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U.S. Cannabis Patent Filings: Beneficial or Not?
At the beginning of the 21st century, some nations have started legalizing the cannabis as it had restrictions before across the world. Canada was the first nation which legalized medical cannabis. Today, some of the U.S. states are voting for cannabis, while others are giving importance to the legal restrictions; and the patent filings are increasing. According to the analysis by the Verified Market Intelligence, the 2017 cannabis market in the world was at $42.2 billion and is assumed to be increased to $466.81 billion in 2025.
Food and beverage organizations like Coca-Cola, Heineken, and Diageo have recently announced their perspectives on the concept of using drugs for joining the considerably growing market. Coca-Cola is in contacts with Aurora Cannabis Inc, a Canadian company, to develop drinks containing cannabidiol (CBD). Hi-Fi hops, a beer flavored water containing THC and CBD, is developed by Lagunitas, a craft beer brand of Heineken. The maker of Gunnies beer, Diageo, is still in discussions with three Canadian Cannabis-producing companies for making a possible deal. Constellation Brands Inc. published that $3.8 billion of their spending is to improve its stake in Canopy Growth Corp. This deal is considered to be the highest spending in the escalating marijuana industry till today.
According to Bloomberg Intelligence, U.S. legal sales in cannabis have shown $10 billion in 2018 and are expected to reach about $23 billion in 2025—data collected from New Frontier Data, a Cannabis industry intelligence firm.
However, a question arises whether the food and beverage companies are positioned to benefit from the new patent filings or not. The current patent filings will become a burden for most of the food and beverage organizations to incorporate with the chemical, flavoring, and fragrance firms. Therefore, the legalizing of drugs will be beneficial for companies to use new strategies and methods to improve their product development.
The CBD and THC will produce distillate and remove terpenes from the cannabis so that, it can be added to any recipe. This scenario has opened a new gate to the food and beverage companies into a comparatively fresh and new market.