MLB today officially unveils its CBD sponsorship with Charlotte’s Web, a first for a major US sports league. As MLB’s new official CBD, Charlotte’s Web will receive exclusive category rights in the deal, which covers this year’s postseason and three additional years. Using its own e-commerce site, Charlotte’s Web is launching a Sport line of CBD products today, which will feature the batter logo of MLB’s familiar silhouettes. Additionally, the brand will run electronic scoreboards during the playoffs and World Series and plans to promote the World Series sweepstakes. “We believe Charlotte’s Web is a leader in the space and it’s a category that has gone mainstream,” the MLB CRO said. Noah’s garden. “The idea is to educate our fans about these products.”
By its own estimate, Charlotte’s Web is the market leader, with about 4% of the $5 billion market, which some estimate will more than triple by 2026. CEO of Charlotte Web Jacques Tortoroli The company’s goals with the sponsorship include educating consumers about CBD, increasing brand awareness and increasing retail distribution. “This is a real game changer for us,” Tortoroli said. “It’s monumental for its MLB and a huge validation for us and the CBD industry.”
The structure of the deal is not traditional, with royalties and revenue sharing. MLB will also receive shares in Charlotte’s Web Holdings, which trade on the Toronto Stock Exchange. “We wanted a real strategic relationship with a partner who sees the positive that can be created together,” said Tortoroli.