Generally, many Major League Baseball (MLB) fans would be excited to see new signings of valuable players. However, that excitement now extends to lovers of the sport and cannabis. The league has relied on the services of Charlotte’s Web Holdings, having signed it to act as the first official cannabis sponsor. Plans are in place for the business to be promoted at the upcoming World Series.
Nationally, one of the most recognized hemp-derived CBD brands is owned by Charlotte’s Web Holdings. With this in mind, the most recognized league in the baseball world offered it a deal to become the “official CBD of MLB.” According to the recent deal, the marijuana company will launch a line of “Sport” products with the MLB logo.
In addition to a participation fee and royalties on the proceeds from the sales of these exclusive cannabis products, the baseball association will also receive a share of the company’s stock. This company is publicly traded on the Canadian stock exchange and has shown incredible returns, which makes the deal even more attractive to the MLB.
“As a leader in the CBD category, with products that provide health and wellness benefits, Charlotte’s Web is a welcome addition to the MLB family, representing a landmark partnership in baseball and sports,” Noah Garden, MLB’s chief revenue officer, said in a press release. “We are excited about the possibilities this partnership offers as CBD becomes a more widely adopted part of the health and wellness regimen of our players and fans.”
Sources briefed on the matter say the deal includes exclusive category rights and, in addition to covering the 2022 postseason, will also be present for an additional three years. Seeing actions like this is nothing new for MLB, as it has been one of the most open professional sports organizations when it comes to cannabis. In fact, four months ago, MLB began giving the green light for the league’s baseball teams to sell sponsorships to cannabis companies that market CBD products, as long as they meet certain criteria.