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 Provides Business Update and Milestones for 2024 Advancin

InMed Pharmaceuticals Provides Business

Update and Milestones for 2024

Vancouver, BC - January 16, 2024

- InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM), a leader in the manufacturing,

development and commercialization of rare cannabinoids and proprietary cannabinoid analogs, today outlines key accomplishments from 2023

and provides key strategic priorities for 2024.

Eric A. Adams, InMed President and CEO,

commented, "In 2023, we experienced significant progress in both InMed's pharmaceutical drug development and in BayMedica's

health and wellness initiatives. Our primary accomplishments throughout the year included a number of key milestones, such as the completion

of a Phase 2 clinical trial and the launch of two new preclinical programs targeting the treatment of Alzheimer's disease and Age-related

Macular Degeneration ("AMD")."

Adams continued, "As we embark

on 2024, we are placing increased emphasis on proprietary small molecule drug development candidates in our pharmaceutical pipeline with

two exciting new programs addressing critical unmet medical needs. Firstly, INM-901 for the treatment of Alzheimer's disease is

showing promise via multiple mechanisms of action, including an increase in neuroprotection and an improvement in neuronal function via

neuritogenesis. Secondly, INM-089 for the treatment of AMD appears to play a role in the preservation of retinal function, proactively

protecting the retinal cells that are responsible for vision. Our focus on developing proprietary cannabinoid analogs over the past two

years has started to pay dividends, evident in their utilization in these two new preclinical programs."

"Concurrently, BayMedica continues

to drive robust year-over-year revenue growth. The foreseeable future looks promising for the health and wellness segment as demand for

minor cannabinoid ingredients continues to gain momentum."

Key accomplishments in 2023

INM-901 in the treatment of Alzheimer's

The Company is highly encouraged by

the initial preclinical data from in vitro and in vivo studies. Existing external research indicates that various cannabinoids

have been shown to have a wide range of impact on Alzheimer's pathology. Newly approved Alzheimer's disease medications primarily

address symptoms related to memory and cognitive function via the reduction of beta-amyloid plaques. Some approved treatments may slow

the rate of cognitive decline, but no treatment has been shown to reverse disease effects. INM-901 appears to be active via multiple mechanisms

of action; early research indicates INM-901 has the potential to be effective in reducing beta-amyloid plaques and has the potential to

provide neuroprotective effects and enhanced neuronal function. Additionally, INM-901 treated groups demonstrated improved behavioral,

cognitive and memory outcomes in several Alzheimer's proof-of-concept studies using in vivo disease models.

The Company has initiated long-term

(6-month) preclinical studies in behavioral models to further evaluate the potential impact of INM-901 in Alzheimer's disease. Preparations

are underway for the subsequent phase of advanced preclinical studies, encompassing drug distribution, metabolism and active pharmaceutical

ingredient ("API") and drug product formulation/ manufacturing.

INM-089 in the treatment of AMD

Based on the previous research conducted

with InMed's initial ocular drug candidate, INM-088 in the treatment of glaucoma, the Company leveraged its know-how to advance

preclinical work with the use of a proprietary analog for the treatment of AMD. Our preclinical research has shown promising results in

preserving retinal function, proactively protecting retinal cells, and enhancing the thickness of the outer nuclear layer of the retina

where photoreceptors are situated.

The Company is currently engaged in

API and drug product formulation work and expects to initiate Investigational New Drug ("IND")-enabling studies in mid-2024,

with the anticipation of filing an IND application with regulatory authorities in calendar 1H 2025.

INM-755 - In the treatment

The comprehensive data and

findings from the Phase 2 clinical trial will soon be available on the National Institutes of Health ("NIH")

clinicaltrials.gov website and the European Union Clinical Trials Register website. Additionally, an abstract will soon be published

in Itch, the official journal of the International Forum for the Study of Itch.

The Company believes that INM-755 holds

promise for further advancement in the treatment of chronic itch and other related ailments and the Company is currently seeking partnerships

for continued development. Due to several factors, including the small size of the trial and the clinically important anti-itch activity

of the underlying cream without study drug, results were not statistically significant, but we believe the results are clinically important

based on additional analyses.

BayMedica - Ingredients supplier to the

health and wellness industry

BayMedica continues to be a leading low-cost/high

quality manufacturer of certain non-psychoactive rare cannabinoids and is an ingredients supplier to brands within the health and wellness

industry. BayMedica demonstrated significant year-over-year revenue growth throughout 2023 and remains focused on making strategic decisions

to capitalize on the revenue generation opportunities as the rare cannabinoid market continues to mature. BayMedica has embraced a predominantly

distributor model to strategically expanding coverage across the US and thereby further amplifying BayMedica's reach into different

market segments. In 2024, we anticipate consumer brands will increasingly embrace rare cannabinoid ingredients, integrating them into

new product formulations and formats.

InMed: InMed Pharmaceuticals is a global leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary

cannabinoid analogs. Together with our subsidiary, BayMedica, we have unparalleled cannabinoid manufacturing capabilities to serve a spectrum

of consumer markets, including pharmaceutical and health and wellness. We are 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.

Vice President, Investor Relations

and Corporate Communications

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 statements are frequently, but not always, identified by words such as "expects",

"anticipates", "believes", "intends", "potential", "possible", "would"

and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks,

uncertainties and assumptions, known and unknown, many of which are beyond our control. 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: placing

increased emphasis on proprietary small molecule drug development candidates; INM-901 shows promise via multiple mechanisms of action,

including an increase in neuroprotection and an improvement in neuronal function via neuritogenesis and has potential to be effective

in reducing beta-amyloid plaques; INM-089 appears to play a role in the preservation of retinal function, proactively protecting the retinal

cells that are responsible for vision and enhancing the thickness of the outer nuclear layer of the retina; the foreseeable future looks

promising for the health and wellness segment as demand for minor cannabinoids ingredients continues to gain momentum; the Company is

highly encouraged by the initial preclinical data from in vitro and in vivo studies; preparations are underway for the subsequent

phase of advanced preclinical studies, encompassing drug distribution, metabolism and API and drug product formulation and manufacturing;

expecting to initiate IND-enabling GLP studies in mid-2024, with the anticipation of filing an IND in calendar 1H 2025; BayMedica making

strategic decisions to capitalize on the revenue generation opportunities; anticipating brands increasingly embracing rare cannabinoid

ingredients, integrating them into new product formulations and statements relating to the Company's 2024 strategic priorities generally.

With respect to the forward-looking information

contained in this news release, InMed has made numerous assumptions regarding, among other things: continued economic, regulatory and

market stability; delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based

pharmaceutical drugs; and developing a pipeline of cannabinoid-based pharmaceutical drug candidates. 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. Known risk factors include, among others: regulatory