The co-author of the Department of Justice Cole Memorandum, John W. Vardaman III, said that despite the anti-pot rhetoric from the Trump Administration, credit unions should not be overly alarmed and that the marijuana market opportunities will flourish even if the feds crackdown on states where pot is legal.
Vardaman served in the U.S. Department of Justice for 10 years and helped author the Cole Memorandum, which outlined how financial institutions can permissibly bank marijuana businesses in the states where marijuana has been legalized. He is now an EVP and general counsel for the Scottsdale, Ariz.-based Hypur, which provides banking and payment technology designed for highly regulated industries.
Although marijuana remains illegal under federal law, recreational marijuana use is legal in eight states and the District of Columbia. In 28 states, pot use is permitted for various medical purposes.
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