corporations

USA: Charlotte's Web will sponsor the Baseball League

Published

2 years ago

October

Photo: DR | boardroom

A Major League Baseball, America's first professional baseball league signed a sponsorship deal with Charlotte's Web, which will become the main sponsor of the competition. In addition, Charlotte's Web will develop a line of CBD products targeted at athletes, which will also be “the official CBD of the MLB”.

Major League Baseball (MLB) is the first sports league to sign a sponsorship deal with a hemp-operating company. This could be one of the first repercussions of US President Joe Biden's announcement. Charlotte's Web, which was founded by the Stanley Brothers, will officially sponsor the league for years to come, in an agreement that was announced by Sports Business Journal.

BREAKING: @MLB becomes the first big-league sports property to have a CBD sponsor.@charlottesweb has signed a sponsorship deal with MLB, designating it the “Official CBD of Major League Baseball.”

⬇️ More from Terry Leftonhttps://t.co/TjZd0wZIjI pic.twitter.com/oTEM093jlI

—Sports Business Journal (@SBJ) October 11, 2022

The MLB thus becomes the first major league to have a cannabis company as its sponsor, where Charlotte's Web is designated as “the official CBD of the MLB”. The disclosed deal includes the league's exclusive rights and covers this year's postseason as well as the next three years.

The MLB opened up to CBD producing companies the possibility of sponsoring the league and clubs last June. Charlotte's Web had previously sponsored the NWSL's Angel City FC club.

According to the data released, Charlotte's Web will also launch, through its own platform, a sports line of CBD-based products and will include the MLB logo on the packaging. In addition, the brand will advertise in electronic media during the playoffs and World Series and is planning a campaign during the World Series draws.

non-traditional business

According to the Sports Business Journal, the way the deal was carried out caught the attention of analysts. The “non-traditional” business structure was carried out not only by charging a fee for the rights, but also including a profit sharing. Allegedly included in the terms of the agreement are transfers of shares from Charlotte's Web Holdings Inc. (CWBHF) (CA:CWEB) to MLB, which will enter the capital of the company traded on the Toronto Exchange.

____________________________________________________________________________________________________

[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]

____________________________________________________________________________________________________

What do you do with €3 a month? Become one of our Patrons! If you believe that independent cannabis journalism is necessary, subscribe to one of the levels of our Patreon account and you will have access to unique gifts and exclusive content. If there are many of us, we can make a difference with little!

Antonio João Costa

+ posts

I am one of the directors of CannaReporter, which I founded together with Laura Ramos. I am from the unique Island of Madeira, where I currently reside. While I was in Lisbon at FCUL studying Physical Engineering, I became involved in the national hemp and cannabis scene and participated in several associations, some of which I am still a member of. I follow the global industry and especially legislative advances regarding the different uses of cannabis.

I can be contacted by email at joao.costa@cannareporter.eu