Vermont Pot: Legal or Not? Posted by Association of Vermont Credit Unions on 1:18 PM

On the same day the Vermont House plans to vote to legalize recreational marijuana possession, Attorney General Jeff Sessions issued a memo rescinding the Obama-era policy allowing legal marijuana to flourish in states across the country.  In his memo, Sessions says federal prosecutors will decide in each state whether to devote resources to marijuana cases based on other demands in their districts. Sessions writes in the one-page memo that "prosecutors should follow the well-established principles that govern all federal prosecutions" by considering the seriousness of the crime and its impact on the community. Sessions reiterates that marijuana remains federally illegal, and the Justice Department says it could take further action against states that have legalized pot, but didn't provide any specifics.

It's not yet clear how the Sessions decision will play with what appears to be imminent sales in Vermont, as well as the 8 states and District of Columbia where it is already legal. If recreational legalization occurs in Vermont, expect credit unions to be turned to as depositories for proceeds from new retail marijuana businesses. For some, it may not alter their current business decision to serve or not. For others, an increased demand from members may stimulate more evaluation.

Read about the Vermont House vote, and the Sessions announcement.  MSN has more detailed reporting on the Sessions announcement.