Since the legalization of Cannabis here in Canada in October of 2018, we have seen an influx of cannabis-based businesses looking to protect their intellectual property rights.
Intellectual property rights can take various forms, but specifically in relation to the cannabis industry, there are a number of ways cannabis-based businesses can protect themselves, including protecting their intellectual property in the form of patents, plant breeders’ rights, trademarks (which include brand names, logos, slogans, and trade names), and trade secrets.
A patent provides legal protection for an invention or process that is novel, non-obvious, and clearly defined. A trademark is a symbol, word, slogan, or logo used to distinguish a brand or product from others. Plant breeders’ rights allow plant breeders to protect new varieties of plants in the same way that an inventor protects an invention with a patent.
The value of a properly protected and registered trademark is huge. A trademark provides your company with a competitive edge by differentiating your goods and services from those of your competitors. A trademark provides your customers with a memorable way to identify your goods and services. I would urge all cannabis-based businesses to secure their trademarks.
Securing trademarks is extremely important. Consumers trust and recognize brand names and trademarks. Good trademarks increase the value and goodwill of a company substantially. When a company is sold, a registered trademark can significantly increase the value of the business. Companies purchase other companies based on their know-how, reputation, and trademarks. Big name brands are in demand, and companies are willing to pay accordingly for the instant recognition and market access of recognized trademarks.
For more information on intellectual property rights, and to discuss your specific circumstances, please contact Vanessa DeDominicis at 250-869-1140 or [email protected] Vanessa is a Registered Canadian and US Trademark Agent at Pushor Mitchell LLP in Kelowna and would be more than happy to assist you!
