Back in 2015, when I was a regular columnist for Above The Law, I wrote a piece called “Cannabis Advertising: Is Pot Obscene?“. That article focused on general speech issues around cannabis ads. We’ve also written over the years about how various social media platforms broadly prohibit pretty much any speech with the word “marijuana” in it, and sometimes, even CBD. Fast forward to 2021 and we still haven’t seen the Feds take any serious action against advertisers of cannabis and/or cannabis companies, and we probably never will at this point (though the USPS has a thing or two to say about cannabis ads in the mail even though it probably won’t do anything about them). Aside from social media headaches, the biggest commercial speech issue for cannabis companies is constantly having to comply with the huge variety of labeling, marketing, advertising, and promotional laws and regulations created under state legalization regimes. However, a new and fun speech and advertising-related issue is the advent of cannabis NFTs.
NFT stands for Non-Fungible Token. An NFT “is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used