The fuss about marijuana legalization in California is getting many prepared to open up businesses in the Cannabis industry. California is one of the states seeking the decriminalization of recreational marijuana whereas others are still in the process of voting for medical cannabis. However, the outcome in November 8, 2016 will not affect the position held by the federal government on marijuana uses and trade. Ideally, weed will remain prohibited under the federal law in the United States. Despite having been criminalized under the federal law, the marijuana industry is valued over $5 billion in the United States and it is now getting increasingly reliant on technology. Regardless of the technological innovation, any inventor always uses patent law for purposes of protecting their creation. Ideally, not many people think that any inventions related to marijuana can be patented.
Following the vote on marijuana, a number of people will be attracted to the industry and quite a number of new jobs will be created. In order to stand out in the market, investors will spur innovation and new technology worth of patenting will be created. All will be competing in the supply of the best marijuana and this is where creativity will start to expand. As of today, people are in a position to buy cannabis online and much more will be expected in the future. In order to thrive in this lucrative business, studying patent law is by far very important for success.
Patents in the Cannabis Industry
A number of companies have now been granted patents related to marijuana. A UK-based company known as GW Pharmaceuticals is in record for owning in excess of 14 US patents ranging from methods of planting and processing marijuana. Other areas that have been patented are in the protocols used for disease treatment. The US Department of Health and Human Services is an agency with the responsibility of protecting the health of all citizens in America and has too gotten a patent on the use of cannabis compounds in the treatment of conditions such as Alzheimer’s disease, cardiovascular disease and cancer. Therefore, the increasing inventions in marijuana delivery to the masses will see increased invention that will require patent protection.
Although there have been a number of developments in the industry, a lot more players in the legal cannabis industry are skeptical of the system of patenting. Some see it as an unimportant instrument of large businesses connected to drugs that are over-priced and several other abuses. In the recent past, marijuana growers, retailers and manufacturers in San Francisco came together to discuss the prevailing state of the marijuana trade. In one of the deliberations, the discussion shifted to patent law. Some of the participants expressed disinterest with the idea of patenting technology in the marijuana industry. One of the concerns raised in the gathering was why plants could be patented!? Opponents to the move felt that it was not necessary because plants formed part of the nature. However, those who proposed it were quick to explain and sense was put across. Ideally, plants and any other living organism can be patented. Essentially, any invention can be given a patent as long as it meets a few fundamental requirements. To make it the trading of both recreational and medical marijuana, it is important for all considering a business venture to beware of patenting their new found technology. This way, you will be able to exclude competitors from using or selling your patented invention for period, usually 20 years after filing an application. This is one of the important things to do to ensure guaranteed success in the trade.