Major League Baseball Says Yes to CBD Sponsorships: What’s Taken So Long?
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Major League Baseball has officially approved CBD sponsorship for team jersey patches and more, according to Sports Business Journal.
Although CBD sponsorships can only be sold if the company is certified by the National Sanitation Foundation (NSF). This means that the company’s CBD products cannot contain psychoactive levels of THC, which goes without saying, because that’s what CBD is.
Photo by Doug Pensinger/Staff/Getty Images
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“We’ve been watching this category for a while, waiting for it to mature enough for us to be comfortable with,” said Noah Garden, MLB’s chief revenue officer. “…It’s a good opportunity for us and the clubs. The last few companies that have approached us about this have adopted the NSF certification process. That gave us a comfort level to move forward.”
Garden added that between three and five brands are in the process of earning NSF certification. In addition to the NSF certification, the Commissioner’s Office must approve the deal.
Starting in the 2023 season, MLB jerseys will feature jersey patch sponsorship and CBD companies will be allowed to do business for those patches. The NBA already has jersey patch sponsorships, and the NHL will add them in 2022-23 as well.
“We’re open to doing a patch deal here, depending on the brand and what that brand represents,” Garden said. “It has to have a brand that represents the sport.”
Photo by Josh Hemsley via Unsplash
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Additionally, CBD companies may run advertisements during MLB games, although no information is yet available on what the league and its teams will receive in compensation.
Allowing CBD sponsorship could be extremely lucrative for the MLB and other professional sports leagues as the global CBD market is projected to reach nearly $5 billion in the coming years.
Professional athletes have been using and praising CBD for some time
A number of professional athletes are already using and endorsing CBD products, including professional golfer Rickie Fowler, former NFL player Rob Gronkowski, Golden State Warriors star Klay Thompson, and US soccer player Megan Rapinoe.
A recent Forbes.com article lists even more Olympians, including hurdler Devon Allen, softball player Haylie McCleney, and WNBA champion Sue Bird, as team ambassadors for Rapinoe’s CBD-infused products.
This article originally appeared on Benzinga and has been republished with permission.
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