Tweet, tweet, pass: Twitter unlocks a budding growth opportunity for cannabis startups
Cannabis startups have to navigate some rough waters: They can’t access federal funds or work with traditional banks, and they have to find customers across a fragmented market while adhering to local laws. But at least on the advertising front, a new Twitter update might signal smooth sailing ahead.
Twitter updated its advertising rules to allow cannabis companies — including those selling products containing THC and CBD, in addition to related accessories — to advertise on the platform under a strict set of guidelines in states where those products are legal. Twitter is the first major social media company to allow these companies to advertise.
Twitter’s advertising business has been hit hard since Elon Musk took over last year. It’s no surprise, then, that the company is trying to diversify its revenue funnels. Multiple cannabis companies told TechCrunch that this could be huge for the industry that has until now been locked out of the top advertising channels.