420 with CNW — Major League Baseball Inks Sponsorship Deal with CBD Firm

In June, the MLB announced that clubs were permitted to form sponsorships with CBD companies that were certified for sport by the National Science Foundation. This foundation is an institution that approves standards for products used by athletes.

Recently, Major League Baseball entered into a sponsorship deal with Charlotte’s Web Holdings Inc. This comes after the league removed CBD from its list of banned substances in 2019, making it the first sports league in the United States to do so. CBD (cannabidiol) is one of the two primary compounds found in marijuana, the other being THC. Unlike THC, however, this compound doesn’t induce any highs. It does have medicinal properties that help alleviate stress and relieve pain.

Charlotte’s Web Holdings produces a range of CBD products, including gummies, topical sprays and tinctures. Following the announcement, the CBD maker’s stock rose by more than 25%.

In its press release, Major League Baseball stated that this deal brought major brands together to fill a gap in the sports channel for a certified portfolio of CBD products, which could help meet the needs of consumers and players who demand natural and safe options to help with focus and sleep cycles, help keep calm under pressure and help to support their recovery.

This new partnership comes at the same time that Charlotte Web launches a new CBD product known as the Daily Edge, which is the first CBD product to be certified for sports by the National Science Foundation. This product will feature the Major Baseball League’s logo on its packaging.

This three-year deal between these legacy brands is said to be worth $30.5 million. Its conditions include the promotion of products manufactured by Charlotte’s Web during games as well as on the league’s streaming digital channels, social media platforms and post-season games. The Major League Baseball’s fanbase is approximately 180 million fans. This will bring a whole new customer demographic to the CBD company.

Currently, the U.S. Food and Drug Administration (FDA) hasn’t approved CBD products. However, this hasn’t hindered the CBD market from growing in popularity, with figures from last year showing that the country’s CBD market recorded sales worth $4.7 billion.

The deal also afforded the league ownership of roughly six shares of Charlotte’s Web. In addition, the CBD maker will pay the league 10% royalty on any products with the Major League Baseball’s branding that are sold, once total sales surpass $18 million.

As more of these deals are signed, the popularity of marijuana and the associated industry actors such as REZYFi Inc. will keep growing as pressure mounts to enact reforms federally.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi Inc. are available in the company’s newsroom at https://cnw.fm/REZY

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

Denver, Colorado
303.498.7722 Office

CNW420 is part of the InvestorBrandNetwork.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s