Major League Baseball will promote products from cannabis company Charlotte’s Web during games and on its social media platforms under a $30.5 million partnership between the organizations, they announced Wednesday.
The three-year deal makes Colorado-based Charlotte’s Web the “official CBD of Major League Baseball,” the company said. About 180 million baseball fans can expect to see Charlotte’s Web products on the MLB Network, on streaming digital channels and during post-season games including the World Series.
“Wherever you see MLB, you’ll see Charlotte’s Web,” CEO Jacques Tortoroli told CBS MoneyWatch. “What we’re about is making sure there’s calmness of the mind so you can perform your best.”
Charlotte’s Web sells hemp-derived cannabis oils, gummies and creams designed to help induce sleep or relieve muscle pain. The products received a USDA organic certification last year. The CBD company, which is publicly traded, has production facilities in Louisville, Colorado, and Buffalo, New York.
Under the partnership, MLB now owns roughly 6.1 million shares of Charlotte’s Web, according to a regulatory filing. The company must also pay MLB a 10% royalty on any products it sells that has MLB…
