Recreational Marijuana Becomes Legal in California
Starting at midnight on January 1, recreational marijuana became legal in California. Cannabis for medicinal purposes has been legal for more than two decades, but this legislation signals a change for the industry.
Alyssa Julya Smith caught up with MedMen Dispensary's CMO BJ Carretta to discuss the economic impact, and where some of the tax dollars will go from an industry poised to make $7 billion in the coming years.
MedMen is one of only three dispensaries in Los Angeles that has received a license on January 1 to sell recreational cannabis products as the city and state are slowly rolling them out.
Carretta talks about de-stigmatizing the practice of cannabis use, and how that will help grow the industry to one of the biggest in the Golden State. He also says marijuana taxes will be as high as 35%, and the state is still figuring out what will be done with the tax money made off of the sales.
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
Jake Traylor, White House reporter at Politico, joins Cheddar to discuss how Trump is aiming to lower drug prices and how it differs from Biden's approach.
Sheryl Palmer, CEO of Taylor Morrison, talks tariff uncertainty, being a female leader in a male dominated industry and what homebuyers need to know. Watch!