In the last trading session, the stock price of GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) gained 0.32% to close the day at $111.16. GW Pharmaceuticals is a biopharmaceutical company that concentrates its efforts on discovering, developing and commercializing innovative therapeutics from its proprietary Hemp product platform in an extensive range of disease areas.
As per a forecast report by Arcview Market Research, the development in the approved cannabis market will re-accelerate at the start of 2018, as adult use sales are anticipated to ramp up in Canada, Massachusetts and California along with medicinal sales in Florida. The market is anticipated to grow at a CAGR of 27% to $22.6 billion in 2021 from the $6.7 billion market value in the last year.
Polls demonstrate that 80% of Americans permit of legal access to medical cannabis while 60% approve of adult use legalization. That level of arrangement is rare on any policy concern and it’s allowing elected executives across the political spectrum to begin to move past the stigma previously linked with this issue. Hence, the companies in focus will be GW Pharmaceuticals, CANNABIS WHEATON I COM NPV (OTCMKTS:KWFLF), Axim Biotechnologies Inc (OTCMKTS:AXIM), Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) and 22nd Century Group Inc (NYSEAMERICAN:XXII).
Forbes reported that retail sales in the United States from 20 jurisdictions came at $6.5 billion, however as per Greenwave Advisors, that figure is estimated to grow to $30 billion by 2021. In attempt to meet the demand for consumers, the makers and growers of infused offerings have to scale up their businesses. More square footage, more automation and the ability to accomplish this fast growth are separating the pop and mom shops from corporate cannabis.
GW Pharmaceuticals is advancing an orphan drug plan in the segment of childhood-onset epilepsy with a concentration on Epidiolex®, which is in Phase III clinical advancement for the cure of Dravet syndrome, Tuberous Sclerosis Complex, Infantile Spasms and Lennox-Gastaut syndrome.