Boston, MA, 08/11/2014 (medicalmarijuanareporter) – About 23 States of US have legalized use of medical marijuana, which lead to several marijuana start-ups mushrooming to serve the need and acquire this market share. GW Pharmaceuticals (NASDAQ:GWPH) is one of the main competitor and a big name in the field of marijuana and other cannabis related drugs. However, the CEO of GW Pharma, Justin Gover does not agree with this. According to him, the company was started 16 years ago with clear goal that the company will highlight and bring out the best medicinal use of marijuana, what has been missed out till now. The prescription of these medicines needs an approval after undergoing FDA process.
The difference in outlook of the company is indicative through its stock price. Stock price of other medical marijuana stocks have been trading for few pennies while GW Pharmaceuticals (NASDAQ:GWPH) stock started quite good over Nasdaq in June 2013.From IPO price of 8.90, it jumped to 82 and now in July it was around 111.
Face Off With Competitor
GW Pharmaceuticals (NASDAQ:GWPH) is different as it concentrates on cannabinoids and other substances derived from cannabis. Though, on the first day itself when GW pharma started, another company Insys Therapeutics (NASDAQ:INSY) also debuted on NASDAQ. Insy manufactures pain medicines and is equally working on cannabinoid formulations. Thus, it is in close competion with GW Pharma.
Both GW Pharma and Insy are doing testing for cannabinoid concentration which does not has any psychoactive aftermath. Gw Pharma is examining it in the form of Epidiolex drug, which treat 2 severe forms of childhood epilepsy namely Lennox-Gastault syndrome and Dravet Syndrome. FDA has designated Epidiolex as an orphan drug, which if gets permission will get seven exclusive years of brand name in the market, giving GW Pharmaceuticals (NASDAQ:GWPH) the chance to sell it at high price. However, Insys has some other alter plans. It has also developed a complete synthetic cannabidiol product of its own, which again has got orphan drug status from FDA. This again treats Lennox-Gastault and Dravet syndrome.
Unknown future risks and further testing of drugs will clarify in future that which formulation out of two moves ahead and get an upper hand.