GW Pharma (NASDAQ:GWPH) news for Monday concerning the descheduling of Epidiolex by the United States Drug Enforcement Administration (DEA) has GWPH stock rising.
The GW Pharma news comes in a recent press release from the company. It notes that the DEA is no longer listing Epidiolex as a controlled substance.
Epidiolex is GW Pharma’s cannabidiol. With this new change, it is now the only U.S. Food & Drug Administration (FDA)-approved CBD oil that is not subject to the DEA’s Controlled Substances Act. This means it can now work on approval at a state level and through its distribution network.
What this means is that the pharmacies will be able to fulfill prescriptions for Epidiolex. The drug is used as a treatment for seizures associated with Lennox-Gastaut Syndrome or Dravet syndrome in patients two or older.
Justin Gover, the Cheif Executive Officer of GW Pharma, said this about the GWPH stock news.
“We would like to thank DEA for confirming the non-controlled status of this medicine. Importantly, the descheduling of EPIDIOLEX has the potential to further ease patient access to this important therapy for patients living with Lennox-Gastaut Syndrome and Dravet syndrome, two of the most debilitating forms of epilepsy.”
GW Pharma notes that Epidiolex first got approval from the FDA on Nov. 1, 2018. However, it was kept off the markets after being hit with a Schedule V designation by the DEA.
GWPH stock was up 5.84% when markets closed on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.