Major League Baseball signs Charlotte s Web as first CBD sponsor
Major League Baseball signs Charlotte' s Web as first CBD sponsor
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Major League Baseball signs Charlotte' s Web as first CBD sponsor
, author of Illustration: Sarah Grillo/AxiosExit Content Preview Major League Baseball has signed a sponsorship deal with cannabis brand Charlotte's Web, becoming the first major U.S. league to sign a CBD sponsor. Why it matters: As with gambling, the increasing legalization of marijuana use opens another once-taboo category for sports. Expect other leagues to quickly follow suit. Details: Charlotte's Web's deal makes it the "Official CBD of MLB" and covers this year's playoffs and the next three years. The company will launch an MLB-branded line of CBD products and will have signage during the playoffs and World Series games. Sports Business Journal and describes the agreement as "non-traditional," with a rights fee and revenue sharing. MLB also gets shares in Charlotte's Web Holdings, which trades on the Toronto Exchange. This is Charlotte's Web's second major sponsorship deal. In June, it CBD sponsor for NWSL club Angel City FC. "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," MLB chief revenue officer Noah Garden in a statement. Catch up quick: MLB it would allow teams to start selling CBD sponsorships. The companies have to be certified by the testing organization NSF that their products do not have psychoactive levels of THC. The UFC signed its first CBD deal in 2019 with Aurora, and last year signed a five-year deal with Love Hemp. Earlier this year, NASCAR's Richard Childress made 3Chi the racing league's first CBD car sponsor.