Full Press Release Details
InMed Launches Cannabicitran (CBT), Expanding
its Rare Cannabinoid Portfolio for the Health and Wellness Sector
Vancouver, BC - January 19, 2022 -
InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM), a leader in the research, development,
manufacturing and commercialization of rare cannabinoids, is pleased to announce it has launched B2B sales of the rare cannabinoid cannabicitran
(CBT) into the health and wellness sector. CBT is the first of several new product launches planned for the first half of 2022.
InMed's subsidiary, BayMedica, has received
initial purchase orders and has commenced commercial sales of the ultra-rare cannabinoid CBT. CBT is the second rare cannabinoid to be
launched by BayMedica, which also sells CBC wholesale as a raw ingredient to the health and wellness sector. Additionally, commercial
scale production of cannabidivarin (CBDV) is underway, with tetrahydrocannabivarin (THCV) production scheduled to follow shortly thereafter.
The Company expects to produce over 100kg of CBDV and THCV in the coming months to meet anticipated initial demand.
"We are delivering on our objective to launch
additional rare cannabinoids in early 2022 in response to inbound demand. By midyear, we expect to have at least four rare cannabinoids
available for the health and wellness markets, positioning us as a leading large scale supplier of high quality rare cannabinoids in these
sectors," stated Shane Johnson, SVP and General Manager of BayMedica. "The launch of CBT further demonstrates our ability
to produce rare cannabinoids at commercial scale, an achievement that very few companies have been able to accomplish. We are pleased
with initial demand and we expect to grow sales over the coming quarters as we continue to expand our product portfolio of rare cannabinoids."
Increasing demand for rare cannabinoids
This emerging market is expected to grow significantly
due to the increasing awareness of the potential benefits of cannabinoid-based products. According to the December 2021 Grand View Research
report, the retail market for rare cannabinoids is expected to reach US$26 billion by 2028 with a forecasted compounded annual growth
rate (CAGR) of >20% during the same period.
With the availability of these rare cannabinoids
at commercial scale, product manufacturers and consumer brands now have the ability to deliver differentiated products, including augmenting
existing CBD-based products, to consumers in the health and wellness marketplace.
InMed / BayMedica commercial advantage
With flexibility across multiple manufacturing
approaches, and its ability to scale up to meet market demand, InMed is well positioned to take advantage of this rapidly growing industry.
The Company's proprietary processes ensure the production of rare cannabinoids with the quality, consistency and purity required
for each target market.
BayMedica manufactures rare cannabinoids through
proprietary synthetic methods that ensure reproducible quality and purity. Its products are produced under food-grade GMP standards, are
bioidentical to plant derived compounds and certified by 3rd party laboratories. These cannabinoids can be custom formulated
for a variety of consumer health and wellness applications including supplements, nutraceuticals, cosmetics and animal health.
For more information on how to purchase
CBT and other rare cannabinoids, please reach out to the BayMedica sales team at: orders@baymedica.com
About InMed: InMed Pharmaceuticals
is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids. Together with its subsidiary
BayMedica LLC, the Company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including
pharmaceutical and health and wellness. InMed is also a clinical-stage company developing a pipeline of rare cannabinoid therapeutics
and dedicated to delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs. For more
information, visit www.inmedpharma.com and www.baymedica.com.
Senior Director, Investor Relations
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: launching CBT into the health
and wellness sector, launching CBDV and THCV in the coming months and producing over 100kg of CBDV and THCV in the coming months; having
at least four rare cannabinoids available for the health and wellness market by midyear 2022 and growing sales over future quarters; being
well positioned to take advantage of the market for rare cannabinoids utilizing the Company's industry flexibility manufacturing
approaches and its ability to produce rare cannabinoids at commercial scale; producing rare cannabinoids with the quality, consistency
and purity needed for their target market sectors; the potential for rare cannabinoids to treat various diseases; being a global leader
in the research, development, manufacturing and development of rare cannabinoids; and delivering new treatment alternatives to patients
that may benefit from cannabinoid-based pharmaceutical drugs.
With respect to the forward-looking
information contained in this news release, InMed has made numerous assumptions. While InMed considers these assumptions to be reasonable,
these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
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. A complete discussion
of the risks and uncertainties facing InMed's stand-alone business is disclosed in InMed's Annual Report on Form 10-K and
other filings with the Security and Exchange Commission on www.sec.gov.
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.