Catalent, Inc. CTLT recently inked a development agreement with JOS Pharmaceuticals, according to which the former will commence a viability study for the potential development of a licensed cannabidiol (“CBD”) product to be used as an anesthetic premedication. Per the agreement terms, the study will be using Catalent’s proprietary Zydis orally disintegrating tablet (“ODT”) technology.For investors’ note, JOS Pharmaceuticals is a clinical-stage biopharmaceutical company focusing on anesthesiology. The company extracts CBD from certified hemp and is creating its se•d8 prescription CBD wafer for awake sedation anesthesia administered for cataract surgery as well as for anxiolysis during magnetic resonance imaging procedures.The latest agreement is expected to significantly strengthen Catalent’s Oral and Specialty Delivery segment across the globe.Rationale Behind the DealThe feasibility study will focus on establishing proof of concept and prototype development of a Zydis formulation of a highly purified and naturally derived CBD. It should be noted in this regard that Zydis technology creates a freeze-dried tablet that disperses almost instantly in the mouth without water and is considered to be among the world’s best-performing ODTs.Per Catalent’s management, CBD derived from hemp is a rapidly developing market, and the company is looking forward to applying its experience and expertise in product development of this licensed program.Industry ProspectsPer a report by Grand View Research, the global cannabidiol market was valued at $2.8 billion in 2020 and is expected to expand at a CAGR of 21.2% from 2021 to 2028. Factors like its healing properties, and growing acceptance and use of products are likely to drive the market.Given the market potential, the inking of the agreement seems to have been timed well.Other Notable Deals of CatalentCatalent has entered into a few notable deals across its businesses over the past few months.The company, in June, reached an agreement to acquire RheinCell Therapeutics GmbH, which is expected to close before the end of 2021, subject to customary conditions.Catalent, in May, announced that it has begun a global innovation partnership with Norwegian biotech company Hofseth BioCare ASA to develop a delayed-release formulation of HBC’s OmeGo fish oil.The same month, Catalent acquired Promethera Biosciences’ cell therapy manufacturing subsidiary, Hepatic Cell Therapy Support SA, including its 32,400-square-foot (3,010-square-meter) facility in Gosselies, Belgium.Price PerformanceShares of the company have gained 33.1% in the past year compared with the S&P 500's 37.8% rise. The industry lost 10.2% in the said time frame.Image Source: Zacks Investment ResearchZacks Rank & Other Key PicksCurrently, Catalent carries a Zacks Rank #2 (Buy).A few other top-ranked stocks from the broader medical space are Veeva Systems Inc. VEEV, AMN Healthcare Services Inc AMN and Align Technology, Inc. ALGN.Veeva Systems’ long-term earnings growth rate is estimated at 15.8%. The company presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.AMN Healthcare’s long-term earnings growth rate is estimated at 6.5%. It currently flaunts a Zacks Rank #1.Align Technology’s long-term earnings growth rate is estimated at 23.2%. It currently carries a Zacks Rank #2. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Align Technology, Inc. (ALGN): Free Stock Analysis Report AMN Healthcare Services Inc (AMN): Free Stock Analysis Report Veeva Systems Inc. (VEEV): Free Stock Analysis Report Catalent, Inc. (CTLT): Free Stock Analysis Report To read this article on Zacks.com click here.