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Cannabis businesses face unique risks and challenges, and insurance slowly gaining its footing on how to properly insure this budding industry.

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The U.S. Patent and Trademark Office has issued a number of patents for specific strains of cannabis. (Photo: Bloomberg) The U.S. Patent and Trademark Office has issued a number of patents for specific strains of cannabis. (Photo: Bloomberg)

It’s not uncommon to have a patent issued on certain fruits, vegetables and other plant varieties. In fact, patents issued within the agribusiness field are commonplace — and for good reason: Once patented, a plant cannot be legally grown without the permission of the patent holder. Recently, the U.S. Patent and Trademark Office has issued a number of patents for specific strains of cannabis, and the trend is quickly picking up speed.

Today, the legal cannabis industry is worth an estimated $11 billion — a figure that could easily double within the next two years. At this rate of growth and with federal legalization becoming increasingly likely, businesses ranging from startups to big corporations are ramping up patent purchasing efforts and claiming ownership of cannabis plant DNA.

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