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marijuana banking Source: Shutterstock.

A new Senate proposal to legalize marijuana would let cannabis companies use banking services and trade on major stock exchanges, according to a person involved in negotiations on the legislation, a potentially dramatic breakthrough for an industry long stymied by federal restrictions.

The sweeping new legislation, a draft of which Senate Democrats released Wednesday, would also direct some tax revenue from marijuana sales to minority communities, which faced disproportionate arrests for marijuana possession, keep some federal drug testing provisions, and give the U.S. Food and Drug Administration oversight of cannabis regulation.

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