Actually, no. There is no freedom of free speech for commercial transactions. Businesses are frequently limited by regulation and law as to the claims that can be made and their advertising concerning their products.
Although some governmental limitations on commercial speech are permitted, the First Amendment applies to commercial speech. This has been the subject of a number of U.S. Supreme Court decisions, e.g.:
"The commercial market place, like other spheres of our social and cultural life, provides a forum where ideas and information flourish. Some of the ideas and information are vital, some of slight worth. But the general rule is that the speaker and the audience, not the government, assess the value of the information presented. Thus, even a communication that does no more than propose a commercial transaction is entitled to the coverage of the First Amendment."
Edenfield v. Fane, 123 L. Ed. 2d 543, 113 S. Ct. 1792, 1798 (1993).
"[First] . . . [the commercial speech] at least must concern lawful activity and not be misleading. Next, we ask whether the asserted governmental interest is substantial. If both inquiries yield positive answers, we must determine whether the regulation directly advances the governmental interest asserted, and whether it is not more extensive than is necessary to serve that interest."
Central Hudson Gas & Electric Corp. v. Public Service Com., 447 U.S. 557, 563, 65 L. Ed. 2d 341, 100 S. Ct. 2343 (1980).
In this instance, the FDA has gone too far. Prohibiting statements like, "Our products do not produce smoke or carbon monoxide" is unreasonable, excessive and promotes no substantial governmental interest.
