No, not free as in free beer. Free to sell, buy, breed new strains, etc. An open source-style license would protect the genetics once attached to the license, from ever being stolen by a conglomerate and owned because they found a special pheno and crossed it with their own proprietary genetics.
It's similar to the way things work now except that there's nothing stopping big canna from taking Mephisto genetics, making a cross and preventing companies like Mephisto from subsequently developing strains from that cross because it's now copyrighted.