Businesses in Colorado and throughout the country spend an average of $2.8 million on patent infringement lawsuits. Therefore, it is important to have IP insurance or some other way to resolve such suits in a timely and affordable way. To defend against a patent lawsuit, it is important to identify and protect an asset as quickly as possible. In the cannabis industry, this may mean that a company identifies and protects a plant it has created.
In some cases, it may not be possible to patent a plant or other intellectual property. This is because it was illegal to grow or sell marijuana or related products until recently. Therefore, it was generally difficult to take action against another person or entity selling the same product to its customers. Furthermore, it may not make sense to get a patent to protect intellectual property. Instead, it may be enough to patent a brand name or to keep certain information a secret from competitors.
Companies will also need to determine how much coverage that they want. For smaller companies, it may be best to simply protect themselves against infringement in the United States. This is because it can be costly to protect intellectual property overseas, and protection may not be available to the same degree in other countries.
Companies that have legal concerns with growing a business may want to talk with an attorney. This may either be an in-house attorney or outside counsel retained to discuss a specific issue. It may also be worthwhile to purchase insurance policies or take other steps to protect the interest of a company’s intellectual and other property. If necessary, a business might file a lawsuit to defend its trademark, patent or any other legal claim to a product.
