Cancer patients in severe pain were today offered hope that their suffering could be relieved by a new drug derived from cannabis.

A British company that develops cannabis-based medicines today said one of its drugs had been successful in treating multiple sclerosis as it posted slightly higher half-year losses.

GW Pharmaceuticals, which is developing the world's first cannabis-based medicine for pain relief, has raised stg£25m through an initial public offering.

Investors are poised for a new high on the London market after a company which specialises in cannabis unveiled plans to float today.