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Twitter is the first social network in the United States to allow ads for cannabis products to be posted on its platform. Previously, ads for topical cannabis-infused or hemp-derived CBD products were allowed on this platform.
Read More: CBD Laws in the US
Competing platforms such as Facebook, Instagram, and TikTok do not comply with US federal law when it comes to advertising cannabis products. On the other hand, certain states have passed legislation that makes it possible to legally obtain marijuana for medical purposes.
In a blog post, Twitter revealed the new update, saying it has been at the center of many of the most influential grassroots movements, “many of which have started with a single Tweet.” Twitter acknowledges the recreational use of marijuana, as well as its use in alcoholic beverages, coffee, and even fast food.
In the post he says: “The cannabis area on Twitter is lively and interactive, with people tweeting about their experiences using cannabis, whether for medicinal, wellness or recreational purposes, as well as recommending brands, products and outlets. . This discussion also represents the current trajectory of the cannabis industry, which is moving toward legislative and policy reform, business development, and community impact.”
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Twitter has announced that it will allow cannabis companies to advertise on its platform, as long as they have the corresponding license. The statement goes on to emphasize that “going forward, Twitter is enabling marketers to promote brand preference and cannabis-related educational content for CBD and THC, and cannabis-related products and services.”
Following Elon Musk’s formal acquisition of Twitter in late October 2022, several advertisers abruptly withdrew their support for the network, leading to Twitter’s recent update indicating that the company is exploring various avenues to increase its income. Apple and Amazon were among Twitter’s top advertising clients in terms of revenue. The year before, both companies made the unilateral decision to stop running ads on the site. Elon Musk personally approached the top executives of the firms to find a solution to the problem.
However, Twitter’s revenue seems to be declining recently. According to research published by The Platformer a month ago, Twitter’s revenue in the fourth quarter of 2022 was down by forty percent year-over-year. Because Twitter is now owned by a private company, the exact numbers are unknown. According to a study, the company’s revenue in the prior quarter was approximately $942 million.
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Losses are likely to narrow during the current quarter as Elon Musk has laid off around half of Twitter’s workers since November and closed many offices. Even unused office supplies became a revenue-generating opportunity for the company. Last month, the company held an auction for a variety of products, including those used in the kitchen, the office, and even the kitchen itself.
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