482
Opinion of the Court
free flow of commercial information . . . may be as keen, if not keener by far, than his interest in the day's most urgent political debate." Id., at 763.
Still, Virginia Board of Pharmacy suggested that certain types of restrictions might be tolerated in the commercial speech area because of the nature of such speech. See id., at 771-772, n. 24. In later decisions we gradually articulated a test based on " 'the "commonsense" distinction between speech proposing a commercial transaction, which occurs in an area traditionally subject to government regulation, and other varieties of speech.' " Central Hudson, 447 U. S., at 562 (quoting Ohralik v. Ohio State Bar Assn., 436 U. S. 447, 455-456 (1978)). Central Hudson identified several factors that courts should consider in determining whether a regulation of commercial speech survives First Amendment scrutiny:
"For commercial speech to come within [the First Amendment], it 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." 447 U. S., at 566.
We now apply Central Hudson's test to § 205(e)(2).2
2 The Government argues that Central Hudson imposes too strict a standard for reviewing § 205(e)(2), and urges us to adopt instead a far more deferential approach to restrictions on commercial speech concerning alcohol. Relying on United States v. Edge Broadcasting Co., 509 U. S. 418 (1993), and Posadas de Puerto Rico Associates v. Tourism Co. of P. R., 478 U. S. 328 (1986), the Government suggests that legislatures have broader latitude to regulate speech that promotes socially harmful activities, such as alcohol consumption, than they have to regulate other types of speech. Although Edge Broadcasting and Posadas involved the advertising of gambling activities, the Government argues that we also have applied this principle to speech concerning alcohol. See California v. LaRue, 409
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