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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.

“Of primary concern to my office are the limits federal rules place on the cannabis industry’s ability to effectively participate in the state and nation’s banking system,” Chiang wrote to Trump on Dec 1. “We have a year to develop a system that works in California and which addresses the many issues that exist as a result of the federal-state legal conflict. Uncertainty about the position of your administration creates even more of a challenge.”

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