NASDAQ: INM Suite 310-815 W. Hastings St. Vancouver, BC, Canada V6C 1B4 Tel: +1.604.669.7207 Email: info@inmedpharma.com www.inmedpharma.com InMed Pharmaceuticals Announces Closing of US$12 Million Private Placement Pric

InMed Pharmaceuticals Announces

Closing of US$12 Million Private Placement

Priced At-the-Market under

Vancouver, BC - July 2, 2021 -

InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM), a clinical-stage company developing

cannabinoid-based pharmaceutical drug candidates as well as manufacturing technologies for pharmaceutical-grade rare cannabinoids, today

announced that it has closed the previously announced private placement.

H.C. Wainwright & Co. acted as the

exclusive placement agent for the private placement.

Under the terms of the private placement,

an aggregate of 4,036,327 common shares (or common share equivalents in lieu thereof) and warrants to purchase up to an aggregate of 4,036,327

common shares were purchased, at an effective purchase price of US$2.973 per common share (or common stock equivalent in lieu thereof)

and associated warrant. The warrants have an exercise price of US$2.848 per share, are exercisable immediately and have a term of five

years. After deducting the placement agent fees and estimated offering expenses payable by the Company, the Company received net proceeds

of approximately US$11 million.

InMed intends to use the net proceeds

from the offering to continue pipeline development, advance business development activities and for general working capital purposes.

The securities issued in the private placement

have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities

laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement

or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. As part

of the transaction, InMed has agreed to file a registration statement with the Securities and Exchange Commission within ten business

days of the date of the securities purchase agreement to register the common shares and the common shares issuable upon exercise of the

warrants issued in the private placement.

No securities were offered or sold, directly or

indirectly, in Canada or to any resident of Canada.

This press release does not constitute an offer

to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which

such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.

About InMed: InMed Pharmaceuticals

is a clinical-stage company developing a pipeline of cannabinoid-based pharmaceutical drug candidates, initially focused on the therapeutic

benefits of cannabinol ("CBN") and is developing IntegraSyn to produce pharmaceutical-grade cannabinoids. The Company

is dedicated to delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs. For

more information, visit www.inmedpharma.com.

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking

information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning

of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to

a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

Forward-looking information in this news release includes statements about: the use of the net proceeds of the private placement offering;

and the filing of a registration statement by InMed with the Securities and Exchange Commission within ten business days from the date

of the securities purchase agreement or at all.

With respect to the forward-looking information

contained in this news release, InMed has made numerous assumptions regarding, among other things: the ability to obtain all necessary

regulatory approvals on a timely basis, or at all; and continued economic and market stability. While InMed considers these assumptions

to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties

Additionally, there are known and unknown risk

factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance

or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: regulatory

filings may not be filed or approved on a timely basis, or at all; InMed's securities issuable in connection with the offering may not

be accepted for registration by the Securities and Exchange Commission on a timely basis, or at all; InMed may not be able to advance

its other product candidates on a timely basis, or at all; economic or market conditions may worsen; InMed's cannabinoid manufacturing

process and drug development programs may not deliver the expected level of results; and InMed may not be able to provide new therapeutic

alternatives that benefit patients via cannabinoid-based medicines. A more complete discussion of the risks and uncertainties facing InMed

is disclosed in InMed's filings with the Security and Exchange Commission and the most recent Annual Information Form filed with Canadian

securities regulatory authorities on SEDAR at www.sedar.com.

All forward-looking information herein is qualified

in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information

or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results,

events or developments, except as required by law.