Five Ways Cannabis Firms Can Put an End to Counterfeiting Intellectual Property Rights
A counterfeited item is one that is replicated from an authentic, and existing product. One could think of this as a fake, just like there just exists fake Gucci’s, Chanel bags, you name it! Often times, counterfeit goods go for much cheaper, which isn’t so bad if it is something like a bag or shoes, but what about goods that are ingested?
Given the rapid growth experienced by the cannabis industry, many counterfeit goods have since flourished. This is dangerous considering the fact that many consumers today retort to said uses for medical reasons.
In fact, consumers aren’t the only ones negatively affected, as businesses get their reputations tarnished, which leaves investors losing money and ultimately, the entire industry being questioned.
To ensure that consumers, businesses, investors and even the entirety of the industry is protected, cannabis businesses need to take the necessary measures to prevent counterfeit goods from existing.
5 Ways to End Counterfeiting Intellectual Property Rights
Green Entrepreneur has recently shared a piece which shares five ways that firms can protect themselves and in turn help other key players involved:
#1. Intellectual Property Rights Require Enhanced Protection
The first piece of advice given to cannabis firms is that they should get the exclusive rights to their products, whether this is in the form of plans, ideas, formulas, etc. Some examples of the types of protection include copyrights, patents, and trademarks.
#2. Always Create with the Anticipation that Counterfeits will Come About
When a firm gets recognized for carrying utmost, high-quality, health-benefiting products, not only are consumers made aware of this, but also those who create counterfeits. Failure to keep on the lookout for such goods, can negatively impact a brand’s reputation, which would be unfortunate considering the effort that goes behind success.
Green Entrepreneur has advised cannabis firms to work alongside an intellectual property attorney to create a watch program. It shouldn’t simply stop here, as businesses are encouraged to work alongside every possible player in the supply chain involved in the good.
#3. Communicate with Consumers
With any brand comes customer relations. Without such support, there is no way for a business to last. Some steps that can be done to promote customer relations while protecting them against counterfeit goods include informing the right places to make purchases or including “hard-to-replicate holograms into your packaging.” In the event that a counterfeit managed to enter the market, consumers have the right to know and this should be coming from the authentic brand themselves!
#4. Actively Engaging with An Attorney
In addition to protecting one’s intellectual property rights, firms have been suggested to seek assistance from attorneys in getting the necessary certificates that indicate one’s goods are protected by the U.S Customs and Border Protection.
#5. Proactive Versus Reactive
Once again, the first point is being reemphasized here, as firms should really look into registering their goods. This could make future disputes easier to resolve while ensuring that one’s brand isn’t compromised nor will consumers get ripped off by some off-brand.
These are essentially initial steps that just about any business belonging to any industry can follow!