(This is an abridged version of a story that appears in the July issue of Marijuana Business Magazine.)
Marijuana products are ineligible for U.S. trademarks because the plant is federally illegal, but that’s not keeping businesses in the marijuana and hemp sectors from filing trademark and patent applications.
In fact, protecting intellectual property is something many cannabis companies should consider doing.
Not only can patents and trademarks and patents protect and enhance a marijuana company’s brand, but they can also increase the firm’s value, cannabis industry insiders told Marijuana Business Magazine.
“If you really have something novel, then you should be persistent,” said Constance Finley, founder of Constance Therapeutics.
In fact, her vape and extract processing firm in San Francisco has received two federal patents and has several pending trademark applications to protect Constance Therapeutics’ name and logos.
Hoban Law Group patent attorney Kevin Fortin, who is working with Finley on an intellectual property strategy, takes a forward look at protecting a company’s intellectual property:
“Trademarks insure your marketing dollars, and patents insure your product-development dollars. Both impact valuation when the wave of industry consolidation hits.”
It’s also important to keep in mind that the U.S. Patent and Trademark Office is under no obligation to conform its patent procedures to U.S. Drug Enforcement Administration regulations and policy.
Click on the links below to learn what the experts who spoke with Marijuana Business Magazine had to say about:
If you’re still questioning whether a trademark and/or patent is right for your cannabis business, Marijuana Business Magazine also looked at the types of companies and products that have undertaken the process.