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The obesity market has garnered much interest lately, propelled by the success of GLP-1 therapies Wegovy and Zepbound, marketed by pharma giants Novo Nordisk (NVO - Free Report) and Eli Lilly (LLY - Free Report), respectively. This space is growing at an exponential pace and is expected to reach $100 billion by 2030.

The soaring demand for weight-loss drugs has pushed companies to innovate beyond GLP-1s. One emerging area of interest is cannabinoid (CBD)-based therapies, which may unlock new mechanisms for managing weight and metabolic conditions.

Like obesity, cannabis is among the fastest-growing industries globally. While this industry is expected to surpass the $200 billion mark by 2032, investing directly in pure-play cannabis companies has often been disappointing for investors, largely due to regulatory complexities.

In this context, we examine three companies — Novo Nordisk, Corbus Pharmaceuticals (CRBP - Free Report), and Skye Bioscience (SKYE - Free Report) — that are at the forefront of developing obesity treatments rooted in CBD science. We'll analyze why these companies, each carrying a Zacks Rank #3 (Hold) rating, may be interesting prospects to watch.

From GLP-1 to CBD: Novo Nordisk's Diversified Pipeline

Though this Danish drugmaker is a market leader in obesity treatments with its semaglutide products Wegovy and Ozempic, the increasing competition from arch-rival Lilly has prompted the company to explore alternative approaches to maintain its edge.

Novo Nordisk entered the CBD space after acquiring Inversago Pharmaceuticals in 2023. This buyout added monlunabant, an investigational oral cannabinoid type-1 (CB1) receptor inverse agonist drug designed to treat metabolic diseases, including obesity.

Last September, Novo Nordisk reported top-line data from a phase IIa study on monlunabant for the treatment of obesity. Though study participants treated with this drug did achieve a statistically significant weight loss compared to placebo, higher doses yielded diminishing returns. Novo Nordisk plans to start a phase IIb study on the drug in a broad patient population later this year to determine an optimal dose that balances safety and effectiveness.

Estimates for Novo Nordisk’s 2025 earnings per share (EPS) have risen from $3.81 to $3.84 in the past 30 days. During the same timeframe, EPS estimates for 2026 have declined from $4.66 to $4.64. The stock has lost about 21% year-to-date, attributed to a list of factors, including intensifying competition from Lilly and regulatory/pipeline setbacks.

Corbus Pharma — A Small Cap With Big Cannabis Ambitions

Corbus’ lead CBD-based candidate, CRB-913, targets the same CB1 receptor as monlunabant. The company started the single ascending dose/multiple ascending dose (SAD/MAD) portion of a phase I study on this drug in March, with results expected in the third quarter of 2025. Corbus has started preparations for a follow-up phase Ib dose-ranging study set to initiate in the fourth quarter and conclude in the second half of 2026.

While early-stage drug development carries inherent risk, preclinical data suggest that CRB-913 may offer key advantages over the previous CB1-targeting therapies. The drug has demonstrated a brain-to-plasma ratio 50 times lower than rimonabant and 15 times more peripherally restricted than monlunabant, suggesting a reduced risk of neuropsychiatric side effects.

Besides CRB-913, Corbus is advancing two investigational oncology drugs in its portfolio for treating solid tumors. Its lead oncology asset is CRB-701 — a next-generation antibody-drug conjugate targeting Nectin-4 — currently being evaluated in a phase I/II study. The company is also developing CRB-601, an early-stage anti-αvβ8 integrin monoclonal antibody.

Estimates for Corbus’ 2025 loss per share have increased from $5.47 to $6.34 in the past 30 days. During the same timeframe, loss estimates for 2026 have widened from $5.30 to $5.39. While the stock has declined 36% year-to-date, such volatility is not uncommon given the dynamic shifts in the regulatory landscape, providing an opportunity for investors seeking speculative growth exposure.

Nimacimab — Skye Bioscience’s Answer to Metabolic Diseases

Skye Bioscience is developing nimacimab, a first-in-class monoclonal antibody targeting the same CB1 pathway as monlunabant and CRB-913. The company is currently conducting the phase II Cbeyond study evaluating the drug as monotherapy and in combination with Novo’s Wegovy for treating obesity. Top-line data from this study is expected later this year.

Similar to CRB-913, Skye has designed nimacimab to minimize brain penetration while preserving metabolic effects. The initiation of the Cbeyond study is supported by data from early-stage studies, which did not demonstrate any adverse psychiatric events in study participants. Skye Bioscience has also partnered with Arecor Therapeutics to develop a high-concentration formulation of nimacimab for improved dosing.

Estimates for Skye Bioscience’s 2025 loss per share have widened from $1.27 to $1.31 in the last 30 days. During the same timeframe, loss estimates for 2026 have increased from $1.48 to $1.52. The stock has lost 27% year-to-date, likely due to investor concerns around the company’s financial position and lack of commercial revenues.

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