Strong intellectual property (IP) protection has been essential to the advancement of technology and remains key to its continued progress. Effectively managing the IP portfolio can mean the difference between success and failure for businesses.
The cannabis industry should take steps to protect IP related to their brands and associated products and services. Companies are recommended to develop a tailored IP protection strategy early in the BD life cycle.
The importance of business development (BD) and licensing functions has grown significantly over the past 25 years in the global market and many companies have sought to supplement their internal R&D with innovative technologies sourced from partner companies.
By entering into strategic alliances with other players in the industry, companies can obtain access to technology, expertise and knowledge, in addition to presenting opportunities for additional collaborations.