Other Cities Considering Following San Francisco's Lead in Clearing Marijuana Convictions
San Francisco District Attorney George Gascón says three other California cities reached out to his office after he announced this week the city is wiping out Marijuana convictions dating back to 1975. Cheddar's Baker Machado spoke with Gascón about why he felt it was so important to clear these convictions.
"We've had now three different jurisdictions that have approached me, and my office this morning," said Gascón. "People in California are tired of the war on drugs, they are tired of the war on marijuana."
With San Francisco's move more than 3,000 misdemeanor convictions will be dismissed, and sealed automatically. Nearly 5,000 felony marijuana convictions will be reviewed for potential reduction, and resentencing said Gascón.
"We wanted to provide immediate relief for our community," said Gascón. "We are very concerned about the conversation at the national level where we have our Attorney General talking about marijuana being an existential threat to the American way of life."
Stocks closed mixed on Wednesday, but two indexes - the Dow and the S&P 500 - ended the session with a new record. Akshata Bailkeri, Equity Analyst at Bruderman Asset Management, joins Cheddar News' Closing Bell, where she says there is a consensus for robust consumer spreading in 2022, especially as the Omicron variant is proving to be milder than other COVID-19 strains.
John Quelch, Dean of Miami Herbert Business School, joins Cheddar News' Closing Bell, where he says the retail giant is acting in accordance to President Biden's new law banning goods from China's Xinjiang region. Quelch also elaborates on the importance of China in Walmart's overall strategy.
Cheddar's Chloe Aiello has our cannabis year-in-review, breaking down how several states legalized adult recreational use and greenlit medicinal use in 2021. She noted that while a cannabis legalization and decriminalization bill was introduced in Congress this year, potential FDA involvement in the industry, as well as a 25 percent excise tax, killed any chance the bill had of moving forward. Aiello also speculated that some form of cannabis reform could be rolled out in 2022, as the midterm elections draw closer.
Jim Worden, Chief Investment Officer at Wealth Consulting Group, joins Cheddar News' Closing Bell, where he says the period between Christmas and New Year's is difficult to predict due to a lack of institutional volume, with the Omicron variant adding even more uncertainty on Wall Street.
Prices at the pump this year reached a seven-year high, and a new forecast from GasBuddy shared with CNN predicts that gas prices will only continue to rise in 2022 and that the national average could even reach $4.00 a gallon; however, analysts at GasBuddy say anything could happen when it comes to gas prices in the future, as the pandemic has made it difficult to make any predictions about the economy. Consumer Energy Alliance federal policy advisor Michael Zehr joins Cheddar News' Closing Bell to discuss.
