It is still illegal at the Federal level. While the current Feds might not be choosing to enforce the law (which is illegal in and of itself... imagine that), all it will take is a change in who the Attorney General is and that could change rapidly. If you don't think the Feds aren't keeping an eye on all these dispensaries that are popping up for recreational sales, then you are a fool. One change in the way people think and its enforcement, seizure, and forfeiture of a lot of property.
There is very little likelihood that the Feds will legalize Marijuana anytime in the near future. The profitability to them is just not there. On the other hand, profitability in seizure and forfeiture of property used in the drug trade looks to reap massive profits.