Canada: Psychedelics – The New Trademark Frontier

Canada: Psychedelics – The New Trademark Frontier
CANNANNEW REPORT

Published at Mondaq https://www.mondaq.com/canada/trademark/1175104/psychedelics-the-new-trademark-frontier 23 March 2022 by Toba Cooper , Janice Bereskin and Luca Manfredi Bereskin & Parr LLP It has been only about 5 years since the start of Canada’s green rush and already there are clear signs of the impending psychedelic surge. Psychedelics in many ways are the new cannabis, having grabbed the attention of investors in both the medical and recreational arenas. Accordingly, research into potential medical uses of psychedelics is receiving increased attention. Studies are revealing that naturally occurring and synthetic psychedelic compounds show promise in treating psychiatric and neurological conditions including depression and Post-Traumatic Stress Disorder. Current estimates predict the industry will grow at double-digit annual rates (between now and 2027). Just as was the case with the cannabis craze, trademark practitioners expect that we are nearing another blitz of trademark filings but this time in association with a variety of goods and services including medical and recreational mushrooms, psilocybin mushrooms, and psilocybin infused food and beverages: GROOVY. Achieving Brand Success in an Emerging Market Success in an emerging market such as psychedelics rests on many factors, including product strength, brand distinctiveness, customer loyalty, and rights to exclusive use of trademarks and trade names. Those who wish to come out ahead in this new psychedelic frontier will certainly need the best and sharpest brand protection tools; properly and timely filed trademark applications being chief among them. Early trademark filers benefit from a less crowded register, offering greater chances of securing a registration. Historical data related to Canada’s emerging cannabis market is likely to provide a glimpse into what is to come. Cannabis-related goods and services appeared in only two trademarks on the Canadian Trademark Register prior to the substance’s legalization for medical use in 2001. Since then, and by the time recreational cannabis was legalized, a significant increase in…

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Source : Canada: Psychedelics – The New Trademark Frontier

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