<p>GW Pharma (NASDAQ: GWPH) News for Monday on the removal of Epidiolex by the US Drug Enforcement Administration (DEA) has GWPH stock rising.
The GW Pharma news comes in a recently published press release from the company. It notes that the DEA no longer lists Epidiolex as a controlled substance.
Epidiolex is GW Pharma’s cannabidiol. With this new change, it is now the only approved US Food and Drug Administration (FDA) approved CBD oil that is not covered by the DEA’s controlled substances law. This means that it can now work with approval at the state level and through its distribution network.
What this means is that pharmacies will be able to fulfill prescriptions for Epidiolex. It is used as a treatment for seizures associated with Lennox-Gastaut syndrome or Dravet syndrome in patients two or older.
Justin Gover, Chief Executive Officer of GW Pharma, said this about the GWPH share.
“We want to thank the DEA for confirming the drug’s uncontrolled status. Importantly, the removal of EPIDIOLEX has the potential to further facilitate patient access to this important treatment for patients living with Lennox-Gastaut Syndrome and Dravet Syndrome, two of the most debilitating forms of epilepsy. ”
GW Pharma states that Epidiolex only received approval from the FDA on November 1, 2018. However, it was stored from the markets after being met with a Schedule V designation by the DEA.
The GWPH share rose 5.84% when the markets closed on Monday.
At the time of writing, William White had no position in any of the above securities.