Who would have thought that one of the most exciting headlines in recent years about the North American professional basketball league NBA has nothing to do with what is happening on the floor? The world’s top basketball league has decided to stop testing players for marijuana, according to a preliminary agreement between the league and the National Basketball Players Association. Additionally, the NBA plans to allow players to promote and invest in cannabis and CBD companies.
Now, for a long time, professional sports and marijuana use seemed difficult to reconcile, both legally and from a health perspective. But times change. A decision that could have a signal effect for the sport and could be a bull’s eye for the cannabis industry.
The NBA’s groundbreaking collective bargaining agreement.
After suspending marijuana testing during the pandemic in March 2020, the basketball pro league announced in late 2021 that it would no longer randomly test players for marijuana use. At the time, NBA spokesman Mike Bass said the league would instead “focus on performance-enhancing products and substance abuse.” Now the NBA and players’ union NBPA are taking things a step further, agreeing in April 2023 on a new seven-year collective agreement that would allow professional athletes to use marijuana and promote cannabis companies. Officially, the treaty has yet to be ratified, but that is only a formality at this point.
Some NBA athletes — including Hall of Famers Kareem Abdul-Jabbar and Allen Iverson — have been open about their own marijuana use and have advocated for cannabis legalization for years. As a result, NBA Commissioner Adam Silver stated in connection with the elimination of marijuana testing, “I think society’s views on marijuana have changed to some degree.”
This is also evident in other areas of professional sports, which are primarily focused on CBD: Back in 2019, one of the largest cannabis companies in the world, Aurora Cannabis (ISIN: CA05156X8843), and the world’s leading mixed martial arts federation, UFC, entered into an agreement to conduct a joint clinical research program for hemp-derived cannabidiol (CBD). The long-term research partnership with Aurora Cannabis is designed to explore the performance benefits of CBD in reducing pain and inflammation, enhancing wound healing and overall recovery.
Cannabis doesn’t only play an important role in basketball. In October 2022, the MLB signed a CBD company as the league’s first cannabis sponsor: Charlotte’s Web Holdings (ISIN: CA16106R1091), a well-known CBD brand that manufactures consumer and pet wellness products, signed the contract with the league and has since been able to call itself the “Official CBD of MLB”.
Strategically, collaborations or sponsorship agreements between sports clubs and cannabis companies make a lot of sense. Because professional athletes act as “natural brand ambassadors” for an industry that wants to treat physical and mental ailments, among other things.
This includes companies that manufacture cannabis products for medical use, as well as innovative conglomerates like Innocan Pharma (ISIN: CA45783P1027) that have focused on intelligent CBD delivery platforms and unique CBD-based wellness products. Innocan’s Relief&Go Spray, for example, offers the benefits of a combination of natural ingredients with CBD and magnesium, which contributes to rapid and effective relaxation and recovery after strenuous physical activity. An efficacy study conducted with the Relief&Go spray showed that 85% of subjects noticed significant relief after 20 minutes, which lasted up to 24 hours.
CBD is indeed a powerful therapeutic cannabinoid, but unlike THC, it is considered to be virtually free of side effects and non-intoxicating. CBD can simultaneously modulate the activity of the CB1 receptors in the brain and the CB2 receptors in the peripheral tissues of our body. These receptors are responsible for regulating the inflammatory response, pain control, general healing and recovery of muscles and soft tissues, and calming effects. These are all hallmarks of CBD therapy, which could gain traction in sports in general and sports injuries in particular.
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2023-07-22 10:17:19
#NBA #Players #Marijuana #Sporting #Milestone #Cannabis #Industry #Small
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