The Brooklyn Nets and NY Liberty made history by becoming the first NBA and WNBA teams to secure a sponsorship deal with a CBD brand. The move comes as the NBA loosens its regulations surrounding CBD products, aligning with trends seen in other sports leagues like Major League Baseball and the UFC.
A New Era For Wellness Products In Sports
Under the auspices of BSE Global, both teams have entered a multiyear agreement with Mynd Drinks, positioning the CBD-based beverage as their official wellness and recovery drink partner, reported Bloomberg. While the financial specifics remain undisclosed, this partnership underscores a significant shift in sports’ approach to player wellness and recovery.
NBA’s Progressive Stance Cannabis
The NBA’s evolving perspective on hemp-derived products is evident in its recent policy adjustments, allowing teams to forge partnerships within the CBD sector during the 2023 off-season. Furthermore, the league has removed cannabis from its anti-drug testing program in collaboration with the players’ association, leaning toward a more progressive stance on the plant and its derivatives.
Restrictions And Opportunities In CBD Promotion
Despite the burgeoning interest in CBD, limitations exist on advertising, especially regarding medical claims and the promotion of products containing THC. However, the association with renowned athletes and teams presents a valuable marketing avenue for CBD brands, despite the restrictions.
Athletes Lead The Charge Towards Cannabis Partnerships
Prominent figures like Kevin Durant and Jaylen Brown have expressed keen interest in collaborating with cannabis companies. Durant, in particular, has already ventured into this space via a partnership with WM Technology Inc MAPS, signaling a growing acceptance of cannabis within the athletic community.
Mynd’s Strategic Move With Nets And NY Liberty
With Mynd products set to be available at Barclays Center events and the brand taking on a significant role during the Liberty’s theme night, CEO Simon Allen views this partnership as a strategic step towards expanding the company’s East Coast presence.
This collaboration marks another significant milestone in professional sports sponsorship, reflecting the broader societal shifts toward the acceptance of cannabis use.
Read also: UFC Knocks Out Marijuana Ban: Major Shift In Professional Athlete Drug Policy
Photo: Benzinga edit with image from Kovalchuk Oleksandr and IJ-studio on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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