The global CBD market is expected to reach $23.6bn. Increasing adoption of CBD infused products in various industries such as personal care and cosmetics, along with its medical applications, is expected to drive the market. This has caused an influx of celebrity investors, most recently Jay-Z.
Since the start of the pandemic, e-commerce sales of CBD have spiked. Furthermore, a new survey suggests that four in 10 CBD consumers plan to use CBD more frequently because of COVID-19, with 15% planning to use a higher dose.
The added momentum in sales, plus the fact many sports clubs are facing financial turmoil, could create a “perfect storm” of opportunity for sponsorship.
So, what are the benefits of sponsorship for CBD firms?
While one in 10 UK consumers use products with legal cannabis extracts – 28% of Brits are considering them. Sponsoring mass market sport could help to convert them.
For all the progress of the industry, old misconceptions linger on. A recent studyfound that two-thirds of the British public still believe that CBD is an illegal substance.
Research published by the Journal of Advertising Research shows that embedding ads within sport creates an emotional bond with brands, that can ultimately lead to sales.
Lobbying governing bodies.
Former players taking on ambassadorial roles have already helped to increase the conversation around athletes’ use of CBD. This, in part, led to the NFL’s loosening of the rules governing players’ use of marijuana back in March.
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