With the legalization of cannabis in Canada, the cannabis industry is rapidly expanding from a collection of small businesses on the fringes of legality to a mainstream business opportunity. There are many new entrants in this field, and many more people are looking for good opportunities to become involved in the sector. As a result of this intense competition, it is crucial to have a sound intellectual property strategy in order to protect your competitive advantage in this emerging industry.
There are many aspects relating to cannabis that can potentially be protected by intellectual property: trademarks can protect emerging brands, patents can protect novel production or purification techniques or new medicinal applications of cannabis or cannabinoids, industrial designs can protect the designs of new cannabis-related accessories, trade secrets can protect production or processing methods that can be kept confidential, and plant breeders rights can protect new strains of cannabis.
However, securing protection is not always straightforward. The past status of cannabis as an illegal drug, and its current status as an illegal drug in other countries, complicates traditional IP protection strategies. It is important to work with a law firm like ours that is familiar with the intricacies of securing IP protection for cannabis-related innovations to avoid some of the potential pitfalls associated with this industry.