Are Social Media Giants Like Google & Meta Helping Illicit Pot Shops In New York? Some Cannabis Advocates Say Yes
Portfolio Pulse from Jelena Martinovic
Legal cannabis shop owners in New York are urging Gov. Kathy Hochul to investigate and potentially take legal action against social media and tech companies like Google (NASDAQ:GOOG) and Meta (NASDAQ:META) for allegedly enabling unlicensed cannabis shops to advertise their businesses. This comes amid concerns that these companies are complicit in allowing illicit cannabis operations to thrive, undermining New York's legal cannabis market and regulations.
February 26, 2024 | 9:34 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Google is under scrutiny by New York's legal cannabis shop owners for allegedly facilitating the promotion of unlicensed cannabis shops, potentially leading to legal and regulatory challenges.
The potential legal and regulatory scrutiny directed at Google for its alleged role in promoting unlicensed cannabis shops could negatively impact its reputation and possibly lead to legal challenges, affecting investor sentiment and possibly its stock price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Meta is being accused by New York's legal cannabis shop owners of aiding unlicensed cannabis shops in advertising, which could lead to legal and regulatory repercussions.
Meta's alleged involvement in facilitating the advertisement of unlicensed cannabis shops could attract legal and regulatory attention, potentially harming its public image and leading to legal issues. This situation may negatively influence investor confidence and Meta's stock price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80