Bellator MMA announced a new multi-year exclusive partnership with cbdMD Inc (NYSE: YCBD), a consumer cannabidiol) brand. As part of the agreement, mixed martial arts organization Bellator MMA will give cbdMD exclusive branding rights inside the Bellator cage.

CbdMD president Caryn Dunayer said in the press release the partnership will position the company to "educate athletes and fans" about the multiple benefits of CBD.

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The deal shouldn't be confused with rival UFC, which has its own partnership with Aurora Cannabis Inc. (NYSE: ACB) to advance clinical research around CBD products.

Bellator President Scott Coker said teaming up with "innovative partners" is key to the league's success as the sport of MMA evolves. CbdMD is "leading the way in a rapidly growing industry."

Dunayer also said the new partnership should prove to be a "lasting relationship" that will help "push both industries into the future."

cbdMD shares traded lower by 6.4% at $5.54 at time of publication.

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Photo courtesy of Bellator.