What is the degree of Constitutional protection from commercial free speech?

“For First Amendment purposes, commercial speech is an
expression related solely to the economic interests of the speaker and its audience,
generally in the form of commercial advertisement for the sale of goods and services, or
speech proposing a commercial transaction.Commercial speech enjoys a more limited
measure of protection, commensurate with its subordinate position in the scale of First
Amendment values, and is subject to modes of regulation that might be impermissible in
the realm of noncommercial expression. In other words, commercial speech is entitled to
the protection of the First Amendment, but the protection afforded commercial speech is
somewhat less extensive than that afforded noncommercial speech. To require a parity of
constitutional protection for commercial and noncommercial speech alike could invite
dilution, simply by a leveling process, of the force of the First Amendment's guarantee
with regard to noncommercial speech. Also, although commercial speech is generally
entitled to less protection under the First Amendment than other forms of speech, it
nonetheless has a claim to safekeeping from unwarranted government intrusion. While
political speech lies at the core of First Amendment protections, those protections also
embrace commercial speech, including advertising.”

328 Am Jur 2d Constitutional Law §
499 Generally; what is Commercial
Speech

“Only truthful advertising
related to lawful activities is entitled to the protection of the First Amendment. In
order for commercial speech to be entitled to any First Amendment protection, the speech
must first concern a lawful activity and must not be misleading. In the commercial
context, a speech concerning unlawful activity is not constitutionally protected.
Indeed, offers to engage in illegal transactions are categorically excluded from First
Amendment protection. Certainly, the First Amendment does not protect all proposals to
engage in commercial transactions, and protection is not accorded at all when the
underlying transaction is illegal.The government may ban misleading or deceptive
commercial speech, as well as speech that relates to illegal activity, but when the
commercial speech is neither illegal nor misleading, the government's power is more
circumscribed.

False or misleading commercial
speech receives no protection under the First Amendment. Whether speech is commercial
and thus not entitled to First Amendment protection if it is false depends on whether
the speech is an advertisement; the speech refers to a specific product; and the speaker
has an economic motivation for the speech. A state may ban altogether commercial
expression that is fraudulent, misleading, or deceptive, without further justification,
but where truthful and nonmisleading expression will be snared along with fraudulent or
deceptive commercial speech, the state must demonstrate that the restriction serves a
substantial state interest and is designed in a reasonable way to accomplish that
end.”

328 Am Jur 2d Constitutional Law
§ 501 Requirement that advertising be legal, truthful, and not
misleading

American
Jurisprudence, Second Edition Copyright © 2011 West Group