Charlotte’s Web Holdings Inc. CWBHF, +29.12% CWEB, +26.09% shares are rallying by nearly 23% after the company said it inked an exclusive, multi-year partnership with Major League Baseball to become the first official CBD in the sport. The deal “opens increased CBD visibility to their professional athletes, millions of fans and communities,” after a “rigorous approval process,” the company said. Major League Baseball also marks the first major professional sports league to form a sponsorship agreement with a CBD company, Charlotte’s Web said. Charlotte’s Web products which receive the NSF Certified for Sport designation of safety standards and are cleared for promotion across MLB events and media platforms. Including Wednesday’s gains, Charlotte’s Web shares are still down 32% in 2022 compared to a drop of 60.3% by the AdvisorShares Pure US Cannabis ETF MSOS, -0.60%.
