A strong uptick in doctor prescriptions and coverage from health insurers is being credited for solid quarterly revenues for GW Pharmaceuticals.
The London-based firm that makes cannabis-derived CBD medicines reported revenue of $91 million for the third quarter ended Sept. 30, up more than 3,500% from the same period a year ago.
Despite the revenue growth, the company lost roughly $13.8 million last quarter, or 4 cents a share. That was an improvement from the third quarter of 2018, when GW Pharmaceuticals lost nearly $80 million.
Sales for the quarter exceeded analyst expectations, which were $85.6 million.
GW Pharmaceuticals’ trademark CBD medication for rare types of epilepsy, Epidiolex, won approval in September for sale in the European Union.
The company is also researching cannabis-derived medications to treat tuberous sclerosis complex, a genetic disorder, and Rett syndrome, a rare neurological disease.
The company’s shares are traded on the Nasdaq under the ticker symbol GWPH.
For more details on the company’s quarterly results, click here.
A chart displaying the earnings for some hemp companies is available here.