MLB approves CBD sponsorships in landmark change for sports leagues

MLB approves CBD sponsorships in landmark change for sports leagues
CANNANNEW REPORT

Sports Business Journal has the story MLB and its teams are now free to sell CBD sponsorships, a development likely to echo across the industry and open a new sponsorship category in pro sports. League officials told team marketers in a conference call yesterday that CBDs are henceforth an “approved category” as long as they are certified by testing organization NSF to not have psychoactive levels of THC. Only the UFC has currently sold this category, as all of the other major North American leagues have prohibited CBD sponsorships, largely due to the stigma associated with psychoactive cannabis (marijuana). MLB is looking to grab a piece of the growing CBD market in the U.S. It’s unknown at this time what MLB teams or the league could get for a CBD deal. One optimistic estimate has the entire CBD market at $4.9B worldwide this year, exploding to $47B in ’28. “We’ve been watching this category for a while and waiting for it to mature to the point where we can get comfortable with it,” said MLB CRO Noah Garden. “We told the clubs if you want to do a deal in the CBD category, it will require two things: One is NSF certification — and none of them are there yet, although around three to five (brands) are in process. The other is to get approval from the commissioner’s office. … Our fans are very much the kind of customers they are looking for, and we like being first. It’s a good opportunity for us and the clubs. The last few companies that came to see us about this, the process of NSF certification was embraced. That gave us a comfort level to be able to move forward.” "CBD is here. It's a disruptor."@KevinGarnett5KG on the emergence of CBD in sports.@paragon_mktg x #SBJBIS pic.twitter.com/Xcqidq03qU — Sports…

Excerpt only …
READ MORE BELOW
Source : MLB approves CBD sponsorships in landmark change for sports leagues

reposted by Cannabis News World

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