Cannabis Stocks Increasing Due to GW Pharma’s Weed Interest
On Wednesday, the news spread about the first company that won US regulatory approval for a cannabis-based drug. A $7 billion deal shows the value, as well as the potential interest of cannabinoid-based medicine.
GW Pharmaceuticals Ltd. is well-known as the inventor of Epidiolex. This drug is used in treating epilepsy in children and was approved by the US Food and Drug Administration in 2018. GW Pharm was earlier acquired by Jazz Pharmaceuticals PLC that specializes in sleep medications.
US-listed shares of the GW Pharma, which is based in the United Kingdom, were sent up to 46% in afternoon trading, just by the news. That helped in increasing cannabis stocks.
Nawan Butt, a portfolio manager of the Medical Cannabis and Wellness, said that he thinks there will be more deals like this in the future.
Jason Wilson, cannabis and banking expert at ETF Managers group, claimed that the deal is a clear sign that the pharmaceutical industry is starting to realize and accept the advantages of cannabis.
David Johnson, a chief executive of Enveric Biosciences Inc, agreed with all of them and added that this deal shows that cannabis validation is a significant part of treating patients with unmet medical needs.
Schumer, Sens. Ron Wyden of Oregon, and Cory Booker of New Jersey said in the joint meeting that the new legislation would include deleting records relating to past drug usage in the next couple of weeks.
All of the news and upcoming events show the value and importance medical cannabis has and will have even more in the future.