Professional sports and marijuana use have long seemed difficult to reconcile, both legally and from a health perspective. But the North American Basketball Professional League (NBA) decided this year to stop testing players for marijuana, according to a tentative 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.
A decision that could have a signal effect on the sport and the cannabis industry as a whole.
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 particularly 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, reached an agreement to Execution of 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.
In October 2022, the aforementioned basketball pro league 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 the contract with the league and has since been allowed to call itself “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.
Would you like to be kept up to date on interesting small cap stocks? Or to Innocan Pharma? Then let us add you to our mailing list with the key word: “secondary stocks” or “Innocan Pharma”. Simply send an email to Eva Reuter: [email protected]
Disclaimer/Risk Notice
Conflicts of interest: A paid IR and PR contract exists with Innocan Pharma. The content of the services is, among other things, to increase the level of awareness of the company. dr Reuter Investor Relations is therefore acting in the interests of Innocan Pharma when creating and distributing the article. It is an advertising editorial representation. The article may have been submitted to Innocan Pharma prior to publication. This is to ensure correct company information.
Corporate risks: As with any company, there are risks with regard to the implementation of the business model. There is no guarantee that the business model can be implemented as planned. Further information on the company’s risks can be found on Innocan Pharma’s Investor Relations website: https://innocanpharma.com/investors/?lang=de
Investment risks: Investments should only be made with funds that are freely available and are not required to secure a living. There is no guarantee that the shares will be able to be sold on the stock exchange at any time. In principle, stocks are always subject to the risk of a total loss.
Disclaimer: All information published in this newsletter / article is based on careful research. The information does not constitute an offer to sell the stock(s) discussed, nor a solicitation to buy or sell securities. The statements are based on sources that the publisher considers trustworthy.
Sources: In particular, the information available on the company website is taken into account for the presentation and assessment of the companies. As a rule, there is also direct contact with the board of directors / IR team of the respective analyzed or presented company. Written articles may have been submitted to Innocan Pharma prior to publication in order to have the correctness of all information checked.
Innocan Pharma shares may be owned by employees or authors of Dr. Reuter Investor Relations – taking into account the rules of the Market Abuse Regulation (MAR).
Responsible & contact for queries
Dr. Reuter Investor Relations
Dr. Eva Reuter
Friedrich Ebert Appendix 35-37
60327 Frankfurt
+49 (0) 69 1532 5857
For questions please message [email protected]
2023-05-28 08:15:18
#Innocan #Pharma #Gamechanger #Cannabis #Industry #NBA #Pro #Basketball #League #Players #Marijuana #Shares #Companies #Small
