Charlotte’s web Holdings (CA:CWEB) said on Oct. 12 that it was partnering with Major League Baseball (MLB). As part of its groundbreaking sponsorship deal, the company is now the Official CBD of Major League Baseball.
“As a leader in the CBD category, with products that provide health and wellness benefits, Charlotte’s web is a welcome addition to the MLB family, representing a landmark partnership in baseball and sports,” said Noah Garden, MLB Chief Revenue Officer.
The CBD sponsorship is the first for a major professional sports league. Charlotte’s Web’s shares closed on Oct. 12, trading up more than 43% on the news.
The multiyear agreement is also the first leaguewide partnership for the company. With MLB as a strategic partner, Charlotte’s Web’s NSF Certified for Sport portfolio of CBD products will help it secure a larger piece of the U.S. CBD market, an estimated US$4.7 billion in 2021.
As part of its partnership, Charlotte’s web launched an e-commerce platform in time for MLB’s Division Series playoff games. In 2023, the company will roll out an expanded line of CBD products in retail sports and health and wellness channels.
“Nature is the most intelligent and advanced technology system in our world, and when we work with nature for health and innovate through the lens of community care, we can truly redefine what it means to be well as an athlete,” stated Jared Stanley, Co-founder, and COO of Charlotte’s web. “This is…