MLB has confirmed CBD company, Charlotte’s Web, as the league’s first-ever cannabis sponsor, according to reports.
As plans go ahead to promote the business at the upcoming World Series, the partnership is a first for big-league sports properties.
Sports Business Journal reported that the deal will utilise exclusive category rights and covers this year’s postseason, followed by a further three years.
Furthermore, the source stated that Charlotte’s Web is launching a Sport line of CBD products which will carry the MLB logo, whilst the company will also run electronic signage during the playoffs and World Series.
In return, the league will also gain shares in Charlotte’s Web Holdings. This development follows the introduction ofCBD sponsorship category for the MLB and its clubs in June of this year.
This was when MLB’s Chief Revenue Officer, Noah Garden, said that to be permitted, CBD sponsorships must promote products that are certified as not containing psychoactive levels of THC – the main active ingredient of cannabis.
The baseball governing body is said to have been amongst the more progressive professional sports organisations in America in terms of marijuana.
For example, in 2020 it stated that players will not be punished for using cannabis whilst they are not in work, but they can’t be sponsored by a marijuana company or hold any investments in that industry.