SACRAMENTO—State Treasurer John Chiang is seeking guidance from President-elect Donald Trump and California’s congressional delegation about how the state should handle the finances of the nascent multibillion-dollar marijuana industry.

Although 57 percent of Californians voted in November to legalize recreational use, marijuana remains a controlled substance under federal law. The Obama administration backed off enforcing federal anti-marijuana laws in states that regulate marijuana consumption and sales. But Trump’s pick for U.S. attorney general, Republican Sen. Jeff Sessions of Alabama, opposes marijuana legalization.