25 Oct CBD in Sports
CBD in Sports
CBD is one of the most popular organic products in 2020 and the market is set to surpass $22 billion in the next two years.
With so much investment opportunities, CBD companies are starting to shift their focus to the professional sports industry, in order to attract attention and millions of new followers.
Many leaders in the industry are sponsoring professional
athletes. For example, Aurora Cannabis signed a contract with UFC to conduct research about the benefits of CBD in athletic performance and muscle recovery.
However, not only growers and investment funds want to enter the world of sports. CBD brands themselves want to be part of the booming industry collaborations with baseball players, car racers, etc.
Therefore, we will focus the rest of the blog to discus the leading CBD companies that are sponsoring athletes, who are the sponsored athletes and how do these affect the industry.
Why are CBD brands gearing towards sponsoring sporting events and athletes?
If you are part of the sports world or like to watch sporting events, you know that for generations, companies have been putting their names out there. All types of brands, from car manufacturers, banks, insurance companies, to clothing brands are sponsoring athletes, leagues, or teams.
Why?
First, by investing in sporting events, brand can draw an unmeasurable amount of attention to their brand from millions of people around the world. Thus, companies allow the audience to get familiar with their product, while watching their favorite sport. Later on, when viewers are presented with a choice between a new brand and the brand they are used to seeing on tv, they will pick the one they are familiar with. Also, sponsoring international events, allows the companies to reach a global level, thus build their credibility in the eyes of the consumers as being a higher quality brand than their competitors. This is the reason why CBD brands are investing millions of dollars in sponsorships of athletes, in order to compete with other global brands.
COVID -19
With the current COVID-19 situation which caused mass closures and cancelations, the world of sports has drastically changed. According to IEG’s Global Managing Director, in his interview with Forbes, “The stoppage of sports, entertainment, events and arts facilities has created a nearly $10 billion value gap with 120,000 sponsorship agreements and 5,000 brands impacted.” This is a big gap and many companies are struggling to cover losses. However, the CBD industry has been booming during the pandemic, and CBD companies are filled with cash that they want to invest.
Read the full Forbes articleSponsored Athletes
PGA: Bubba Watson Lucas Glover, Charley Hoffman, Morgan Hoffmann UFC: Eryk Anders, Raquel Pennington, Tecia Torres Indy 500: R. Nate Aranda
The Future
The future of CBD in the sports world is very promising. As more and more brands enter the space, the stigma around CBD will disappear and more athletes will be willing to try the amazing benefits that CBD products provide. As a brand focusing on sports-oriented and healthy individuals, we are excited to see what the future has in store!
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