Steady drop in GW Pharma share price as we await Sativex UK approval

GW Pharma (GWP) dropped today to 112p to buy, around 12% higher than following the announcement of a positive regulatory assessment on the safety, quality, efficacy of Sativex 3 weeks ago. Since approval of the product in multiple sclerosis is more or less assured in May and a UK launch due by end of Q2, the current share price seems to a good opportunity to increase exposure given the fall from close to 130p at the time of the positive clinical trial in cancer pain in early March.  Volume is very light and the share price looks like it is being walked down by the market makers. The question of course is whether the downward trend of 1-2p price falls per day will end. The market cap is only £145 million and a £10 million payment is due from Bayer Schering and £2.5 million from Almirall on licence approval.