Services Committee. Sessions' move has led to fears that the Trump administration may tear up the banking memo as well. Bipartisan groups of House and Senate lawmakers have also sent letters to the administration urging that the banking guidance be maintained. Prior to his being confirmed by the Senate last year , Mnuchin said in response to written questions from a senator that marijuana businesses' banking and tax issues are "very important."

Source: Forbes February 06, 2018 18:45 UTC