GW Pharmaceuticals – a publicly traded British medical cannabis company conducting clinical trials to determine how effective its medications are against epilepsy – watched its stock surge once again in response to a successful round of testing.
News Monday that a phase 3 trial was helpful at treating patients with Lennox-Gastaut Syndrome, a type of epilepsy, sent GW’s stock shooting up by more than 10% on the Nasdaq in morning trading, according to Business Insider. It closed up more than 6%.
Reuters reported the company’s stock had shot up by 21% during trading on the London Stock Exchange.
Both studies involved a product called Epidiolex, an MMJ spray.
GW is expecting to file for approval with the U.S. Food and Drug Administration by year’s end to get permission from the federal government for widespread production and distribution. That, however, would likely first require the Drug Enforcement Administration to reschedule cannabis, which is a possibility that may come to pass in the next month or so.