It’s the first time a major U.S. professional sports league has formed a sponsorship deal with a CBD company.
Charlotte’s Web Holdings will become the “official CBD of Major League Baseball” after the two organizations struck a multiyear deal.
The partnership, announced Wednesday, marks the first time a major U.S. professional sports league has formed a sponsorship deal with a CBD company.
According to regulatory filings, the deal is worth $30.5 million over three years. MLB also now owns nearly 6.2 million shares of Charlotte’s WebCharlotte’sake..
“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.
Under the deal, Charlotte’s Web must pay the league a 10% royalty on any products it sells with MLB branding after total sales exceed $18 million.
“The” rights fees are payable over the agreement term and are reallocated from Charlotte’s annual marketing budgets to the MLB opportunity,” said Cory Pala, director of investor relations at Charlotte’s Web, to Charlotte’s Web Green Market Report.
Hundreds of millions of baseball fans will catch the Charlotte’s Web brand on the MLB Network during All-Star Week and into the postseason, including the World Series.
The audience for the brand includes:
- 175 million fan base
- 180 million social media followers
- 111 million broadcast viewers
- 8 million email subscribers
Pala added that the deal brings ” validation and credibility not only to Charlotte’s Web, but the CBD category in the aggregate, and illustrates the enormous and ongoing interest in the $5 billion CBD market.” In a statement, MLB Chief Revenue Officer Noah Garden said that the partnership makes CBD a “widely adopted part of the health and wellness regimen of our players and fans.” Charlotte’s WWeb’s sports tincture launched on the company’s web platform on Tuesday during the Division Series with an exclusive run for the MLB Postseason. By 2023, the company said the expanded product line will appear in retail sports and health and wellness channels.
The deal comes weeks after Charlotte’s Web inked a distribution deal with Southern GGlazer’s Wine & Spirits, marking the latest CBD company to work alongside the distribution giant.
Disclaimer: https://www.greenmarketreport.com/charlottes-web-inks-sponsorship-deal-with-major-league-baseball/
Posted by: Times Of Hemp, TOH, #TOH, #TimesOfHemp, https://www.timesofhemp.com
