Why it matters: Other social media companies, including Twitter, have also implemented more lenient cannabis advertising policies. In February, Twitter started allowing cannabis companies to promote their brands and campaigns and direct users in states where cannabis is legal back to their websites. Where to see the impact: Cannabis-related advertising spending is projected to increase significantly through 2030. Data from Billboard Insider predicts that cannabis ad spending will surge from slightly over $1B in 2020 to over $2B in 2023, reaching $4.5B in 2030. |
What happened: Meta, which owns Instagram, Facebook, and the newly released Instagram-linked platform Threads, has updated its cannabis advertising policy to allow ads promoting non-edible CBD products and certain hemp products. Moreover, companies advertising non-ingestible hemp products will no longer be required to obtain written approval to promote their products in the U.S., Canada, and Mexico.