Steven Mnuchin: Why Cannabis Industry Poses Challenge for IRS

Departments - End Notes

Quotes you should note.

April 3, 2020

Bruce photo by Stacey Lyon
“You got to have a little fun with things.”


^ Former Canopy Growth CEO Bruce Linton founded a new cannabis venture named Collective Growth, which will target U.S. investment opportunities in the hemp and CBD markets. Linton gave the above response in March when asked about the two companies’ similar names. Source: Yahoo!


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“We have to build cash rooms to take in large amounts of cash where people owe us taxes. … And I would say that creates risk to our IRS employees and to the people in the community.”


^ U.S. Treasury Secretary Steven Mnuchin said at a March 4 hearing held by a House Appropriations subcommittee that the cash-only nature of cannabis businesses poses challenges for the Internal Revenue Service. Source: The Hill


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“People are using these [CBD] products. We’re not going to be able to say you can’t use these products. It’s a fool’s game to try to even approach that.”


^ On Feb. 26, U.S. Food and Drug Administration Commissioner Stephen Hahn gave his first public speech at the National Association of State Departments of Agriculture Winter Policy Conference. He addressed the topic of CBD products and acknowledged that these products are here to stay. He added that it is FDA’s role to “fill these information gaps.” Source: VoteHemp