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Twitter becomes the first social media platform in the US to allow cannabis ads
Australia may fine Twitter for increased online "Toxicity and Hate"
Twitter has now become the first social media forum in the US to allow cannabis ads. Previously, the platform allowed ads for cannabis-infused or hemp-derived CBD topical products.
Twitter has now become the first social media forum in the US to allow cannabis ads. Previously, the platform allowed ads for cannabis-infused or hemp-derived CBD topical products. Rival platforms like Facebook, Instagram, and TikTok do not permit cannabis ads to conform to US federal law. In contrast, medical marijuana is legal in select states.
Twitter announced the update in a blog post, saying the platform has been at the root of some of the most powerful grassroots movements, "many of which have started with a single tweet." In addition, Twitter acknowledges marijuana's recreational uses in beverage categories, including fast food, coffee, and liquor.
The post reads, "The cannabis space on Twitter is fun and engaging with users Tweeting about their experiences using cannabis – whether medicinally, for wellness, or recreation – as well as recommending brands, products, and retail locations. The conversation also reflects where the cannabis industry is currently heading: legislative/policy reform, business development, and community impact."
Twitter says it will permit cannabis companies to advertise as long as they have a proper license. The post further highlights, "Going forward, Twitter is allowing advertisers to promote brand preference and informational cannabis-related content for CBD, THC, and cannabis-related products and services."
The new update shows that Twitter is looking at different options to increase its revenue after several advertisers took the platform offline following the formal acquisition of Elon Musk in late October 2022. Apple and Amazon were among Twitter's biggest customers by revenue advertising. Last year, both companies arbitrarily stopped ads on the platform. To resolve the issue with the companies, Musk personally contacted top executives.
However, Twitter's revenue looks to be falling. According to a report from The Platformer last month, Twitter's revenue was down 40% year-on-year in the fourth quarter of 2022. The exact numbers still need to be clarified, as Twitter is now a private company. However, one report estimates that the company earned approximately $942 million last quarter.
