Hemp-derived cannabidiol (CBD) manufacturer Abacus Health Products (CSE:ABCS,OTCQX:ABAHF) has scored an endorsement deal with former NFL player Rob Gronkowski, the company announced on Tuesday (August 27).
In a press release, the company confirmed Gronkowski will act as a spokesperson for its CBD recovery products. He will participate in the marketing of new products, and Abacus also teased that Gronkowski could help in the development of new CBD items.
“(Gronkowski’s) passion for living life to the fullest while maintaining a healthy, natural, and pain-free lifestyle aligns perfectly with the mission of our company,” said Perry Antelman, CEO of Abacus.
Shares of the CBD producer jumped following the announcement. They opened at a price of C$7.37, and, as of 12:48 p.m. EDT, had increased in value by 4.9 percent to C$7.40.
— Rob Gronkowski (@RobGronkowski) August 27, 2019
In a statement, Gronkowski said after his retirement he started exploring options to treat his pain from playing football. Gronkowski began his professional career in the NFL in 2010, and suffered a variety of injuries during that time. Gronkowski officially retired from the NFL in March after playing his entire career with the New England Patriots. The tight end won three Super Bowls with the Patriots.
“During my career, I pushed myself while recovering from nine surgeries and countless injuries,” said Gronkowski. “I was in near constant pain and needed to make a change.”
During a press conference, Gronkowski said he is now pain free thanks to CBD products, and asked major sports leagues to update their policies on the drug.
Other retired NFL players have come forward with support for the marijuana industry as a way to manage pain from playing the sport. However, the football league continues to evaluate the drug without committing to a change in its ban on marijuana products.
Business opportunities for athletes in the cannabis industry have also flourished. Ex-NFL player Tiki Barber acts as the chief business development officer for Grove Group Management, a private equity and venture capital firm he helped launch in 2018.
Abacus currently promotes two brands with different lines of pain management products: CBD Medic and CBD Clinic. The first line also contains a line of skincare products.
As part of an investor deck, the company confirmed it has secured distribution channels with national retailers in the US.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.