InMed Launches Cannabicitran (CBT), Expanding its Rare Cannabinoid Portfolio for the Health and Wellness Sector
January 19 2022 - 7:30AM
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.
Investor Contact: Colin ClancySenior Director,
Investor RelationsT: +1.604.416.0999E: cclancy@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: 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.
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