- Cannabicitran is the first of four new rare cannabinoids InMed is planning to launch in the first half of the year to meet growing inbound demand
- The launch demonstrates InMed’s ability to produce rare cannabinoids at scale, something only very few companies have achieved
- BayMedica acquisition, other key achievements in 2021, are positioning the company as a leading supplier of rare cannabinoids in the health and wellness sector
A leader in the research, development, manufacturing and commercialization of rare cannabinoids, InMed Pharmaceuticals (NASDAQ: INM) has begun the new year from a more prominent position in the market, following key acquisitions and milestones attained in 2021 and the launch of a new product, cannabicitran (“CBT”). The company is uniquely positioned to leverage the worldwide growing awareness of the potential benefits of cannabinoids and a rising demand for rare cannabinoids in particular (https://cnw.fm/uQXcU).
According to Grand View Research, the rare cannabinoid retail market is anticipated to reach $26 billion by 2028 (https://cnw.fm/CNIA7). Commercial scale access to rare cannabinoids will enable consumer brands and product manufacturers to deliver differentiated products as well as to enhance existing products for health and wellness consumers. With the launch of business-to-business sales of CBT in the health and wellness sector, InMed has further expanded its portfolio and its presence in the growing rare cannabinoid market.
CBT is the first of several new products InMed is planning to launch in the first half of 2022 in response to growing 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 InMed’s subsidiary and recent acquisition BayMedica.
BayMedica has already received initial purchase orders and begun commercial sales of CBT, the second rare cannabinoid it launched in the health and wellness sector after cannabichromene (“CBC”). Additionally, the company has initiated commercial scale production of cannabidivarin (“CBDV”) and plans to launch tetrahydrocannabivarin (“THCV”) production shortly after, expecting to manufacture over 100kg of both cannabinoids in the coming months.
The CBT launch further demonstrates InMed’s ability to produce rare cannabinoids at commercial scale, an achievement not many companies have been able to attain, according to Johnson. “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,” he added.
The company is all but guaranteed to attain higher sales, given its ability to scale up based on demand and its flexibility in marketing approaches, paired with a stern commitment to ensuring quality, consistency and purity of product through proprietary processes. Moreover, the key acquisition of BayMedica in October 2021 gave InMed access to proven proprietary synthetic manufacturing methods that can be successfully utilized to custom formulate cannabinoids for multiple health and wellness applications, including nutraceuticals, supplements, cosmetics and animal health products.
Other key milestones reached in 2021, as per a recent letter to shareholders from InMed President and CEO Eric A. Adams, include (https://cnw.fm/WvuNq):
- Maximizing production yield of pharma-grade manufacturing process, IntegraSyn(TM) – An industry-leading yield of 5g/L was achieved in June 2021, with plans to further optimize the platform for large-scale, pharmaceutical-grade production of rare cannabinoids.
- Furthering INM-755 program for Epidermolysis Bullosa (“EB”) treatment – A Phase 2 efficacy trial was initiated in September 2021, the first time that cannabinol (“CBN”) has reached a Phase 2 clinical trial as a therapeutic option to treat a disease.
- Advancing INM-088 program for glaucoma treatment – Getting one step closer to launching human clinical trials, the InMed team has conducted several preclinical studies to validate the use of CBN for the treatment of glaucoma, a condition that affects about 80 million people worldwide.
- Conducting promising research into the use of a rare cannabinoid for neurodegenerative diseases – In October 2021, InMed filed an international patent application for the use of a rare cannabinoid, whose name was not disclosed, as potential treatment for various neurodegenerative diseases including Parkinson’s, Alzheimer’s, Huntington’s and others.
For 2022, InMed expects to build on the successes achieved in 2021, especially the acquisition and integration of BayMedica, to secure consistent revenue growth and further advance its pharmaceutical drug development programs, transitioning to become a leading B2B supplier of rare cannabinoids in the consumer health and wellness market.
For more information, visit the company’s website at www.InMedPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://cnw.fm/INM
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