GW Pharmaceuticals (GWPH) , the British maker of cannabis-based medicine, saw its stock price surge 120% to $84.71 yesterday, up from a two-year low, after announcing a successful phase three clinical trial that proved its drug Epidiolex significantly reduced seizures in children with Dravet Syndrome. But that momentum also generated buzz across pot stocks at large.
Zynerba Pharamceuticals (ZYNE) rose 150% to a six-month high of $21.08. Pot penny stocks also jumped huge percentages: CV Sciences, Inc. (CANV) rose 70%, Cannabis Science, Inc. (CBIS) rose 60%, GreenGro Technologies, Inc., GreenGro Technologies, Inc. (GRNH) rose 37%, Abattis Bioceuticals Corp. (ATTBF) rose 32% and HEMP Inc. (HEMP) rose 22%. What’s more, General Cannabis Corp. (CANN) , Gloucose Health, Inc. (GLUC) , Notis Global, Inc. (MDBX) and Terra Tech Corp. (TRTC) were all up double-digit percentages.
“It's exciting to see that clinical data is continuing to show what many patients have been experiencing personally - that cannabis-based medicines are effective,” said Derek Peterson, CEO of Terra Tech. “It's also encouraging to see these developments lead to economic value for their shareholders. The entire industry is growing quickly, and this is another positive step. It gives me even more confidence in our industry, the science behind it, and our plan to drive shareholder value.”
GWPH, which has been around since 1998 and public since 2001, has carved out a niche in cannabis-based pharmaceuticals by focusing on CBD, cannabidiol, the part of the plant thought to be most tonic to health. Sativex, a drug that treats multiple sclerosis spasticity, has been a major driver to the companies success, and with the rise of Epidiolex and a number of other drugs planned to treat ulcerative colitis, Type 2 diabetes and schizophrenia, GWPH has huge growth potential. This has inspired confidence across the industry.