MLB Signs Its First $30 Million Partnership With Cannabidiol (CBD) Firm: What we know

A first-of-its-kind, exclusive multi-year strategic relationship between Major League Baseball (“MLB”) and Charlotte’s Web Holdings, Inc., the market leader in hemp-derived CBD products, will raise Cannabidiol CBD awareness for their professional athletes, millions of fans, and communities.

A significant gap in the sports channel for an NSF Certified for Sports portfolio of CBD products for players and consumers who demand safe, natural alternatives to support recovery, help keep calm under pressure, and help sleep cycles and focus were filled by the rigorous approval process that brought the two legacy brands together.

What does CBD mean in medical term?

A prescription cannabidiol (CBD) oil chemical found in marijuana is considered an effective anti-seizure medication. However, further research is going on to determine CBD ‘s other benefits and safety.

As a result, Major League Baseball is the first significant professional sports league to sign a sponsorship deal with a CBD firm. The first “Official CBD of Major League Baseball” is now Charlotte’s Web.

MLB The First In Sports To Sign This Deal

As part of a $30.5 million collaboration, Major League Baseball will advertise cannabis business Charlotte’s Web goods during games, and on its social media channels, the two organizations said on Wednesday.

The three-year agreement makes Charlotte’s Web, founded in Colorado, the “official CBD of Major League Baseball,” according to the business. Baseball fans can watch Charlotte’s Web goods on the MLB Network, on streaming digital channels, and during postseason games like the World Series, which will be seen by almost 180 million people.

According to Jacques Tortoroli, CEO of Charlotte’s Web, “everywhere you watch MLB, you’ll see Charlotte’s Web.” To ensure mental calmness so that you may perform at your best is what we.

While it is a component of the plant, CBD is not the same as marijuana. CBD, a substance also present in cannabis, does not cause users to feel “high.”

MLB became the first American sports league to do so in 2019 by removing CBD from its list of prohibited substances. The league continues to test players for painkillers, Fentanyl, cocaine, and synthetic THC. The league gave clubs permission to look into joint ventures with CBD businesses in June.

Independent basketball league BIG3 last year added California’s Binger Labs as a partner. Earlier this year, the NBA Players Union signed a multiyear relationship with the California-based CBD business Harrington Wellness.

Following the MLB announcement on Wednesday, Charlotte Web’s stock price increased by roughly 25%.

 

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