On Tuesday, Morgan Stanley initiated coverage on shares of GW Pharmaceuticals (NASDAQ: GWPH) with an Overweight rating and $103 price target, sending the shares $15 higher to $61.

Analyst David Friedman believes the company's cannabis platform “has strong potential, with the epilepsy program driving valuation.” Epidiolex, a purified CBD extract, accounts for 90 percent of the analysts peak revenue.

“While small and still anecdotal, there is a consistently strong and building set of data (case cohort and controlled) which highlight the positive impact of CBD on refractory epilepsy pts,” said Friedman.

The analyst sees most of “Sativex growth to come from the US mkt over time, with Ph 3 trials in advanced cancer pain and MS spasticity providing the next steps.”

At 9:55 a.m., Jim Cramer made some bullish comments on the stock and is the one cannabis stock he actually recommends to those looking for a piece of the medical marijuana space. His comments sent the stock spiking again.