I can try to answer the question but I'm not an expert.
Is it spam? Actually, no it almost certainly is not legally considered spam. For instance, imagine your electric company sending you your monthly bill and inside are several flyers and ads from various places. Or, your phone company or bank calls you with specal deals. These are all places where you have a existing established relationship. So for them to call, write or email you is legal and NOT spam.
Even in the case of a checkbox it's not hard to think of a scenario where you would explicitly say NO THANKS and still get emails. All the sending company has to do is NOT send you the super heavy advertisements, but still send you the weekly or monthly or bi-annual updates.
Maybe the company could put some more effort into managing their list and clients or whatever, but legally do they have to? Probably not in a case where you are willingly partnering with a company. In those cases, you are not some unknown random person, you are a person with an established relationship with the sender, and therefore not subject to any can-spam issues.
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