GW has hired investment bank Morgan Stanley (MS.N) to help handle the overtures, the people said this week.
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The compound that is perhaps of more importance to potential buyers is Epidiolex, a drug that is in late stage trials for the treatment of childhood epilepsy.
Reuters noted that companies that could have an interest in acquiring GW Pharmaceuticals include its partners who distribute its drug, Sativex.
GW declined to comment. A spokesperson for Morgan Stanley did not immediately respond for CNBC’s request for comment.
GW shares ended trading in London up 0.6 percent at 526.50 pence (70 US cents), giving the company a market capitalization of 1.6 billion pounds ($2.1 billion). Reuters cited people familiar with the matter in its report.
GW specializes in developing prescription medicines using botanical extracts derived from Cannabis.
Sativex, which was approved in the United Kingdom in 2010 and sold in 27 countries, is a mouth spray botanical drug made out of cannabis extract, and is used in the treatment for multiple sclerosis to alleviate neuropathic pain, spasticity, overactive bladder, and other symptoms. Current partners include Novartis, Bayer and Almirall.
If approved, Epidolex could treat around 20,000 patients in the U.S. alone and has the potential to generate global annual sales of around $800 million a year, according to analysts. It could eventually produce annual sales in excess of $800 million, according analysts at investment bank Cowen & Co.
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Sativex was never approved in the United States, and only produced $2 million in sales in the latest financial quarter. Its leading asset is an experimental treatment for epilepsy, and it’s also working on candidates for cancer, type 2 diabetes and schizophrenia.
