It’s time for your Daily Hit of cannabis financial news for April 6, 2020.
On The Site
The U.S. Drug Enforcement Administration (DEA) confirmed that the GW Pharmaceuticals plc (Nasdaq: GWPH) cannabidiol drug Epidiolex is no longer subject to the Controlled Substances Act (CSA). The DEA’s letter means that all federal controlled-substance restrictions have been removed for Epidiolex. This change takes effect immediately.
The stock was rising over 3% to lately trade at $85.06 on the news. This further lifts the stock from its 52-week low of $67.98.
Following FDA approval, Epidiolex was initially placed in Schedule V of the CSA. Following receipt of this DEA notification, GW has filed a post-approval supplement with FDA to remove Schedule V designation from Epidiolex.
The company said in a statement that once this process is completed in each state, prescriptions for Epidiolex, like other non-controlled medicines, will be valid for one year and can be easily transferred between pharmacies. The descheduling of Epidiolex also enables physicians to prescribe this breakthrough medicine free of the requirements of state prescription drug monitoring programs.
Canada had originally allowed all cannabis dispensaries to remain open during the COVID19 pandemic. Over this past weekend, stores in Ontario were forced to close when that province reversed course and ordered the stores to close.
The list of essential businesses was updated on Friday, April 3 and dispensaries got the bad news that they were no longer considered essential services. The stores were allowed to remain open on Saturday, but that was it for customers.
So many things have been turned upside down with this pandemic, and saying we live in interesting times would be an understatement. Industries and businesses are being demolished and altered in ways unheard of just a month ago, and a rare few are actually booming.