Monday, April 1, 2019
The title of this post is the title of a presentation to be made by one of my students in my Marijuana Law, Policy & Reform seminar this coming week. Here is part of his explanation of his topic and links to some background reading:
The cannabis industry has been growing rapidly and has become more mainstream. In 2018, New Frontier Data forecasted that the legal U.S. cannabis market ― worth an estimated $8.3 billion in 2017 ― would grow to almost $25 billion by 2025. While many innovators of the cannabis industry are heavily focused on the business activities to get the company off the ground by dealing with cannabis-specific challenges such as marketing, financing, and differentiations. However, it is also critical to evaluate the significance of intellectual property (IP) and the benefits it can provide.
As with any other new ventures, enforcing an IP protection strategy early on can maximize the profits of a new invention and minimize the risk of potential infringement. However, there are some challenges because cannabis (or at least THC) is still illegal under federal law. My paper will focus on elucidating the IP issues and challenges in a budding cannabis industry. Further, I will discuss some factors and complexities to secure IP rights on cannabis-related inventions.