CBD Fever: Catch it.
Major League Baseball (MLB) and Charlotte’s Web Holdings, one of the best-known companies in the CBD industry, signed an agreement designating the Colorado company as the league’s first official CBD sponsor.
It’s a major sports milestone, as MLB is the first of the nation’s biggest sports leagues to sign a CBD company as an official sponsor, according to Sports Business Journal.
The baseball league announced in June that it would allow teams to accept CBD sponsorships.
Sports Business Journal called the terms of the latest agreement nontraditional, with a rights fee plus a revenue share.
The publication also said MLB is receiving stock in Charlotte’s Web.
Shares of Charlotte’s Web trade as CWEB on the Toronto Stock Exchange and as CWBHF on the U.S. over-the-counter markets.
The NFL, NBA and NHL have thus far not allowed teams to partner with CBD companies.
While the major professional sports leagues have thus far stayed away from CBD sponsorships, smaller sports organizations and athletes have taken the plunge.
Charlotte’s Web was previously a sponsor for Angel City FC of the National Women’s Soccer League, while the UFC, a mixed martial arts circuit, got into CBD sponsorships last year.
In late September, the hemp-derived CBD product maker signed a distribution agreement with major liquor distributor Southern Glazer’s Wine & Spirits.