During the social network’s internal policy forum, the theme of the sale of cannabis products was reviewed. Currently, on the facebook marketplaces products such as CBD oils are available for purchase however any products containing THC are prohibited. The relaxation of the current policies would be oriented towards users posts and not facebook marketplace or paid advertising. However, as laws differ in different countries let alone states regulating the posts presents an operational difficulty. Facebook is also trying to prevent underage users to access drug related content. Once Facebook works its way through all the hoops, maybe sometime in the future they will be the first major platform to actively sell and advertise cannabis. The network has an “internal working group” trying to figure out how the rules could be altered to accommodate the possible sale of cannabis.
Source: The Growth Op
New Mexico could be the 11th state to legalize recreational marijuana. The bill legalizing marijuana, has passed the house and now is being debated in the state senate. The bill includes features such as having to carry a purchase receipt or face criminal charges and having state run pot stores (which would be the first of their kind). Retailers would still be able to receive licenses in place that are 25 miles or more away from a government operated pot shop. The democratic governor of the state says she will sign the bill if it is put on her desk. New Mexico will be the first state to legalize recreational marijuana but surely not the last of 2019.
Cannabis is a new market with incredible potential and there is a growing trend of senior officials, from established industries like Tech, finance or media, moving to cannabis companies. Recently an executive director left Morgan Stanley to join a cannabis company. Joel Lunenfeld, who was vice president of global brand strategy at the social media giant Twitter swapped positions to become Chief Marketing Officer at NorCal Cannabis. Tim Leslie, a former Amazon executive is now CEO at Leafly. Kelsey Barnes, a senior official in IBM’s cybersecurity division left to become vice president of operations at Vinzan International. The mass migration of these important corporate figures shows how big the cannabis industry is to become in the coming years and the massive opportunities that come with getting in during the early stages of these companies.