There is no shortage of news about ‘innovative’ cannabis products – both on the consumer and the medical fronts.
Cannabis innovation needs collaboration to work. In consumer cannabis products, countless companies and entrepreneurs are launching as many products as they can. From bread to lipstick – everything has some form of cannabinoid added to it.
The hope is that one of these will emerge as the ‘next big thing’ that will propel the company in a leadership position.
Many seek to adjust their current offering – technology, product, drugs – to include cannabis, in search for new investors and publicity and with it, a new lease of life.
The term NDA (non-disclosure agreement) is touted a lot in the cannabis industry at this point, but sadly, seldom actually complied with. Many go off to open new entities and business that essentially steal the idea or concept, and make it almost impossible to track and bring to justice.
The chase for profits and lack of understanding of the cannabinoid ingredient and its complexity makes it even harder for the genuinely innovative products to break through and create a positive impact for the cannabis industry.
Those currently leading the way in consumer products are holding the ‘state secrets’ under tight wrap leaving the newcomers vulnerable to the ‘industry experts’ and unscrupulous businesses offering a so-called path to success.
Lack of trust results in a lack of collaboration and is currently threatening the industry’s foundations and opportunities for innovation.
If you think competition in the consumer goods category is normal business have you looked in the medical cannabis space?
Although the current regulatory framework is not working in the European market, competing lobbying groups slow down growth instead of creating scale.
Some fight for even more restriction on non-licenced cannabis-based drugs vs others who propagate less restriction, grow in your own country vs buy from abroad and so on.
Competition is so hot that despite almost running bankrupt medical cannabis producers are resistant to collaboration on a significant scale.
In the early days, it was all about creating opportunities in consumer markets and enabling access for patients – now it looks as if the industry is turning inwards on itself, drawing the battle lines, despite knowing there are many other opportunities for growth.
Pre-competitive collaboration is common in all industries. In the pharmaceutical industry specifically, and particularly for its R&D teams, collaboration is driven by the understanding that most of the major obstacles that have to be overcome to accelerate innovation, clinical trials and more are simply too large or inefficient to attempt to tackle alone.
The CannaBiz Innovation Hub taking place on the 4th – 5th of December in London will delve into all of this and so much more.
We are a fully independent business – committed to being a platform that creates opportunities for collaboration that enable scale. Have you booked your seat yet? firstname.lastname@example.org
CannaBiz Innovation Hub look forward to hosting this amazing event built on communication and collaboration, tackling the biggest issues.
Head of Research & Development
t: +44 20 8068 6664 m: +44 75040 07881