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Cannabis Biotech Companies are Selling High On the Stock Market

Submitted by Marijuana News on Wed, 03/16/2016 - 08:45

The success of one weed-based drug trial sent investors scrambling to buy into the future of marijuana pharmaceuticals.

Stock brokers were left scratching their heads on Monday as the value of shares in a little-known company called Cannabis Science Inc. dramatically increased. By the end of day, they were up 120 percent.

The tiny Colorado-based biotech company, which has been quietly rallying to get FDA approval for its cannabis-based drugs since 2009, hadn’t done anything particularly newsworthy. In only released statement congratulating a fellow pot-friendly drug firm, the United Kingdom’s GW Pharmaceuticals, on its successful clinical trials for Epidolex, a cannabis-based child epilepsy drug. While it wasn’t much — it didn’t even have anything to do with the company — it was enough to send investors racing to buy Cannabis Science shares.

Thanks to the spread of the legalization...

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