MLB Strikes Home Run With $30m CBD Sponsor Charlotte’s Web
Author: Hemp Health® simplifying SportProMedia
Posted: 13th October 2022
Major League Baseball (MLB) has signed a new $30m USD partnership with Charlotte’s Web that designates the cannabidiol (CBD) brand as its first official sponsor in that category.
The deal, which comes after MLB opened itself up to the CBD industry earlier this year, will cover the 2022 playoffs and the next three seasons. According to the Sports Business Journal (SBJ), the structure of the deal comprises of a fee from Charlotte’s Web in addition to a revenue share, with MLB also set to acquire a stake in the CBD brand.
Seeking to tap into the US CBD market, which topped US$4.7 billion in total sales in 2021, Charlotte’s Web is launching an MLB-branded CBD product for its sports vertical. Daily Edge is certified by the National Sanitation Foundation’s (NSF) sports programme and will be sold via the Charlotte’s Web ecommerce platform, with a dedicated marketing campaign throughout the 2022 playoffs, as well as the World Series.
In addition to the postseason, Charlotte’s Web will have a brand presence at other MLB’s top events from 2023 onward, including All-Star week. The contract covers marketing, media, and ballpark activations as the brand seeks to reach MLB’s 180 million fans in the US.
“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.
“Charlotte’s Web products which receive the NSF certified for sport designation have met the highest safety standards and can be promoted across MLB events and media platforms. We are excited about the possibilities this partnership offers as CBD becomes a more widely adopted part of the health and wellness regimen of our players and fans.”
MLB is the first league-wide addition to Charlotte’s Web’s sports partnerships portfolio, which also includes National Women’s Soccer League (NWSL) franchise Angel City.
In addition to Charlotte’s Web, MLB has also announced a three-year partnership with Sage. The business software company’s first major deal in North American sports, sees it sponsor MLB’s pitching decisions and manager interviews. Sage will also support the league’s Diverse Business Partners (DBP) programme.
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