Treasury Secretary Steven Mnuchin said that the IRS faces “significant problems” due to the cash-only nature of the cannabis industry and urged lawmakers to address the issue “one way or another.”

During his testimony to the House Appropriations subcommittee, Mnuchin didn’t take a stance on the issue of cannabis banking at large but said the Treasury Department “has limited abilities” within the guidance from the agency’s Financial Crimes Enforcement Network (FinCEN) “to direct” the issue.

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