CBD Makes the Big Leagues: MLB, Charlotte’s Web Strike $30.5M Sponsorship Deal
“Love is the most important thing in the world, but baseball is pretty good, too.” — Yogi Berra
In a first for a major U.S. professional sports league, Major League Baseball (MLB) and leading hemp-derived CBD brand Charlotte’s Web (OTCQX: CWBHF) on Oct. 12, 2022, jointly announced a $30.5 million, exclusive three-year strategic partnership making Colorado-based Charlotte’s Web the “Official CBD of Major League Baseball,” the company said.
As part of the sponsorship agreement, MLB will promote products from Charlotte’s Web to an estimated 180 million baseball fans, including during games, on its social media platforms, on the MLB Network, on streaming digital channels, and during post-season games including the World Series.
In June 2022, MLB officially opened the hemp-derived CBD category for the league and its clubs, allowing sponsorships with CBD companies that are NSF Certified for Sport®.
The announcement ties in with the launch of Charlotte’s Web™ SPORT — Daily Edge, a broad-spectrum hemp-derived tincture to be certified by leading global certification agency NSF. Daily Edge will feature the MLB silhouetted batter logo on its bottle and is the first product launch from the new Charlotte’s Web™ SPORT line, which also will include gummies, topicals, and oral sprays, the company said.
“We applaud MLB for being the first mover in professional sports CBD and are thrilled to welcome their league as a respected strategic partner,” said Jacques Tortoroli, CEO of Charlotte’s Web. “Bridging our industry-leading brands with science, innovation, and education, this pioneering partnership validates Charlotte’s Web’s core business principle and founding mission to open access to safe, quality and consistent CBD through our proprietary hemp genetics and industry-forging vision.”
“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.”
Charlotte’s Web said the “first of its kind” partnership opens increased CBD visibility to MLB’s professional athletes, millions of fans and communities across the country. “The rigorous approval process that brought the two legacy brands together fills a major gap in the sports channel for an NSF Certified for Sport® portfolio of CBD products for players and consumers demanding safe, natural options to support recovery, help keep calm under pressure, and help sleep cycles and focus,” the company said in a statement.
“NSF is proud to play a role in this historic next chapter of America’s favorite pastime,” said John Travis, principal technical manager, NSF. “MLB showed great trust in the NSF mark earlier this year when it named NSF Certified for Sport® as the standard CBD brands must meet in order to sponsor MLB and its teams. The Charlotte’s Web and MLB partnership promotes clean sport and closely aligns with NSF’s mission to improve human health worldwide.”
Jared Stanley, co-founder and COO of Charlotte’s Web, said of the deal: “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. This is game-changing, and I am excited by what we can accomplish with the MLB partnership.”
Charlotte’s Web is a publicly traded company and also is a Certified B Corp., committed to transparency and accountability in ways that protect the environment, communities, customers and workers. The company said that both Charlotte’s Web and MLB “have committed to serving as Corporate Social Responsibility partners and advancing causes that promote quality of life for athletes and fans.”
Learn more at https://www.charlottesweb.com/bcorp.
Steven Hoffman is managing director of Compass Natural LLC in Boulder, Colo.