Alejandro Arrieche
Twitter is allowing cannabis companies in Canada and the United States to advertise their products within its platform since yesterday, the official Twitter Business account informed yesterday.
In a blog post published by Alexa Alianiello, Twitter’s current head of US Sales & Partnerships, the company emphasized that the “cannabis industry has expanded” and that conversations within Twitter about this topic are very common and highly influential.
We're turning over a new leaf.https://t.co/42knBnGlLY
— Twitter Business (@TwitterBusiness) February 15, 2023
In response to these changes in how society views this particular drug and its derived products, the company is now allowing companies in states where cannabis and CBD-based products are considered legal to create ads.
“As of today, in certain US states we have taken measures to relax our Cannabis Ads policy to create more opportunities for responsible cannabis marketing – the largest step forward by any social media platform”, Alianiello explained.
Advertisers Must First Get Twitter’s Nod to Rollout Their Campaigns
However, advertisers must first be vetted by Twitter before they can start rolling out ads, the company clarified in its “Drugs and drug paraphernalia” ad policies section. Twitter clarifies that it will only give the green light to ads created by companies that have the required license to sell these products in their respective jurisdictions.
In Canada, the types of ads that will be permitted are informational or brand-preference campaigns – not promotional ones. Meanwhile, in the United States, ads cannot target audiences under the age of 21 and they can’t also directly sell cannabis or cannabinoids.
Cannabis companies are also not allowed to use celebrities or other public figures to advertise their products, make unsubstantiated claims about the health benefits that these products have, or show images or content of people under the influence of these drugs.
Prospective advertisers must log into their advertising account and send a help ticket to Twitter to apply for permission to create this type of ad.
Twitter is Trying to Ramp Up its Revenues in Any Way Possible
This is the second time that Twitter is enabling another controversial type of advert following its decision to lift a long-standing ban on political ads shortly after Elon Musk acquired the company.
For the micro-blogging platform, finding alternative income sources is crucial to ensure its survival at a point when its advertising revenues have reportedly dropped by 40% amid an exodus of corporations who opted to shut down their campaigns after the head of Tesla (TSLA) became the Chief Executive Officer of the firm.
With this change in its policies, Twitter is joining other well-known advertising platforms and social media companies in allowing some specific types of CBD-based products to be promoted.
In the case of Meta Platforms (META), only hemp products are permitted – not THC or CBD ones. Meanwhile, Google recently updated its policies for advertising these products to allow FDA-approved products to be marketed via its Google Adwords platform.
The FDA Will Work with Lawmakers to Create a Regulatory Framework for Cannabis
Cannabis companies have often been alienated by banks, advertising platforms, and other similar vendors as the legal provisions that regulate cannabinoids are relatively murky. Several regulations are being pushed forward at the federal level in the United States to create an appropriate regulatory framework for this growing market but none has been approved by the country’s Senate yet.
In late January this year, the US Food and Drug Administration (FDA) concluded that “a new regulatory pathway for CBD is needed that balances individuals’ desire for access to CBD products with the regulatory oversight needed to manage risks.”
The agency promised to work with lawmakers on this particular subject so it can develop appropriate rules that regulate both the development and marketing activities of this type of drug.
“The FDA looks forward to working with Congress to develop a cross-agency strategy for the regulation of these products to protect the public’s health and safety”, the agency commented.
Other Related Articles:
- Quick Guide to Invest in Cannabis Stocks in 2023
- Elon Musk’s Twitter to Lift Ban on Political Advertising to Bolster Declining Revenue
- Amazon Keeps Expanding its Pharmacy Business with Launch of RxPass
This article was written for Business 2 Community by Alejandro Arrieche.
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