cannabisnews.com: Firm Looks To Cash in on Pot Laws Firm Looks To Cash in on Pot Laws Posted by FoM on October 24, 2001 at 16:29:05 PT By Bruce Stanley, AP Business Writer Source: Associated Press GW Pharmaceuticals, the only British firm licensed to grow marijuana for medicinal purposes, said Wednesday it foresees a surge in sales once the government relaxes laws restricting use of the drug. The company is currently conducting trials of a marijuana-based pain reliever and expects that it could start selling the medicine under prescription by 2004. A day after the government announced its new policy, investors pushed company shares 13.7 percent higher to close at 107 pence (dlrs 1.52) each on the London Stock Exchange. GW Pharmaceuticals makes the medicine from an extract taken from 15,000 marijuana plants that it cultivates in a greenhouse at an undisclosed location. It plans to sell the drug as a spray applied under a patient's tongue and aims to market it to Britain's 85,000 sufferers of multiple sclerosis and to the even larger numbers of people with rheumatoid arthritis. ``We are confident that significant numbers of these patients will welcome a medicine like this,'' said company spokesman Mark Rogerson. Home Secretary David Blunkett said Tuesday that he proposes to reclassify marijuana, or cannabis, as a ``Class C drug'' - putting it in the same category as anabolic steroids. Such a change means that that although the use of marijuana would remain illegal, the penalties would be less severe and police would not have the power of arrest. Offenders could instead be warned, cautioned or reported for a summons to appear in court. Marijuana is currently a Class B drug, and possession carries a maximum penalty of five years in jail. Simple possession of a Class C drug carries a maximum sentence of two years. Blunkett's statement to the House of Commons comes amid an intensifying political debate about marijuana. Senior figures from all three major political parties have now urged a review of cannabis laws. ``We welcome it, obviously,'' Rogerson said of Blunkett's announcement. Based in Salisbury in southwestern England, GW Pharmaceuticals obtained a license from the Home Office in 1998 to cultivate, possess and supply marijuana for medical research purposes. It has completed initial clinical tests on about 80 patients and plans soon to expand the trials to include 1,000 patients, Rogerson said. GW Pharmaceuticals hopes to submit the results of its next round of trials to regulators in 2003. So long as the trial data look promising, Rogerson said Blunkett has indicated the government will change marijuana laws to allow for prescription sales. Source: Associated PressAuthor: Bruce Stanley, AP Business Writer Published: October 24, 2001Copyright: 2001 Associated PressRelated Articles & Web Sites:UK Medicinal Cannabis Projecthttp://www.medicinal-cannabis.org/Medical Marijuana Information Linkshttp://freedomtoexhale.com/medical.htmMedicinal Cannabis Set To Be Legalised http://cannabisnews.com/news/thread11150.shtmlCannabis Laws Set To Be Easedhttp://cannabisnews.com/news/thread11149.shtml Home Comment Email Register Recent Comments Help Comment #1 posted by JR Bob Dobbs on October 25, 2001 at 05:02:35 PT Supply and demand >>[GW] foresees a surge in sales once the government relaxes laws restricting use of the drug. Really? I thought that, with a cheap and easy alternative to your expensive prescription pharmaceutical, perhaps your revenue might go DOWN... [ Post Comment ] Post Comment