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UK: GW higher on relaxation of cannabis law

Reuters

Tuesday 23 Oct 2001

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LONDON, Oct 24 (Reuters) - GW Pharmaceuticals Plc (LSE: GWP.L - news) ,
which is licensed to develop cannabis-based prescription medicines, said on
Wednesday it welcomed the government's plans to ease laws governing the
drug, lifting its shares.

The shares, which had fallen to year lows of around 60 pence after the
September 11 attacks in the United States, opened 12 percent higher at 106
pence.

On Tuesday Home Secretary David Blunkett said the government wanted to ease
the laws on cannabis so that possession would no longer be an arrestable
offence and allowing the drug to be used for medicinal purposes.

GW, which grows its cannabis in secret glasshouses in southern England,
said the announcement reconfirmed that the government intends to permit the
prescription of its medicines.

The company's phase three clinical trials began earlier this year and it
said it remained on track to make its first submission to the Medical
Control Agency in 2003.

It says its under-the-tongue spray, which it has tested on patients with
multiple sclerosis or spinal cord injury who suffer from chronic pain, has
delivered significant benefits for 77 percent of sufferers in clinical trials.

"GW's programme is dedicated to providing patients suffering from multiple
sclerosis, cancer, arthritis and other serious medical conditions with
prescription medicines which harness the medical effects of cannabis
without the harmful effects of smoking," Executive Chairman Geoffrey Guy
said in the statement.

"We are delighted the Home Secretary continues to recognise the potential
importance of these medicines for patients."

The use of cannabis is illegal in most countries, but many people suffering
from diseases such as cancer and multiple sclerosis have long been lobbying
to use cannabis for medicinal purposes.

Many multiple sclerosis sufferers, in particular, say the drug eases their
symptoms.

 

 

 

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