Elon Musk's 420 strategy: Twitter relaxes cannabis advertising rules to attract more companies

Elon Musk-owned Twitter has modified its regulations, allowing cannabis companies to advertise their products on the platform freely. The modifications come after Twitter became the first major platform earlier this year to allow cannabis advertisements.

"Going forward, certified advertisers may feature packaged cannabis products in ad creative,"the company stated in a press release. Previously, the companies could not show any product in their ads nor could they promote their sale. However, they could link the ads to their websites.

"They may also continue responsibly linking to their owned and operated web pages and e-commerce experiences for CBD, THC, and cannabis-related products and services. We have also made some changes for medical licensees and opened up additional recreational markets," it added.

The microblogging platform added that it was looking forward to helping customers unlock the power of Twitter ads and connect with the cannabis conversation to drive the business forward.

While Twitter allows cannabis companies to advertise, its rivals such as Meta and Google have prohibitedsuch ads.

Musk and his 420 connection

Recreational marijuana is already legal in several US states and Twitter owner Musk has been one of the most420-friendly (420 is the specific time in the afternoon of April 20 when pot smokers annually celebrate the drug) entrepreneurs in the business.Musk in various interviews has batted for the use of psychedelics to open human consciousness.

In 2018, Musk saidhe was mulling a buyout of Tesla for $420 per share. However,during a court testimony later, Musk clarified that his price offer wasn't meant to be a marijuana reference.

“420 was not chosen because of a joke; it was chosen because there was a 20 percent premium over the stock price," said Musk, adding, "There is some, I think, karma around 420. I should question whether that is good or bad karma at this point."

Ever since taking over Twitter after completing the $44 billion deal, Musk has been seeking new avenues to generate revenues for the company. He has already fired more than 80 per cent of the Twitter staff to make the books leaner.

Musk started the Twitter Blue subscription service last year under which any user can receive the blue checkmark after paying a certain fee and providing identification proof.

Earlier this year, Muskinformed that creators on Twitter will be able to charge certain money from users to access their content, ranging from 'longform text to hours-long video'.

Creators have been given the freedom to offer monthly subscriptions in the $2.99, $4.99, or $9.99 bracket. Musk, in a tweet thread, informed that for the next 12 months, the creators will be making most of the money as Twitter will not charge anything.

(With inputs from agencies)

WATCH WION LIVE HERE: