This article is a rework of articles published by India Today and does not represent the views held by ITSHEMP, its creators, or employers. ITSHEMP is not responsible for the accuracy of any of the information supplied by the bloggers.Twitter becomes first major social media platform to allow cannabis ads
Twitter has become the first social media platform in the United States to allow advertising related to cannabis. Previously, the platform only permitted ads for cannabis-infused or hemp-derived CBD topical products. Unlike its rivals Facebook, Instagram, and TikTok, Twitter has decided to permit cannabis ads, despite the restrictions imposed by US federal law. It is important to note that while medical marijuana is legal in certain states, federal regulations still classify cannabis as an illegal substance.
In a blog post, Twitter announced this policy update, emphasizing its role in empowering grassroots movements that often originate from a single tweet. Twitter acknowledges the recreational uses of marijuana, particularly in the beverage sector, including fast food, coffee, and liquor. The platform recognizes the lively and engaging conversations happening on Twitter around cannabis, where users share their experiences with cannabis use, whether for medicinal purposes, wellness, or recreation. Additionally, users recommend brands, products, and retail locations. These conversations reflect the current direction of the cannabis industry, including discussions on legislative and policy reform, business development, and community impact.
To advertise on Twitter, cannabis companies must possess the necessary licenses. The platform will now allow advertisers to promote brand preference and provide informational content related to CBD, THC, and cannabis-related products and services.
This recent update indicates Twitter’s pursuit of alternative revenue streams, following the withdrawal of several advertisers from the platform after Elon Musk’s formal takeover in late October 2022. Notably, Apple and Amazon, two of Twitter’s significant ad revenue clients, abruptly ceased advertising on the platform last year. Musk personally engaged with top executives to address this issue. However, Twitter’s revenue appears to be declining. According to a report by The Platformer last month, Twitter experienced a 40% year-over-year revenue decrease in Q4 2022. Specific figures are unclear as Twitter has become a private firm, but an estimation suggests the company generated approximately $942 million last quarter. Musk has taken measures to mitigate losses, such as reducing the workforce by half since November and closing several offices. Additionally, Twitter auctioned off surplus office supplies, including devices, office equipment, and kitchen items, to generate additional income.
Twitter is also exploring a Blue subscription service in various countries. This subscription provides users with a verified blue tick mark on their profiles. In India, the subscription costs Rs 900 per month for both Android and iOS users.
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