Non-Disclosure Agreements, commonly referred to as “NDAs”, should be considered by hemp and cannabis businesses if a business intends to exchange confidential information with another business or individual. At a minimum, NDAs should include what constitutes “confidential information,” duration of the agreement, as well as the exact parties that are to be bound by the agreement. Given the uncertainty the exists with intellectual property protections in this space, NDAs can provide some protection against the use of proprietary and/or non-public company information. Also, if you are asked to sign a NDA, be sure to review whether or not it is unilateral or mutual to know whether or not the protections contained in the document extend to one or both parties.
DISCLAIMER: THIS INFORMATION IS STRICTLY EDUCATIONAL AND DOES NOT CONSTITUTE LEGAL ADVICE.