Entrepreneurs in the cannabis industry face numerous choices that influence the success of their businesses. With so much to consider when building a cannabis company, business owners may easily get lost, confused, or make uninformed decisions that may imperil their business. At any stage of entrepreneurship, the right information could avoid unfortunate legal or financial issues such as bankruptcy.
From trademarks to financial decisions, a business’ growth opportunities often rely on the decisions made by cannabis business owners. These decisions can be greatly influenced by the knowledge of experienced cannabis attorneys like those at Ritter Spencer Cheng. Read on below to read three things every cannabis business owner should know.
1: You Need to Protect Your Business’ Intellectual Property.
A business’ branding or products can contribute to its success, and cannabis entrepreneurs should take the right steps to protect their intellectual property, including through trademarks and copyrights. A business owner’s intellectual property can launch a business into recognizability and it is essential to protect it. A trademark is an appreciable asset for your company. Likewise, copyrights owned by your company can protect your work from being knocked off by others. Registering for copyright protection with the US Copyright Office provides the ability to enforce the copyright if someone infringes. As a business owner, protecting your brand is one of the most important things you can do.
2: Track Local Marijuana Laws and Their Developments.
No matter the nature of your business, legislation shifts can influence how it operates—including the legality of business practices. The 2018 Farm Bill set an unprecedented motion for CBD and other hemp-derivative businesses to thrive, but marijuana remains an illegal Schedule I drug federally. State permissive regimes and regulations can give leeway to social programs such as conditional-use dispensaries, which present unique opportunities for new entrepreneurs. State regulations may also bar certain products from sale or manufacture, such as bans on smokable hemp products. Keeping an eye on state marijuana developments can help you make informed decisions about the course of your business and avoid legal troubles.
3: When in Doubt, Hire an Attorney.
As much as an entrepreneur attempts to keep track of everything, they may find themselves at a crossroads concerning hard decisions, including business structures, navigating regulations, and other start-up dilemmas. Because of the dissonance between federal and state laws, an experienced CBD and hemp attorney can help you navigate this blossoming market and relieve stress.
Chelsie Spencer is a Dallas-based attorney carefully monitoring local and federal laws that may impact cannabis business owners in Texas. Well-versed in the unique needs of the hemp, CBD, and cannabis industries, Chelsie is a proactive ally to the legal marijuana community. She is also experienced in trademark law and can help protect your brand. Contact Ritter Spencer Cheng today or give us a call at 214.295.5070 for more information.