Buffalo Sports Properties (BSP), the multimedia rights holder of University of Colorado  athletics, signed a multi-year corporate sponsorship agreement with Synchronicity Full-Spectrum Hemp Oil, a local supplier of Cannabidiol products, more commonly known as CBD. 

CU Athletics’ partnership with Synchronicity is a mutually beneficial deal helping the hemp oil company receive exposure through CU-affiliated advertising and supporting CU Athletics’ WHOLE (Wellness Health Optimal Life Experience) student-athlete program.

“As a Colorado-based company on a mission to advance wellness, we’re thrilled to partner with CU Athletics,” said Synchronicity CEO Andrew Campbell. “Teaming up with an organization that shares our values and passion for innovation and leadership is of utmost importance to us.”

Originating more than 20 years ago, Synchronicity was founded in Superior, CO and their products are all-natural, sustainably grown and bottled within the state. Their hemp-derived products are aimed to assist in pain relief, muscle recovery, better sleep and more according to their website’s testimonial. The CBD is extracted from the hemp plant, removing it from its psychoactive sister element Tetrahydrocannabinol, or THC. CBD has been federally legalized since 2018, while THC is still considered an illegal drug. 

“Synchronicity products are derived from fully legal industrial hemp, they do not cause the high sensation associated with marijuana products,” David Plati, sports information director for the university, wrote in the release.   

“We’re excited to partner with a company like Synchronicity whose commitment to health and wellness are very much aligned with our athletic department,” CU Athletic Director Rick George said. “Synchronicity’s support will help to enable the experience we strive to provide our student-athletes, and we’re excited to partner with an innovative company based right here in Boulder County.” 

The department’s commitment to “health and wellness” was not the only driving factor for this deal. Financial strain on the department due to the COVID-19 pandemic caused a projected drop of about $43 million in revenue and a deficit of almost $20 million for the 2021 fiscal year. Sponsorship deals finance the athletic department and provide compensation for lost revenue. 

The athletic department’s recent partnerships with Synchronicity and sports betting company PointsBet indirectly challenge National Collegiate Athletic Association (NCAA) legislation prohibiting athletes from endorsing commercial products or services. The legislation references examples such as sports wagering and banned substances. CU athletes are not endorsing Synchronicity or PointsBet, but the athletic department is.

This won’t be the first partnership the school has had with a CBD company. Dr. Daniela Vergara’s research at the university was funded by Front Range Biosciences, which was founded by researchers and scientists to study the highest performing hemp and other high-value crops.The CU Center for Research and Education Addressing Cannabis and Health (CU REACH) has also collaborated with outside sources in their development of evidence-based knowledge regarding Cannabis.

CU is capitalizing off of new finicanical opportunities with industries that may be in contention with NCAA regulations. For both the university and athletic department, these multimedia deals are an opportunity to innovate and expand, but for the NCAA, the school’s actions could be called into question.