Nets and Liberty Become NBA’s First Teams Sponsored by CBD FirmPosted by On

(Bloomberg) — After relaxing its rules on CBD products for both its players and teams, the Brooklyn Nets and New York Liberty have become the first NBA & WNBA team to strike a deal in the CBD category.

The teams, which are under the parent company BSE Global, have signed a multiyear deal with Mynd Drinks, a CBD plant based drink that is THC free. The deal will make Mynd the official wellness and recovery drink partner for both clubs. Official terms of the deal were not disclosed. Mynd also has a deal with the Chicago Cubs, with Major League Baseball agreeing CBD sponsorships in 2022.   

Sign up for the Bloomberg Business of Sports newsletter 

The NBA has been shifting its stance on hemp-based products, and began permitting its teams to sell partnerships in the CBD category in the 2023 off season. 

Similarly, the league and its players association agreed to officially removed marijuana from its anti-drug testing program. The collective bargaining agreement between the two organization’s allows players to invest or own passive, non-controlling stakes in CBD companies that also produce marijuana and fully invest in companies that specifically produce CBD. The league and its union’s examples of products containing CBD are oils, creams, drinks, pills and powders. 

It however does not allow players to promote marijuana. If a player wishes to promote a CBD product that is produced by a marijuana company, they would need to first get permission from the NBA and…

Original Author Link click here to read complete story..


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.