The Hemp Industry: A Case Study

Decent Essays
With new companies emerging in all different types of industries, it is no wonder why the ever-advancing technology that these firms generate would want to be kept secret. Companies gain strategic competitive edges from keeping their intellectual property a secret. Disclosing their trade secrets would result in other companies following suit and copying their ideas. The hemp industry is no different, as one can see the specific instances of intellectual property that these hemp firms fight for. Many companies have their own secret extraction methods or secret ingredient lists that are something competitors cannot offer. This can been seen everywhere, as almost every company claims to have their own unique twist on their hemp products.…show more content…
This is where intellectual property will come into play. First off, I will need to develop a strong brand image and begin to develop my brand loyalty. Creating trademarks such as a logo will allow customers to see my products and immediately associate them with our brand. It will be our responsibly to find people who are trying to capitalize off our already established trademark and put an end to it to preserve our name. Another key aspect of intellectual property that we must have is trade secrets. There are certain methods of propagation to hemp and cannabis that most growers would never disclose. They are secrets that keep their crops potent while maximizing yield. These trade secrets can be crucial to a company’s success. An important component that I will also be trying to utilize is a unique method of extraction. As technology changes, the methods of extraction will be changing just as fast, which means I may have the opportunity to patent my own unique extraction method. If I were able to accomplish this, I would have something that no other competitor could offer. Many hemp companies have patents on some of their products and because of this they are able to gain an exclusive customer base. In conclusion, my trademarks, trade secrets, and potential patents will be some of the determining factors for my company’s success. These
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