Patent wars have long dominated the emerging tech sector, and in the cannabis industry the wars have already started even before a change in federal laws. The primary reason? The potential to profit is huge.
The cannabis patent IP wars are just getting started; broad utility patents have been filed on whole families of cannabis plants and extractions, meaning companies that want to ensure survival need to get ahead of infringement lawsuits rather than scramble to solve them.
“Litigation is expensive, the average cost of patent infringement is $2.8 million,” says Gil Shaheen, vice president of sales and marketing at Kentucky-based Intellectual Property Insurance Services Corporation (IPISC). “These cases usually take one and half to three years to litigate.”
Shaheen adds that, according to U.S. Patent and Trademark Office (USPTO) and data assembled by the American Intellectual Property Law Association (AIPLA), patent litigation has risen sharply since