Marijuana companies’ intellectual property is crucial – here’s how to protect it
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.”