GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) stock was up today on news that the U.S. Food and Drug Administration (FDA) may approve its drug derived from cannabis.
The positive bit of news for GWPH stock today comes in the form of a briefing document for an upcoming meeting about epidiolex. This is a drug made by GW Pharmaceuticals for treating seizures that children with certain types of epilepsy can suffer from.
The briefing document from the organization doesn’t raise concerns about the drug’s connection to cannabis. This was a worry that many investors had about the upcoming drug. It’s likely this has to do with the nature of epidiolex. The drug is made with cannabidiol rather than THC. This means that it doesn’t have the same euphoric effect as weed.
The FDA current comments from its advisory committee is that cannabidiol doesn’t contain much potential for abuse. This is a major benefit in opening the way for the drug to get a proper introduction to patients, reports Marketwatch.
The FDA’s advisory committee is planning to hold its meeting on GW Pharmaceuticals’s epidiolex on Thursday. The outcome of this meeting will likely have strong effects on GWPH stock one way or another. It’s important to note that the FDA doesn’t have to follow the advisory committee’s decision, but typically does.
“I think it needs to be approved because everyone is using it across the internet without knowing the safety … and no one is watching the interactions with other drugs,” Dr. Joan Conry of the Children’s National Health System in Washington, told PotNetwork.
GWPH stock was up 10% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.