GWPH - 1 Significant Development That Could Make GW Pharmaceuticals an Even Hotter Buy
As North American cannabis companies battle for supremacy, GW Pharmaceuticals (NASDAQ: GWPH), an ocean away, is benefiting from more and more opportunities arising in Europe. Earlier this year, the company received approval in dozens of European countries for use of its cannabidiol (CBD)-based drug Epidiolex in treating certain forms of epilepsy.
This month, the National Health Service approved the drug to be used in England, Wales, and Northern Ireland as well. And that's significant as the U.K. is expected to be home to one of the biggest markets for cannabis by 2024.
North America is definitely the big prize when it comes to opportunities in the cannabis industry, but Europe is growing in size, as well. According to one report by data analysis company Reports and Data, it's estimated that the global medical marijuana market will be worth $148 billion by 2026, and Europe will be responsible for 28% of that.