The company had earlier only allowed advertising for
hemp-derived CBD topical products, while other social media platforms including
Facebook, Instagram and TikTok follow a "no cannabis advertising
policy" as pot remains illegal at the federal level.
However, more states in the United States are moving towards
allowing the sale of recreational cannabis, with 21 already on board.
Twitter said it will permit cannabis companies to advertise,
as long as they have proper license, pass through its approval process, only
target jurisdictions where they are licensed to operate and most importantly,
do not target people below 21 years.
"This is a pretty massive win for legal cannabis
marketers," multistate cannabis and medical marijuana company Cresco Labs
said.
Most pot companies were quick to embrace the changes
suggested by Twitter. Trulieve Cannabis Corp already launched a multistate
campaign on the platform on Wednesday.
"This change speaks to the growing acceptance of
cannabis as a mainstream wellness category, and we are hopeful it will serve as
a catalyst for other social media platforms to follow suit," said Kate
Lynch of Curaleaf, the biggest cannabis company operating in the United States.
After enjoying a sales surge during the early stages of the
pandemic, the US cannabis industry showed signs of slowing in the face of
regulatory and economic challenges, including falling prices and an illicit
market poaching its customers.
Curaleaf recently reduced its payroll by 10 percent, which
equated to less than 4 percent of its workforce, and exited the majority of its
operations in three US states. © Reuters
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