Yellen: bank access for cannabis firms would aid U.S. tax collections

Yellen: bank access for cannabis firms would aid U.S. tax collections
© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen attends a news conference with Irish Finance Minister Paschal Donohoe at Government buildings in Dublin, Ireland, November 1, 2021. REUTERS/Clodagh Kilcoyne

(Reuters) – U.S. Treasury Secretary Janet Yellen said on Wednesday that she agreed that allowing state-legal cash-only cannabis businesses to access the U.S. banking system would allow the Internal Revenue Service to improve collection of taxes.

Representative Ed Perlmutter of Colorado asked Yellen during a U.S. House Financial Services Committee hearing whether allowing cannabis businesses to access the banking system — now prohibited by federal law — to conduct transactions would make the IRS\’ job easier in collecting tens of millions of taxes that have gone unpaid from such firms.

\”Yes, of course it would,\” Yellen replied.

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