Listen to Podcast:
Twitter is the first social media network in the United States to let adverts for cannabis goods be posted on its platform. Previously, advertisements for topical cannabis-infused or hemp-derived CBD products were permitted 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 upgrade and stated that it has been at the center of many of the most influential grass-roots movements, “many of which have begun 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 it says, “The cannabis area on Twitter is lively and interactive, with people tweeting about their experiences with cannabis use — whether for medicinal purposes, for wellness, or for recreation – as well as recommending brands, products, and retail locations. This discussion also represents the current trajectory of the cannabis industry, which is headed toward legislative and policy reform, business development, and community impact.”
Read Also: How to Make Money in the Cannabis Industry?
Twitter has announced that it will allow cannabis businesses to advertise on its platform, provided that they possess the appropriate license. The statement goes on to emphasize that “Moving forward, Twitter is allowing marketers to promote brand preference and educational cannabis-related content for CBD and THC, and cannabis-related products and services.”
Following Elon Musk’s formal takeover of Twitter in late October 2022, a number of advertisers abruptly withdrew their support for the network, which led to Twitter’s recent update indicating that the company is exploring various avenues to increase its revenue. Apple and Amazon were among Twitter’s top advertising customers in terms of revenue. The previous year, both businesses made the unilateral decision to discontinue running advertisements on the site. Elon Musk personally reached out to the top executives of the firms in order to find a solution to the problem.
Nonetheless, Twitter’s revenue seems to be decreasing recently. According to research that was published by The Platformer one month ago, Twitter’s revenue in Q4 2022 was down forty percent year-over-year. Because Twitter is now owned by a private company, the precise numbers are not known. According to a study, the company’s revenue for the preceding quarter was approximately $942 million.
Know More: Differences and Similarities between HHC and THC-O
It is possible that the losses will be reduced during the current quarter given that Elon Musk has fired around half of Twitter’s workers since November and closed many offices. Even unused office supplies were turned into a revenue-generating opportunity by the business. 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.
