NASCAR Continues To Prohibit CBD Company Sponsorships
Cannabidiol (CBD) is at the heart of one of the fastest-growing industries on earth. CBD is being infused into just about anything and everything that people can think of for better or worse. Regardless of how viable some of the products are, it’s safe to say that CBD, in general, is here to stay.
Hemp-derived CBD and the products that are based on it are legal across the United States thanks to reform provisions that were included in the 2018 Farm Bill which was signed into law. Some rulemaking is still in progress, however, CBD is a legal, mainstream industry regardless.
Unfortunately, stigma is still prevalent in society and the business world when it comes to CBD despite the recently enacted reforms. One example of that is a recent announcement by NASCAR that it will continue to prohibit sponsorships by CBD companies. Per Sports Business Daily:
NASCAR is taking a pass on CBD products. The sanctioning body has decided against allowing sponsorships to be sold to CBD companies, according to sources, stopping brands in the emerging category from advertising in the sport.
Hemp is considered to be a legal agricultural product now, just like corn, albeit with more stringent regulations. So why is NASCAR treating it like a harmful substance?
Why does NASCAR prohibit sponsorships by CBD companies while at the same time allow sponsorships by beer companies, despite the fact that cannabis has been found to be 114 times safer than alcohol?
NASCAR’s policies are clearly based on outdated political opinions and not on science, compassion, and logic. NASCAR and its competitors are missing out on a significant source of advertising revenue that is increasing exponentially and CBD companies are being discriminated against in a truly hypocritical fashion.
NASCAR needs to get on the right side of history and update its policies as soon as possible.