Wednesday was a banner day for cannabidiol (CBD) products specialist Charlotte's Web Holdings (OTC: CWBHF). The company announced a new sponsorship deal, and as a result happy investors traded it up by a massive 44%.

Charlotte's Web's counterparty is none other than Major League Baseball (MLB). Under the terms of a multiyear agreement, the company's brand will be the official CBD of the storied pro sports league. 

The terms of the deal weren't provided in full. Charlotte's Web will issue just over 6.1 million of its common shares to MLB, an amount that represents around 4% of the outstanding total. It has also granted the league revenue-sharing rights on co-branded products, and will hand over rights fee payments through the end of 2025. It did not get more specific about those latter two terms.

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Source Fool.com