Understanding intellectual property law is important when choosing a brand name
With so many cannabis companies finding themselves in legal hot water over their choice of brand names, it’s useful to understand how to select a trademark that can be built into a valuable, proprietary brand that doesn’t infringe any other party’s trademark rights. A trademark is a word or symbol that indicates the source of goods or services for an enterprise. A business needs to be able to own its trademark just like it may own its property, plant and equipment. Well-chosen marks become sources of monetary brand equity and drivers of corporate valuation.
Cannabis businesses can only obtain state trademark protection for cannabis products and services at this time, but trademarks should be selected with federal trademark laws and practices in mind. Existing state trademark laws are largely modeled after federal laws, but well-chosen trademarks could be registered at the federal level if and when that option becomes legally available. When developing and selecting a trademark, it is important to realize that you will be heavily investing in the mark, and if you are successful, it will become your brand and the most valuable asset for your company.
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