This article is more than 1 year old

This article is more than 1 year old

CBS has rejected a Super Bowl television ad calling for the legalization of medical marijuana sponsored by one of the largest cannabis investment companies.

Tom Brady was already the greatest QB of all time – now he's just rubbing it in Read more

Marijuana is now legal in some form in 33 US states and the Trump administration, while making no move to decriminalize marijuana at a federal level, has shown no interest in enforcing existing statutes that would affect the fast-growing, multibillion marijuana industry.

But the still-fluid legal situation appears to have put CBS off taking the ad from New York-based Acreage Holdings during the 3 February game between New England Patriots and the Los Angeles Rams.

“We’re disappointed by the news but somewhat unsurprised,” Allen told CNN Business. “Still, we developed the ad in the spirit of a public service announcement. We feel it’s our responsibility to advocate on behalf of our patients.”

Scott Greiper, the president of Viridian Capital Advisors, one of the largest investment advisers in the space, said the tricky legal status of marijuana “causes large companies like CBS concern to promote a federally illegal substance”. He added: “It’s unfortunate, and it’s conservative, but their concerns are legitimate.”

Acreage Holdings is one of the largest players in the US market and comes with a stated vision “in the transformational power that cannabis has to heal and change the world” and a mission to bring “safe, affordable cannabis to everyone who needs it”.

Underscoring how rapidly the marijuana business has moved from its counterculture roots, the company counts the former House speaker John Boehner and former Canadian prime minister Brian Mulroney among its board members.

Acreage, which is valued at more than $2.4bn, was proposing to broadcast the ad, which would have cost $5m for a 30-second spot, to “create an advocacy campaign for constituents who are being lost in the dialogue” of the medical marijuana debate, according to Allen.

The Super Bowl is the most high profile advertising event of the year where companies and advocacy groups fight for slots that will be seen by its huge audience. Last year’s game attracted 103.4 million TV viewers.

While the ads may be weed free, the players won’t be. The majority of NFL players smoke marijuana, according to players, many to help cope with injuries – and a large proportion of NFL fans do too.