Illinois is now the 11th state in the U.S. to legalize recreational marijuana.
Democratic Governor J.B. Pritzker signed the legalization bill into law on Tuesday, just a few weeks after the proposal was passed by the state legislature.
“With this legislation, our state once again is a leader, putting forward the most equity-centric cannabis legalization in the nation,” Pritzker said at the signing ceremony. Pritzker, who came into office in January, has long advocated for legalization and campaigned heavily on the issue.
The law — known as the Cannabis Regulation and Tax Act — declares that cannabis will be "regulated in a manner similar to alcohol." Adults 21 years old and older will be able to legally purchase and possess up to 30 grams of marijuana and cannabis-infused products with up to 500 milligrams of THC.
The legislation also creates a framework for the expungement of non-violent, cannabis charges. Those charged with under 30 grams of marijuana will automatically have their cases reviewed through the governor's clemency program; individuals charged with 30 - 500 grams can submit petitions for the court to clear their records.
The state said that roughly 700,000 cases are eligible for expungement and 405,000 cases will be sent through the clemency process for automatic expungement.
"The time for justice is now, especially for communities of color who have long been disproportionately impacted by low-level cannabis convictions and the failed war on drugs,” Kim Foxx, the Cook County State's Attorney, said in a statement. “We look forward to continuing our efforts to ensure the broadest relief possible under this revolutionary law."
Illinois also made history for being the first state in the U.S. to legalize commercial cannabis through the state legislature, as opposed to a voter referendum.
The law allows licensed growers and sellers to operate up to three cultivation centers and 10 dispensaries. It also creates a $30 million low-interest loan program to help businesses enter the sector.
"This team effort sets a new standard for what cannabis reform can look like when undertaken with an openness to tough discussions, a commitment to strong outcomes and a willingness to do the hard work together," state Rep. Kelly Cassidy said in a statement. "We set out to do this differently and we did.”
Several other statehouses, including New York and New Jersey, have attempted and failed to pass legalization bills.
Illinois' law will go into effect on January 1, 2020.
We are just one day away from what has been called the most influential tech event in the world. CES 2022 will officially kick off on Wednesday in Las Vegas, but the annual tech summit is being impacted by COVID-19, like so many other recent events. The Consumer Technology Association originally planned for a hybrid event to take place from January 5-8, with some in-person events and some virtual; however, a few big-name companies announced they will not be attending in-person, so the CTA decided to shorten the event by one day, with it now ending on Friday. Consumer electronics senior analyst Will Greenwald joins Cheddar News' Closing Bell to discuss.
California's new composting law will affect what residents do in their kitchens. As of this week, Californians will have to recycle excess food in an effort to reduce emissions caused by food waste. Cities and counties will turn recycled food into compost or use it as a renewable energy source. California's new law is the largest mandatory residential food waste recycling program in the country. Rachel Wagoner, Director of the California Department of Resources, Recycling and Recovery called the law 'the biggest change to trash' since recycling started in the 1980s. She joined Cheddar Climate to discuss.
Fast-casual restaurant chain Sweetgreen is rolling out its first salad subscription service called sweetpass as it looks to customers tackling new year weight loss and health goals. Members will receive up to 30 percent off of purchases.
Washington DC and the surrounding areas saw a record breaking snow storm Monday as a strong storm system works its way across the eastern U.S. The extreme weather event caused extensive damage in the greater Washington area, leaving thousands in the region without power. Jonathan Porter, Chief Meteorologist, AccuWeather, joined Wake Up with Cheddar to discuss the fierce storm.
Airlines canceled more than 3,000 flights on Monday over severe weather and crew shortages. The cancellations come on one of the busiest travel days of the holiday season, and is a continuation of the industry-wide disruption that started before Christmas. Thomas Pallini, Aviation Reporter for Insider joined Wake Up with Cheddar to discuss.
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
There is a new player in the mobile app stock trading space.
Zingeroo recently announced a funding round of $8.5 million. The company says it aims to bring 'friendly competition' to stock trading, by literally breaking trading down into daily and weekly competitions between friends. Zingeroo also says it hopes its new approach can make trading more accessible, educational, and social than ever before. Zingeroo co-founder and CEO Zoe Barry joins Cheddar News' Closing Bell for more.
