A new white paper from Fasken law firm asserts that the early filing of patents for innovative products is crucial for companies hoping to succeed in the booming North American cannabis market
Canada’s decision to legalise cannabis for recreational use in 2018 is set to spur on the already rapid growth of the North American marijuana market. With medical cannabis having been legal in Canada since 2001 and several US states also joining the party, players from a range of industries – from agriculture, to pharmaceuticals, food, and many more – are now jostling for a share of what is set to become a USD 23.4 billion market by 2023.
However, the legalization of cannabis raises many questions in terms of public health, regulation, cultivation, supply, and distribution in what is still an emerging industry. A new white paper from one of Canada’s leading law firms looks at a lesser-studied aspect of the cannabis revolution – that of patents – and their sizeable impact on companies’ current and future successes.
Through a comprehensive analysis of global cannabis-related patent filings, the white paper shows an extremely active North American cannabis market that is growing in terms of cannabis sales but also in corporate financing and patent filings.
The companies set to win this cannabis arms race are those that are early to position themselves and file patents. These firms will benefit on a number of levels, including from investor financing, marketing, advertising, as well as their strategic positioning by generating blocking patents that are difficult or even impossible to circumvent.
Conversely, the companies that stand to lose out are those who do not file patents. They will face increased risks of infringing third-party patents and the unpleasant prospect of facing lawsuits.
Download the white paper now, which includes rankings of the most active companies in this field, the key indications for which cannabis-related patents are being filed, and more exclusive in-depth analysis.
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