Based at Porton Down in Wiltshire, the company hopes to raise £26million through a share placing in New York next month.
The move is intended to cash in on the buoyancy of the US biotech market, but it should also help raise the company’s profile as it seeks to develop products for the American market.
Licensed by the Home Office to work with a range of controlled drugs for medical research purposes, GW Pharmaceuticals is developing a portfolio of cannabinoid based medicines.
The group’s leading product, Sativex is approved in 21 countries as a treatment for spasticity in multiple sclerosis sufferers, and is also being tested for the treatment of pain.
It is preparing to launch further clinical trials in the US for the use of Sativex as a pain relief drug for cancer patients.
Founded in 1998 and listed on Aim in 2001, GW Pharmaceuticals currently has a stock market value of £75million.
Two years ago its shares were trading at 125p, but they have since fallen to 60p after a setback in Germany.
Analysts expect the Nasdaq listing and fund raising to help the company to accelerate its research and development pipeline across a series of conditions, including cancer, MS, diabetes and epilepsy.