GW Pharma had a US$2.9 billion market cap on the back of their...

GW Pharma had a US$2.9 billion market cap on the back of their phase 2 trials of CBD based drug, Epidiolex. Keep in mind Epidiolex was treating an orphan epilepsy condition so the market size was also constrained.

They were US$3.3 billion on completion of phase 3 trials and importantly still pre revenue.

Revenue ramped up dramatically in 2020 and we all know the outcome. Takeover in 2021 for US$7.4 billion by Jazz Pharma.

IMO, do not underestimate the value that IHL will create in the next 2 to 12 months, particularly with 5 clinical trials underway and each addressing a billion dollar market opportunity. OSA is clearly the flagship but each is a company marker.