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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on December 23, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-1</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INMED PHARMACEUTICALS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>British
    Columbia</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2834</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-1428279</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction
    of<BR>
    incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer<BR>
    Identification Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 1445 &ndash; 885 West Georgia St.</B>&nbsp;<BR>
<B>Vancouver, British Columbia, Canada&nbsp; V6C 3E8</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(604) 669-7207</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered Agent Solutions, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1100 H Street NW, Suite 840</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20005</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(888) 705-7274</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>with copies to:</I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Netta Jagpal<BR>
                           Chief Financial Officer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InMed Pharmaceuticals Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 1445 &ndash; 885 West Georgia St.&nbsp;<BR>
    Vancouver, British Columbia, Canada&nbsp;V6C 3E8&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(604) 669-7207</B></P></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jared D. Kaplan</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trevor Zeyl</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Norton Rose Fulbright US LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1045 W. Fulton Street</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 1200</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago, IL 60607</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(312) 964-7754</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Approximate date of commencement of proposed
sale to the public:</B> From time to time after the effective date of this registration statement.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following
box: &#9746;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering: &#9744;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering: &#9744;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering: &#9744;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer:</FONT></TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer:</FONT></TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    Growth Company:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act &#9744;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission
acting pursuant to said Section 8(a), may determine.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B><I>The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities
and it is not soliciting offers to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B><I>PROSPECTUS
SUBJECT TO COMPLETION, DATED DECEMBER 23, 2024</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;<IMG SRC="image_001.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>3,000,000
Common Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the offer and resale
by the selling shareholder identified herein, or the Selling Shareholder, or any of its pledgees, donees, assignees and successors-in-interest,
or collectively, the permitted transferees, of up to 3,000,000 of our common shares, no par value per share, or the common shares. The
common shares to which this prospectus relates consists of up to 3,000,000 common shares that we may sell to the Selling Shareholder,
from time to time after the date of this prospectus, in our sole and absolute discretion, pursuant to the Standby Equity Purchase Agreement,
dated December 13, 2024, or the SEPA.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholder is an underwriter within
the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended, or the Securities Act. The registration of the common shares
hereunder does not mean that the Selling Shareholder will actually purchase, or that the Company will actually issue and sell, all or
any of the 3,000,000 common shares being registered pursuant to the registration statement on Form S-1 under the Securities Act to which
this prospectus relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not selling any securities under this prospectus
and we will not receive any proceeds from the sale of common shares by the Selling Shareholder. However, we may receive up to $10,000,000
in aggregate gross proceeds from sales of common shares to the Selling Shareholder that we may, in our discretion, elect to make, from
time to time after the date of this prospectus, pursuant to the SEPA. We will bear all fees and expenses incident to our obligation to
register the common shares covered by this prospectus. Brokerage fees, underwriting discounts and commissions, and similar expenses, if
any, attributable to the sale of common shares offered hereby will be borne by the Selling Shareholder. The Selling Shareholder and any
of its permitted transferees may offer and sell the common shares covered by this prospectus in a number of different ways and at varying
prices. See &ldquo;<I>Plan of Distribution</I>&rdquo; beginning on page 20 for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context indicates otherwise, as used
in this registration statement, the terms &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;InMed,&rdquo; &ldquo;the Company&rdquo;
or similar terms refer to &ldquo;InMed Pharmaceuticals Inc.,&rdquo; together with our wholly owned subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common shares are listed on the Nasdaq Capital
Market under the symbol &ldquo;INM&rdquo;. On December 20, 2024, the last reported sale price of our common shares on the Nasdaq Capital
Market was $4.40 per share (rounded to the nearest hundredths place).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company&rdquo;
and a &ldquo;smaller reporting company&rdquo; under the federal securities laws and are subject to reduced public company reporting requirements.
See &ldquo;<I>Prospectus Summary&mdash;Implications of Being an Emerging Growth Company and a Smaller Reporting Company</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our common shares involves a
high degree of risk. Before you invest in our common shares, you should carefully read the section entitled &ldquo;<I>Risk Factors</I>&rdquo;
on page 7 of this prospectus, and other risk factors contained in any applicable prospectus supplement and in the documents incorporated
by reference herein and therein, including the additional information described under the headings &ldquo;Incorporation of Certain Information
by Reference&rdquo; and &ldquo;Where You Can Find More Information&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may amend or supplement this prospectus from
time to time by filing amendments or supplements as required. You should carefully read this entire prospectus, any amendments or supplements,
and the documents incorporated or deemed incorporated by reference herein and therein, before you make your investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The date of this prospectus
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 90%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">About
    This Prospectus and Exchange Rates</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 9%; text-align: center">ii</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_002">Prospectus
    Summary</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">1</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_003">Risk
    Factors</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">7</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">Special
    Note Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">10</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_005">Use
    of Proceeds</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">14</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">Dividend
    Policy</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">14</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_007">Principal
    Shareholders</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">15</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">Certain
    Relationships and Related Transactions</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">17</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_009">Description
    of Securities</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">18</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_010">Selling
    Shareholder</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">19</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_011">Plan
    of Distribution</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">20</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">Legal
    Matters</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">22</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_013">Experts</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">22</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_014">Where
    You Can Find More Information</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">22</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_015">Incorporation
    Of Certain Information By Reference</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">23</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS AND
EXCHANGE RATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information contained in, or incorporated by reference into, this prospectus, and any applicable prospectus supplement or free writing
prospectus that we have authorized for use in connection with this offering. Neither we nor the Selling Shareholder have authorized anyone
to provide you with additional information or information that is different. This prospectus is an offer to sell only the securities
offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. The information appearing in this prospectus
is accurate only as of the date of this prospectus and any information we have incorporated by reference is accurate only as of the date
of the document incorporated by reference, regardless of the time of delivery of this prospectus or of any sale of the common shares
offered hereby. Our business, financial condition, results of operations and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We obtained the industry,
market and competitive position data in this prospectus and the documents incorporated by reference herein from our own internal estimates
and research as well as from industry and general publications and research surveys and studies conducted by third parties. This information
involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently
verified the accuracy or completeness of the data contained in these industry publications and reports. The industry in which we operate
is subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the heading &ldquo;<I>Risk
Factors</I>&rdquo; beginning on page 7 in this prospectus and under similar headings in the documents incorporated by reference into
this prospectus, that could cause results to differ materially from those expressed or implied in these publications and reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For investors outside the
United States: Neither we nor the Selling Shareholder have done anything that would permit this offering or possession or distribution
of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons who come into
possession of this prospectus in a jurisdiction outside the United States must inform themselves about, and observe any restrictions
relating to, this offering and the distribution of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains
references to our trademark and to trademarks, trade names and service marks belonging to other entities. Solely for convenience, trademarks,
trade names and service marks referred to in this prospectus, including logos, artwork and other visual displays, may appear without
the &reg; or &trade; symbols, but such references are not intended to indicate, in any way, that we or the applicable licensor will not
assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names
and service marks. We do not intend our use or display of other entities&rsquo; trade names, trademarks or service marks to imply a relationship
with, or endorsement or sponsorship of us by, any other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
references in this prospectus to &ldquo;$&rdquo; or &ldquo;United States dollars&rdquo; are to United States dollars. Canadian dollars
are referred as &ldquo;Canadian dollars&rdquo; or &ldquo;C$&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The high, low, average and
closing rates for Canadian dollars in terms of the United States dollar for each of the periods indicated, as quoted by the Bank of Canada,
were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    Ended June 30</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">High for period</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3875</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3856</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3039</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average for the period</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3551</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3397</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2659</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low for period</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3128</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2753</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2329</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rate at end of period</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3687</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3240</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2886</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 20, 2024, the
Bank of Canada daily rate of exchange was $1.00 = C$1.4365 or C$1.00 = $0.6961.<B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights selected information
contained in other parts of this prospectus. Because it is only a summary, it does not contain all of the information that you should
consider before investing in our securities and it is qualified in its entirety by, and should be read in conjunction with, this entire
prospectus and the information incorporated herein by reference to our other filings with the Securities and Exchange Commission, or
the SEC. Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described
herein or incorporated by reference herein, together with all of the other information in this prospectus, including our financial statements
and related notes, before investing in our securities. If any of the risks described herein or incorporated by reference herein materialize,
our business, financial condition, operating results and prospects could be materially and adversely affected. In that event, the price
of our securities could decline, and you could lose part or all of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Unless the context indicates otherwise, as used
in this prospectus, the terms &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;InMed,&rdquo; &ldquo;the Company&rdquo; or
similar terms refer to &ldquo;InMed Pharmaceuticals Inc.,&rdquo; together with our wholly owned subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a clinical stage pharmaceutical
company developing a pipeline of proprietary small molecule drug candidates that are preferential signaling ligands of the endogenous
cannabinoid 1, or CB1, and cannabinoid 2, or CB2, receptors as well as other receptor targets linked to human diseases. CB1 and CB2 receptors
are each part of the endocannabinoid system that is found throughout the human body and is responsible for many homeostatic functions.
CB1 receptors are primarily located in the brain and central nervous system, while CB2 receptors are involved in modulating neuroinflammation
and immune responses. Our research efforts target the treatment of diseases with high unmet medical needs. Together with our wholly owned
subsidiary, BayMedica, we also have garnered significant know-how in developing proprietary manufacturing approaches to produce and sell
bulk rare cannabinoids as ingredients for various market sectors, or Products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">InMed has sought to focus
on the research and development of preferential signaling ligands of CB1 and CB2 and has produced a library of novel, proprietary drug
candidates, or Product Candidates. These Product Candidates are patentable NCEs for pharmaceutical drug development, aimed at targeting
diverse clinical indications. Our current pharmaceutical pipeline consists of three programs, with drug candidates targeting Alzheimer&rsquo;s
disease, dry age-related macular degeneration, or AMD, and Epidermolysis Bullosa, or EB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">InMed&rsquo;s INM-901 is
a proprietary small molecule, disease modifying drug candidate that is being developed as a potential treatment for Alzheimer&rsquo;s
disease. INM-901 has multiple potential mechanisms of action as a preferential signaling agonist for both CB1 and CB2 receptors, as well
as impacting the PPAR signaling pathway. Combined, these mechanisms of action may offer a unique treatment approach targeting several
biological pathways associated with Alzheimer&rsquo;s disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Outcome from our ocular research,
based on the proprietary small molecule INM-089, indicates potentially promising neuroprotective effects in the back of the eye, which
may lead to the preservation of the retinal function. Neuroprotection in dry Aged-related Macular Degeneration, or dry AMD, remains an
unmet medical need and a new treatment option may help solve this multifactorial disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">InMed has completed a Phase
2 clinical trial of INM-755 (cannabinol) cream studying its safety and efficacy in treating symptoms related to EB. Results from the
Phase 2 clinical trial conducted during 2022 and 2023 showed a positive indication of enhanced anti-itch activity for INM-755 (cannabinol)
cream versus the control cream alone in an exploratory clinical evaluation. The Company is also pursuing strategic partnership opportunities
for INM-755 in EB and other itch-related skin conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Together with our wholly
owned subsidiary BayMedica, our manufacturing capabilities include traditional approaches such as chemical synthesis and biosynthesis,
as well as a proprietary, integrated manufacturing approach called IntegraSyn. With several manufacturing approaches, InMed has sought
to maintain enhanced flexibility to select the most cost-effective method to deliver high quality, high-purity Products and Product Candidates
fit for their intended use. BayMedica&rsquo;s commercial business specializes in the business-to-business commercialization of bulk rare,
non-intoxicating cannabinoids as raw materials for the &lsquo;health and wellness&rsquo; sector that are bioidentical to those found
in nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
</DIV>
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<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have incurred significant
operating losses since our inception, and we expect to continue to incur significant operating losses for the foreseeable future. Our
ability to generate product revenue that is sufficient to achieve profitability will depend heavily on the revenues generated from our
products in the health and wellness sector, on the successful development and eventual commercialization of one or more of our Product
Candidates and/or the success of our manufacturing technologies. Our net loss was $7.7 million and $7.9 million for the years ended June
30, 2024 and 2023, respectively. In addition, we have an accumulated deficit of $109.1 million as of June 30, 2024, which includes all
losses since our inception in 1981 and includes losses associated with non-pharmaceutical activities up to 2014. We expect our expenses
will remain steady in the near- and long-term as we:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek partnership(s) to
    advance the INM-755 program for the treatment of dermatological conditions including chronic itch;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue to advance research
    with proprietary drug candidates including the INM-901 program targeting treatment of neurodegenerative diseases such as Alzheimer&rsquo;s
    and in the INM-089 program to treat dry AMD;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">investigate our Product
    Candidates for additional uses beyond their initial target indications;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pursue the discovery of
    additional small molecule drug candidates for other diseases with high unmet medical needs and the subsequent development of any
    resulting new Product Candidates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek regulatory approvals
    for any Product Candidates that successfully complete clinical trials;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">scale-up our manufacturing
    processes and capabilities, or arrange for a third party to do so on our behalf;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue to support our
    commercial operations and revenue-generating Products at BayMedica;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">execute on business development
    activities, including but not limited to strategic transactions, mergers, acquisitions and/or divestitures as well as in- or out-licensing
    of technologies or business units;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain, expand, enforce,
    defend and protect our intellectual property;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue to further advance
    the research and development of various manufacturing technologies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">build internal infrastructure,
    including personnel, to meet our milestones; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">add operational, financial
    and management information systems and personnel, including personnel to support product development and potential future commercialization
    efforts and our operations as a public company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of these activities
as well as our working capital requirements, we will need substantial additional funding to support our continuing operations and pursue
our growth strategy. We expect to finance our operations through product sales, the sale of equity, debt financings or other capital
sources, including collaborations with other companies or other strategic transactions. We may be unable to raise additional funds or
enter into such other agreements or arrangements when needed on favorable terms, if at all. If we fail to raise capital or enter into
such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization
of one or more of our Products and Product Candidates or grant rights to external entities to develop and market our Product Candidates,
even if we would otherwise prefer to develop and market such Products and Product Candidates ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because of the numerous risks
and uncertainties associated with drug development and commercial growth, we are unable to predict the timing or amount of increased
expenses and working capital requirements or the timing of when or if we will be able to achieve or maintain profitability. If we fail
to become profitable or are unable to sustain profitability on a continual basis, then we may be unable to continue our operations at
current or planned levels and be forced to reduce or terminate our operations.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional information concerning
the Company and our business is set forth in our Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the
SEC on September 30, 2024, and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which was filed with
the SEC on November 11, 2024, each of which are incorporated herein by reference and made available on our website at https://www.inmedpharma.com/investors/filings/.
The information that is contained on, or that may be accessed through, our website is not incorporated into this prospectus, and you
should not consider it part of this prospectus. We have included our website address in this prospectus solely as an inactive textual
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were originally incorporated
in the Province of British Columbia, under the <I>Business Corporations Act</I> (British Columbia), on May 19, 1981 and we have undergone
a number of executive management, corporate name and business sector changes since this incorporation, ultimately changing our name to
&ldquo;InMed Pharmaceuticals Inc.&rdquo; on October 6, 2014. Our principal executive offices are located at Suite #1445-885 W. Georgia
St., Vancouver, BC V6C 3E8, Canada, and our telephone number is +1-604-669-7207. Our internet address is <I>https://www.inmedpharma.com/</I>.
The information that is contained on, or that may be accessed through, our website is not incorporated into this prospectus, and you
should not consider it part of this prospectus. We have included our website address in this prospectus solely as an inactive textual
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Being an Emerging Growth Company and a Smaller
Reporting Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an &ldquo;emerging
growth company&rdquo; as defined in the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act.
As such, we are eligible to take advantage of exemptions from various disclosure and reporting requirements that are applicable to other
public companies that are not &ldquo;emerging growth companies&rdquo; including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our exemption from the
    auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">being permitted to present
    only two years of audited financial statements and only two years of related Management&rsquo;s Discussion and Analysis of Financial
    Condition and Results of Operations, in each case, instead of three years;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced disclosure obligations
    regarding executive compensation, including no Compensation Disclosure and Analysis;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our exemption from any
    requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement
    to the auditor&rsquo;s report providing additional information about the audit and the financial statements; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our exemption from the
    requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments
    not previously approved.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may take advantage of
these exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the earliest of (i)
June 30, 2026, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the
last day of the fiscal year in which we are deemed to be a &ldquo;large accelerated filer&rdquo; as defined in Rule 12b-2 under the Securities
Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our common shares held by non-affiliates
exceeded $700.0 million as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued
more than $1.0 billion in non-convertible debt securities during the prior three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may choose to take advantage
of some but not all of these exemptions. We have taken advantage of reduced reporting requirements in this prospectus and in the documents
incorporated by reference into this prospectus. Accordingly, the information contained or incorporated by reference herein may be different
from the information you receive from other public companies in which you hold stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the JOBS Act
provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting
standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we may adopt new
or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies instead
of the dates required for other public companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are also a &ldquo;smaller
reporting company&rdquo; as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer
an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until
the fiscal year following the determination that our voting and non-voting common shares held by non-affiliates is $250 million or more,
as measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most
recently completed fiscal year and our voting and non-voting common shares held by non-affiliates is $700 million or more, as measured
on the last business day of our second fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Developments&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Standby Equity Purchase Agreement </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
December 13, 2024, the Company entered into the SEPA with the Selling Shareholder, pursuant to which the Selling Shareholder has agreed
to purchase from us up to $10,000,000 of our common shares (subject to certain limitations), or the commitment amount, from time to time
during the term of the SEPA. The aggregate maximum amount of all purchases that the Selling Shareholder shall be permitted to make under
the SEPA shall not exceed the commitment amount, and in no event shall the number of common shares sold to the Selling Shareholder cause
the aggregate number of common shares beneficially owned by the Selling Shareholder and its affiliates at any one time to exceed 9.99%
of our issued and outstanding common shares, or the offering limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
will not effect any sales under the SEPA and the Selling Shareholder will not have any obligation to purchase any common shares under
the SEPA to the extent that, after giving effect to such purchase and sale, the aggregate number of common shares issued under the SEPA
would exceed the number of common shares representing 19.99% of the outstanding voting common shares as of December 13, 2024. Thus, we
may not have access to the right to sell the full commitment amount to the Selling Shareholder.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Pursuant
to the SEPA, the Company shall have the right, but not the obligation, to sell, in its sole discretion, common shares to the Selling
Shareholder. Any such sale, each an Advance, of common shares will be equal to the lower of (i) $1,000,000 of common shares and (ii)
such amount as is equal to 100% of the average daily volume traded of our common shares during the five trading days immediately prior
to the date the Company requests each Advance. The amount of the Advance can be increased at mutual consent of the Company and the Selling
Shareholder. To request an Advance, the Company is required to submit a written notice, each an Advance Notice, to the Selling Shareholder,
specifying the dollar amount of the Advance. The Selling Shareholder shall be irrevocably bound to purchase common shares from the Company
subject to each valid Advance Notice. In accordance with the SEPA, the Company will sell to the Selling Shareholder common shares at
a purchase price equal to 97% of the &ldquo;Market Price&rdquo; (defined in the SEPA as the lowest daily volume weighted average price
of our common shares during the period of three consecutive trading days commencing on the trading day immediately following the Selling
Shareholder&rsquo;s receipt of an Advance Notice).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Pursuant
to the SEPA, the Company agreed to file a resale registration statement covering the resale of the common shares issuable under the SEPA
with the SEC and to use reasonable efforts to cause such resale registration statement to be declared effective by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
SEPA contains customary representations, warranties and covenants of the Company and the Selling Shareholder. The SEPA and all exhibits
thereto, or collectively the Transaction Documents, are binding upon and inure to the benefit of the Company and the Selling Shareholder
and their respective successors and permitted assigns. Pursuant to the terms and conditions of the SEPA, neither any of the Transaction
Documents nor any rights of the Selling Shareholder or the Company under the SEPA may be assigned by either party to any other person
or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>
</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Selling Shareholder is an underwriter within the meaning of Section 2(a)(11) of the Securities Act. The registration of our common shares
hereunder does not mean that the Selling Shareholder will actually purchase or that the Company will actually issue and sell all or any
of the common shares being registered pursuant to the registration statement on Form S-1 under the Securities Act to which
this prospectus relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">There
are substantial risks to investors as a result of the issuance of our common shares under the SEPA. These risks include dilution of our
shareholders, significant decline in the price of our common shares and our inability to draw sufficient funds when needed. Before you
invest in our common shares, you should carefully read the section entitled &ldquo;<I>Risk Factors</I>&rdquo; on page 7 of this prospectus,
and other risk factors contained in any applicable prospectus supplement and in the documents incorporated by reference herein and therein,
including the additional information described under the headings &ldquo;<I>Incorporation of Certain Information by Reference</I>&rdquo;
and &ldquo;<I>Where You Can Find More Information</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Reverse Stock
Split</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 14, 2024, the Company effected a reverse stock split of the Company&rsquo;s issued and outstanding common shares, by a ratio
of 20-to-1, or the Reverse Stock Split. Trading of our common shares on Nasdaq on a split-adjusted basis began as of November 14, 2024.
As a result of the Reverse Stock Split, every twenty shares of common shares were combined into one common share, and the total number
of common shares outstanding were reduced from approximately 14,361,550 common shares to approximately 718,032 common shares. No fractional
common shares were issued if, as a result of the Reverse Stock Split, a registered shareholder would otherwise become entitled to a fractional
share. Instead, shareholders who otherwise were entitled to receive fractional common shares because they held a number of common shares
not evenly divisible by the ratio of the Reverse Stock Split were automatically entitled to receive an additional common share. Unless
otherwise noted, the share-related information reflected herein reflects our common shares on a split-adjusted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>At-the-Market
Offering Reactivation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
June 27, 2024, the Company entered into an amendment, or the ATM Amendment, to its At-the-Market Offering Agreement, dated April 7, 2022,
or the Original ATM Agreement and together with the ATM Amendment, the Amended ATM Agreement, pursuant to which the Company may offer
and sell our common shares, from time to time, in &ldquo;at the market&rdquo; offerings through the designated sales agent, or the Agent.
The ATM Amendment amended the Original ATM Agreement to reflect, among other provisions, updates to certain sales settlement provisions
and reimbursement terms, and to supplement the representations being made by the Company to the Agent. During the three months ended
September 30, 2024, the Company issued 186,364 common shares for gross proceeds of approximately $1.0 million. This amount has been offset
by financing fees of approximately $192,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NASDAQ Compliance </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
previously reported by the Company, on March 19, 2024, the Company received written notification from the Listing Qualifications Department
of Nasdaq, or the Nasdaq Staff, that the Company has been granted an additional 180-day compliance period, or until September 16, 2024,
or the Extended Compliance Period, to regain compliance with Nasdaq&rsquo;s minimum bid price requirement for the continued listing on
Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2), or the Minimum Bid Price Rule. The Company was unable to regain compliance during
the Extended Compliance Period and on September 17, 2024, the Company received an additional notification from the Nasdaq Staff stating
that due to the deficiency, the Company&rsquo;s securities would be delisted from Nasdaq on September 26, 2024, unless the Company appealed
Nasdaq&rsquo;s determination to a Hearings Panel, or the Panel. The Company subsequently timely requested the Hearing before the Panel
to appeal the determination by Nasdaq, and present its plan to regain and sustain compliance with the Minimum Bid Price Rule. On October
31, 2024, the Hearing was held before the Panel regarding the Company&rsquo;s request for (i) continued listing on Nasdaq and (ii) additional
time to regain compliance with the Minimum Bid Price Rule. On November 1, 2024, the Panel issued its determination, the Panel Determination
Letter, to the Company, granting the Company&rsquo;s request for the continued listing of the common shares on Nasdaq, but subject to
the Company&rsquo;s evidencing compliance with the Minimum Bid Price Rule for ten consecutive trading days as of December 2, 2024, or
the Requisite Compliance Date, and of other conditions stipulated by the Panel Determination Letter. On November 14, 2024, the Company
effected the Reverse Stock Split in order to regain compliance with the Minimum Bid Price Rule, and on December 2, 2024, the Company
received a written notification, or the December 2024 Compliance Notification, from the Nasdaq Staff that (i) it had regained compliance
with the Minimum Bid Price Rule prior to the Requisite Compliance Date, and (ii) the Panel had therefore determined to continue the listing
of the common shares on the Nasdaq Stock Market and was closing this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Publication of Study on Anti-Inflammation by Modulation of Endocannabinoid
System</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On November 19, 2024, the Company announced that a peer-reviewed scientific
study entitled &ldquo;Cannabinol modulates the endocannabinoid system and shows TRPV1-mediated anti-inflammatory properties in human keratinocytes&rdquo;
has been published in the international journal Biofactors. This Company-sponsored study demonstrates the biological activity of cannabinol
and its potential anti-inflammatory effects in skin diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
</DIV>
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<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; width: 28%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities
    Offered by the Selling Shareholder:</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 71%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,000,000 common
    shares that we may elect, in our discretion, to issue and sell to the Selling Shareholder under the SEPA from time to time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Shares Outstanding
    Before this Offering:</B><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">724,152 common shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Shares Outstanding
    After this Offering:</B><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,724,152 common shares,
    assuming we sell 100% of the commitment amount under the SEPA.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any proceeds from the sale of common shares by the
Selling Shareholder. All of the net proceeds from the sale of our common shares will go to the Selling Shareholder as described below
in the sections entitled &ldquo;<I>Selling Shareholder</I>&rdquo; and &ldquo;<I>Plan of Distribution</I>&rdquo;. However, we may receive
up to $10,000,000 in aggregate gross proceeds from the sale of our common shares under the SEPA to the Selling Shareholder. We have agreed
to bear the expenses relating to the registration of the shares of common shares for the Selling Shareholder. Any proceeds received by
the Company from the sale of our common shares pursuant to the SEPA will be used for general working capital.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nasdaq Capital Market
    Symbol:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;INM&rdquo;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please read &ldquo;<I>Risk
    Factors</I>&rdquo; and other information included in, or incorporated by reference into, this prospectus, for a discussion of factors
    you should carefully consider before deciding to invest in the securities offered pursuant to this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of common shares outstanding before this offering is based on an aggregate of 724,152 shares outstanding as of December 20, 2024 and does not include: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,705 common shares issuable upon the exercise of non-prefunded share purchase warrants outstanding as of December 20, 2024, with a weighted average exercise price of $30.18 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">477,875 common shares issuable upon the exercise of preferred investment options outstanding as of December 20, 2024, with a weighted average exercise price of $234.91 per share,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62,424 common shares issuable upon exercise of options outstanding as of December 20, 2024, with a weighted-average exercise price of $32.28 per share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,265 common shares available for future issuance as of December 20, 2024, under the InMed Pharmaceuticals Inc. Amended 2017 Stock Option Plan.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</DIV>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our common shares involves a
high degree of risk and uncertainties. You should carefully consider the following risk described below, together with the information
under the heading &ldquo;Risk Factors&rdquo; and elsewhere in our in our Annual Report on Form 10-K for the year ended June 30, 2024,
which was filed with the SEC on September 30, 2024, and our Quarterly Report on Form 10-Q for the quarterly period ended September 30,
2024, which was filed with the SEC on November 11, 2024, each of which are incorporated herein by reference, as updated or superseded
by the risks and uncertainties described under similar headings or elsewhere in the other documents that are filed after the date hereof
and incorporated by reference into this prospectus, together with all of the other information contained or incorporated by reference
in this prospectus, and any free writing prospectus that we have authorized for use in connection with this offering before you make
a decision to invest in our common shares. The risks described in these documents are not the only ones we face. Additional risks and
uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations. Past financial
performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or
trends in future periods. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow
could be materially adversely affected. This could cause the trading price of our common shares to decline, resulting in a loss of all
or part of your investment. Please also carefully read the section titled &ldquo;Special Note Regarding Forward-Looking Statements.&rdquo;
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk Related to this Offering and Our Common
Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>It is not possible to predict the actual
number of common shares we will sell under the SEPA to the Selling Shareholder, or the actual gross proceeds resulting from those sales.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 13, 2024, we entered
into the SEPA with the Selling Shareholder, pursuant to which the Selling Shareholder has committed to purchase up to the commitment amount,
subject to certain limitations and conditions set forth in the SEPA. The common shares that may be issued under the SEPA may be sold by
us to the Selling Shareholder at our discretion from time to time for a period of up to 36 months following the execution of the SEPA,
unless the SEPA is earlier terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generally have the right
to control the timing and amount of any sales of our common shares to the Selling Shareholder under the SEPA. Generally, sales of our
common shares, if any, to the Selling Shareholder under the SEPA will depend upon market conditions and other factors to be determined
by us. We may ultimately decide to sell to the Selling Shareholder all, some or none of our common shares that may be available for us
to sell to the Selling Shareholder pursuant to the SEPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the purchase price
per share to be paid by the Selling Shareholder for the common shares that we may elect to sell to the Selling Shareholder under the SEPA,
if any, will fluctuate based on the market prices of our common shares prior to each advance made pursuant to the SEPA, if any, it is
not possible for us to predict, as of the date of this prospectus and prior to any such sales, the number of common shares that we will
sell to the Selling Shareholder under the SEPA, the purchase price per share that the Selling Shareholder will pay for shares purchased
from us under the SEPA, or the aggregate gross proceeds that we will receive from those purchases by the Selling Shareholder under the
SEPA, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Limitations in the SEPA, including
the offering limitation, and our ability to meet the conditions necessary to deliver an advance notice thereunder could prevent us from
being able to raise funds up to the full commitment amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, although the SEPA
provides that we may sell up to an aggregate of $10,000,000 of our common shares to the Selling Shareholder, only 3,000,000 common shares
are being registered for resale by the Selling Shareholder under the registration statement that includes this prospectus. Even if we
elect to sell to the Selling Shareholder all of the common shares being registered for resale under this prospectus, depending on the
market prices of our common shares at the time of such sales, the actual gross proceeds from the sale of all such shares may be substantially
less than the full commitment amount, which could materially adversely affect our liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we desire to issue and
sell to the Selling Shareholder under the SEPA more than the a number of common shares in excess of the common shares being registered
for resale under this prospectus, and the ownership limitation and other limitations in the SEPA would permit us to do so, we would need
to file with the SEC one or more additional registration statements to register under the Securities Act the resale by the Selling Shareholder
of any such additional common shares and the SEC would have to declare such registration statement or statements effective before we could
sell such additional common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any issuance and sale by us
under the SEPA of a substantial amount of common shares in addition to the common shares being registered for resale by the Selling Shareholder
under this prospectus could cause additional and substantial dilution to our shareholders. The number of our common shares ultimately
offered for resale by the Selling Shareholder is dependent upon the common shares, if any, we ultimately sell to the Selling Shareholder
under the SEPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The resale by the Selling Shareholder of a significant amount of common
shares registered for sale in this offering at any given time, or the perception that these sales may occur, could cause the market
price of our common shares to decline and to be highly volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sales by the Selling Shareholder of the
securities covered by this prospectus could adversely affect the market price of our common shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 3,000,000 common shares
registered hereby represent approximately 414% of our total outstanding shares of common shares as of December 20, 2024. The resale of
all or a substantial number of these shares in the public market by the Selling Shareholder, or the perception that such sales might occur,
could depress the market price of our common shares, which could impair our ability to raise capital through the sale of additional equity
or equity-linked securities.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investors who buy shares in this offering at different times
will likely pay different prices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors who purchase our
common shares in this offering at different times will likely pay different prices, and so may experience different levels of dilution
and different outcomes in their investment results. In connection with the SEPA, we will have discretion, subject to market demand, to
vary the timing, prices, and numbers of common shares sold to the Selling Shareholder. Similarly, the Selling Shareholder may sell such
common shares at different times and at different prices. Investors may experience a decline in the value of the common shares they purchase
from the Selling Shareholder in this offering as a result of sales made by us in future transactions to the Selling Shareholder at prices
lower than the prices they paid. Sales to the Selling Shareholder by us could result in substantial dilution to the interests of other
holders of our common shares. Additionally, the sale of a substantial number of common shares to the Selling Shareholder, or the anticipation
of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price
that we might otherwise wish to effect sales, which could have a materially adverse effect on our business and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our management will have broad discretion
over the use of the net proceeds from our sale of common shares to the Selling Shareholder, and you may not agree with how we use the
proceeds and the proceeds may not be invested successfully.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management will have
broad discretion with respect to the use of proceeds from the sale of any common shares to the Selling Shareholder, including for any
of the purposes described in the section of this prospectus entitled &ldquo;<I>Use of Proceeds</I>.&rdquo; You will be relying on the
judgment of our management regarding the application of the proceeds from the sale of any common shares to the Selling Shareholder. The
results and effectiveness of the use of proceeds are uncertain, and we could spend the proceeds in ways that you do not agree with or
that do not improve our results of operations or enhance the value of our common shares. Our failure to apply these funds effectively
could harm our business, delay the development of our pipeline product candidates, and cause the price of our common shares to decline.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The Selling Shareholder
will pay less than the then-prevailing market price of our common shares, which could cause the price of our common shares to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
common shares to be issued under the SEPA will be purchased at a three percent (3%) discount to the &ldquo;Market Price&rdquo; (as defined
in the SEPA). The Selling Shareholder has a financial incentive to sell our common shares immediately upon receiving such shares to realize
the profit between the discounted price and the market price. If the Selling Shareholder sells our shares, the price of our common shares
may decrease. If our share price decreases, the Selling Shareholder may have a further incentive to sell such shares. Accordingly, the
discounted sales price may cause the price of our common shares to decline in the near- and long-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We may not have
access to the full amount under SEPA.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may not have access to the full commitment under the SEPA unless the market price of our common shares remains stable. Any significant
decrease to our share price could limit our ability to sell the full commitment amount under the SEPA to the Selling Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>There may not
be a sufficient price of our common shares to permit us to acquire adequate funds, which may adversely affect our liquidity.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
SEPA provides that the number of common shares sold pursuant to each Advance Notice plus the shares held by the Selling Shareholder at
that time shall not exceed 9.99% of the issued and outstanding common shares of the Company. If the price of our common shares is too
low, it is possible that we may not be permitted to draw the full amount of proceeds of the drawdown request, which may not provide adequate
funding for our planned operations and may materially decrease our liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We may draw on
the SEPA to the extent that a change of control occurs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company may continue to make drawdown requests while the Selling Shareholder holds our common shares or sells shares to a specific party,
thereby causing such purchasing party to gain control of the Company. This could jeopardize the execution of the Company&rsquo;s business plan
and may disrupt operations. The Company does not anticipate making drawdown requests under this scenario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>You may experience
immediate and substantial dilution in the net tangible book value per share of our common shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
offering price per share of our common shares in this offering may or may not exceed the net tangible book value per share of our common
shares outstanding prior to this offering. For example, assuming that an aggregate of 3,000,000 common shares are sold pursuant to this
prospectus at an assumed price of $5.15 per share, you would experience dilution of $(0.50) per share (calculated based on current share
count and price), representing the difference between our adjusted net tangible book value per share after giving effect to this offering
and the assumed offering price.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Advances under
the SEPA may cause dilution to existing shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Selling Shareholder has committed to purchase up to $10,000,000 worth of our common shares. From time to time during the term of the
SEPA, and at our sole discretion, we may present the Selling Shareholder with an Advance Notice requiring the Selling Shareholder to
purchase our common shares. The purchase price to be paid by the Selling Shareholder will be at a 3% discount of the Market Price (as
defined in the SEPA) of our common shares. Our existing shareholders may experience immediate dilution upon the purchase of any of the
common shares by the Selling Shareholder. The issue and sale of the common shares under the SEPA may also have an adverse effect on the
market price of the common shares more generally. The Selling Shareholder may resell some, if not all, of the common shares that we issue
to it under the SEPA and such sales could cause the market price of the common shares to decline significantly. The effect of any dilution
may, in turn, cause the price of our common shares to decrease further, both because of the downward pressure on the share price that
would be caused by a large number of sales of our common shares into the public market by the Selling Shareholder, and because our existing
shareholders may disagree with a decision to sell common shares to the Selling Shareholder at a time when our share price is low, and
may in response decide to sell additional common shares, further decreasing our share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Risks Related to our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Any actual or
threatened delisting of our securities by Nasdaq could have a material and adverse effect on our business, operations and financial condition,
and could, among other things, limit investors&rsquo; ability to make transactions in our securities and subject us to additional trading
restrictions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
previously reported by the Company, on March 19, 2024, the Company received written notification from the Listing Qualifications Department
of Nasdaq that the Company had been granted a 180-day extension period (until the Extended Compliance Period Date) to regain compliance
with Nasdaq&rsquo;s minimum bid price requirement for the continued listing on Nasdaq, as set forth in the Minimum Bid Price Rule. Nasdaq&rsquo;s
determination was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other
applicable requirements for initial listing on Nasdaq, with the exception of the bid price requirement, and the Company&rsquo;s written
notice of its intention to consider all available options to regain compliance by the Extended Compliance Period Date, including, if
necessary, effecting a reverse stock split. The Company was unable to regain compliance by the Extended Compliance Period Date and on
September 17, 2024, the Company received an additional notification from the Listing Qualifications Department stating that due to the
deficiency, the Company&rsquo;s securities would be delisted from Nasdaq on September 26, 2024, unless the Company appealed Nasdaq&rsquo;s
determination to the Panel. While the Company recently regained compliance with the Minimum Bid Price Rule as of December 2, 2024, there
can be no assurances, however, that we will be successful in maintaining the listing of our common shares on Nasdaq. Delisting from Nasdaq
could materially and adversely affect our ability to raise additional financing through the public or private sale of equity securities,
would significantly affect the ability of investors to trade our securities and would negatively affect the value and liquidity of our
securities, including our common shares. The actual or threatened delisting of our securities could also have other material and adverse
consequences, including the potential loss of confidence by employees and other stakeholders, the loss of institutional investor interest
and fewer business development opportunities, limited availability of market quotations for our securities, reduced liquidity with respect
to our securities, a determination that our common shares is &ldquo;penny stock,&rdquo; which will require brokers trading in our common shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading
market for our  common shares, and limited amount of news and analyst coverage of the Company. Furthermore, the National
Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain
securities, which are referred to as &ldquo;covered securities.&rdquo; Because our common shares are currently listed on Nasdaq, such
securities will be deemed covered securities. Although the states will be preempted from regulating the sale of our securities, the federal
statute does allow states to investigate companies if there is a suspicion of fraud and, if there is a finding of fraudulent activity,
then the states can regulate or bar the sale of covered securities in a particular case. Additionally, if we were no longer listed on
Nasdaq, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our securities.
Upon a delisting of our common shares, this offering would immediately terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus, the accompanying
prospectus and the documents incorporated by reference herein and therein, including the sections entitled &ldquo;<I>Prospectus Summary</I>,&rdquo;
&ldquo;<I>Risk Factors</I>,&rdquo; &ldquo;<I>Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</I>&rdquo;
and &ldquo;<I>Business</I>,&rdquo; contains &ldquo;forward-looking statements&rdquo; within the meaning of United States Private Securities
Litigation Reform Act of 1995 and &ldquo;forward-looking information&rdquo; within the meaning of applicable Canadian securities law,
which are included but are not limited to statements with respect to our anticipated results and progress of our operations, research
and development in future periods, plans related to its business strategy, and other matters that may occur in the future. These statements
relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. We may, in some cases, use words such as &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;, &ldquo;could&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;intend&rdquo;, &ldquo;may&rdquo;, &ldquo;plan&rdquo;, &ldquo;predict&rdquo;, &ldquo;project&rdquo;,
&ldquo;will&rdquo;, &ldquo;would&rdquo;, &ldquo;budget&rdquo;, &ldquo;possible&rdquo;, &ldquo;should&rdquo;, &ldquo;future&rdquo;, and
similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. These forward-looking
statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties.
You should not place undue reliance on these forward-looking statements. Any statements contained herein that are not statements of historical
facts may be deemed to be forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking
statements. Among the factors that could cause actual results to differ materially are the risks and uncertainties described under &ldquo;<I>Item
1A. Risk Factors</I>&rdquo; of our Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the SEC on September
30, 2024, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which was filed with the SEC on November
11, 2024, and the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s ability
    to stem operating losses and the Company&rsquo;s ability to obtain additional financing to fund its operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s failure to satisfy any applicable listing standards, including compliance with the Minimum Bid Price Rule, and the actual or threatened delisting of our securities by Nasdaq;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The efficacy of the Company&rsquo;s
    Reverse Stock Split which was effected by the Company on November 14, 2024, including its direct and indirect impact on the liquidity
    of our common shares;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The revenues of BayMedica,
    LLC, or BayMedica, and the commercial viability of the products in its portfolio;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s ability
    to effectively research, develop, manufacture and commercialize pharmaceutical drug candidates that will treat diseases with high
    unmet medical needs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The continued optimization
    of key, proprietary manufacturing approaches and technologies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to commercialize
    and, where required, register products in the pharmaceutical R&amp;D programs, or Product Candidates, and those targeted to the health
    and wellness sector, or Products, in the United States and other jurisdictions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our success in initiating
    discussions with potential partners for licensing various aspects of our Product Candidates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to successfully
    access existing manufacturing capacity via leases with third-parties or to transfer our manufacturing processes to contract manufacturing
    organizations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our belief that our manufacturing
    approaches that we are developing are robust and effective and will result in commercially viable yields of cannabinoids and will
    be a significant improvement upon existing manufacturing platforms;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -16.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The success of the key
    next steps in our manufacturing approaches, including continuing efforts to diversify the number of cannabinoids produced, scaling-up
    the processes to larger vessels and identifying external vendors to assist in the commercial scale-up of the process;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to successfully
    make determinations as to which research and development programs to continue based on several strategic factors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to successfully
    scale up our IntegraSyn approach to cannabinoid manufacturing. InMed has created genetically engineered microbes that produce proprietary
    enzymes, which are then used to optimize subsequent biotransformation reactions or other cost-effective manufacturing approaches
    so that it will be commercial-scale ready after Phase 2 clinical trials are completed, after which time we may no longer need to
    source active pharmaceutical ingredients, or APIs, from third-party API manufacturers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to continue
    to outsource the majority of our research and development activities through scientific collaboration agreements and arrangements
    with various scientific collaborators, academic institutions and their personnel;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The success of work to
    be conducted under the research and development collaboration between us and various contract development and manufacturing organizations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to develop
    our therapies through early human testing;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to evaluate
    the financial returns on various commercialization approaches for our Product Candidates, such as a &lsquo;go-it-alone&rsquo; commercialization
    effort, out-licensing to third parties, or co-promotion agreements with strategic collaborators;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to find a partnership
    early in the development process for our various programs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to explore
    our manufacturing technologies as processes which may confer certain benefits, either cost, yield, speed, or all of the above, when
    pursuing specific types of cannabinoids, and filing a provisional patent application for same;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plans regarding our next
    steps, options, and targeted benefits of our manufacturing technologies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our IntegraSyn- or BayMedica-derived
    products being bio-identical to the naturally occurring cannabinoids, and offering superior ease, control and quality of manufacturing
    when compared to alternative methods;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Food and Drug Administration
    regulatory acceptance of synthesizing Product Candidates for potential use in the pharmaceutical industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to successfully
    file, prosecute and defend patent applications;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The potential for any of
    our patent applications to provide intellectual property protection for us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The termination or renegotiation
    of our supplier, technology and other material contracts, including the invoking of force majeure or termination clauses, and actual
    or threatened claims of our failure to comply with any obligations set forth under such contracts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The adequacy of, or gaps
    in, insurance coverage upon the occurrence of a catastrophic or other material adverse event, as well as our ability to (i) expand
    our insurance coverage to include the commercial sale of Products and Product Candidates and (ii) secure insurance coverage for shipping
    and storage of Product Candidates, and clinical trial insurance;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developing patentable NCEs
    which, if issued, will confer market exclusivity to us for the potential development into pharmaceutical Product Candidates, license,
    partner or sell to interested external parties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to initiate
    discussions and conclude strategic partnerships to assist with development of certain programs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to position
    ourselves to achieve value-driving, near term milestones for our Product Candidates with limited investment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to effectively
    execute our business strategy;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sufficiency of our
    internal controls, including any exposure arising from the failure to (i) establish and maintain effective internal control over
    financial reporting in accordance with applicable regulatory requirements, and (ii) fully remediate any material weaknesses identified
    with respect to such internal controls;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Epidemics, pandemics, global
    health crises, or other public health events and concerns, including any future resurgence of COVID-19, and the effectiveness of
    associated vaccinations and treatments;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidation of our competitors
    and suppliers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effects of new products
    and new technology on the market, including through the use of artificial intelligence;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The impact of geopolitical,
    global, regional or local economic and financial market risks and challenges, applicability of foreign laws, including foreign labor
    and employment laws, foreign tax and customs regimes, and foreign currency exchange rate risk; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political disturbances,
    geopolitical instability and tensions, or terrorist attacks, and associated changes in global trade policies and economic sanctions,
    including, but not limited to, in connection with (i) the Russo-Ukrainian war and (ii) any impact, effect, damage, destruction and/or
    bodily harm directly or indirectly relating to the ongoing hostilities in the Middle East.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify; text-indent: -16.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This list is not exhaustive
of the factors, events, conditions and circumstances that may affect the &ldquo;forward-looking statements&rdquo; and &ldquo;forward-looking
information&rdquo; contained in this prospectus. These forward-looking statements reflect our management&rsquo;s beliefs and views with
respect to future events and are based on estimates and assumptions as of the date of this prospectus or the dates of the documents incorporated
herein by reference, as applicable, and are subject to risks and uncertainties. Although we have attempted to identify important factors
that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We discuss many of these
risks in greater detail under &ldquo;<I>Risk Factors</I>&rdquo; in this prospectus and under similar headings in the documents incorporated
herein by reference. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time.
It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any
forward-looking statements we may make. Given these uncertainties, you should not place undue reliance on these forward-looking statements.
We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made and are based
only on the information available to us at that time. Except as required by law, we expressly disclaim any obligation to subsequently
revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence
of anticipated or unanticipated events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read this prospectus,
the documents incorporated by reference herein and the documents that we reference in this prospectus and have filed as exhibits to the
registration statement of which this prospectus is a part, completely and with the understanding that our actual future results may be
materially different from what we expect. We qualify all of the forward-looking statements in or incorporated by reference into this
prospectus by these cautionary statements. Except as required by law, each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information,
future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, new risks regularly
emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the impact of all risks
on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in
any forward-looking statements. The Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act do not protect
any forward-looking statements that we make in connection with this offering. All forward-looking statements included in this prospectus
and in the documents incorporated by reference in this prospectus are based on information available to us on the date of this prospectus
or the date of the applicable document incorporated by reference. Except to the extent required by applicable laws or rules, we undertake
no obligation to publicly update or revise any forward-looking statement, whether written or oral, that may be made from time to time,
whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable
to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout
this prospectus and in the documents incorporated by reference in this prospectus. We qualify all of our forward-looking statements by
these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely upon it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any proceeds received by
the Company from the sale of common shares pursuant to the SEPA will be used for general working capital purposes. The amount of proceeds
from this offering will depend upon the number of our common shares sold and the market price at which they are sold. There
can be no assurance that we will be able to sell any of our common shares under this prospectus. We currently intend to use the net proceeds
from the sale of the shares offered by us pursuant to this prospectus for general corporate purposes, including working capital, operating
expenses (including drug development), investments in our subsidiaries and capital expenditures. We may also use the net proceeds to
acquire or invest in complementary businesses, products or technologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors are cautioned,
however, that expenditures may vary substantially from these uses. Investors will be relying on the judgment of our management, who will
have broad discretion regarding the application of the proceeds of this offering. The amounts and timing of our actual expenditures may
vary significantly depending upon numerous factors, including the amount of cash generated by our operations and other operational factors,
the progress of our development efforts, the status of and results from clinical trials, as well as any collaborations that we may enter
into with third parties for our product candidates and any unforeseen cash needs. We may find it necessary or advisable to use portions
of the proceeds from this offering for other purposes.&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_006"></A>DIVIDEND
POLICY</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid any cash dividends on our common shares to date. We do not anticipate declaring or paying, in the foreseeable future, any cash dividends
on our common shares. We currently intend to retain all available funds and any future earnings to support our operations and finance
the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of
our board of directors, or our Board, and will depend upon, among other factors, our results of operations, financial condition, capital
requirements, contractual restrictions, business prospects and other factors our Board may deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>PRINCIPAL SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
information known to us regarding the beneficial ownership of our common shares as of December 20, 2024 for:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">each
                                            person or group of affiliated persons known by us to be the beneficial owner(s) of more than
                                            5% of our outstanding common shares;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">each
                                            of the Company&rsquo;s directors and named executive officers, or NEOs; and&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                            of the directors and executive officers as a group.&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of common shares
beneficially owned by a person includes shares subject to options, warrants or other convertible securities held by that person that are
currently exercisable or that become exercisable within 60 days of December 20, 2024. Percentage calculations assume, for each person
and group, that all common shares that may be acquired by such person or group pursuant to options, warrants, or other convertible securities
that are held currently exercisable or that become exercisable within 60 days of December 20, 2024 are outstanding for the purpose of
computing the percentage of common shares owned by such person or group. However, such unissued common shares described above are not
deemed to be outstanding for calculating the percentage of Common Shares owned by any other person.&nbsp;The percentage of common shares
beneficially owned is computed on the basis of 724,152 common shares outstanding as of December 20, 2024, except with respect to the percent
held by the named executive officers and directors, which is deemed to be 733,183 common shares outstanding, on a partially diluted basis.&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise indicated,
the persons in the table below have sole voting and investment power with respect to all common shares shown as beneficially owned by
them, subject to community property laws where applicable. The Company does not know of any arrangement, the operation of which may at
a subsequent date result in a change of control.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 14, 2024, the
Company effected a Reverse Stock Split of our common shares at a ratio of 20-to-1. Trading of the common shares on Nasdaq on a split-adjusted
basis began as of November 14, 2024. As a result of the Reverse Stock Split, each 20 shares of our common shares were combined into one
common share, and the total number of common shares outstanding were reduced from approximately 14,361,550 shares to approximately 718,032
common shares. Unless otherwise noted, the below information reflects the Reverse Stock Split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise noted, the
business address of each of the individuals and entities listed in the table below&nbsp;is Suite 1445-885 West Georgia Street, Vancouver,
British Columbia, Canada, V6C 3E8.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Name and Address of Beneficial Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of&nbsp;<BR> Common&nbsp;<BR> Shares&nbsp;<BR> Beneficially&nbsp;<BR> Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage of&nbsp;<BR> Common&nbsp;<BR> Shares&nbsp;<BR> Beneficially<BR> Owned (%)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I><U>Five
Percent Shareholders</U></I>:<SUP>(10)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&#8239;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&#8239;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AdvisorShares Pure Cannabis ETF<SUP>(1)</SUP>&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">36,664</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5.06</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify"><U>Named Executive Officers and Directors</U>:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8239;&nbsp;&#8239;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric A. Adams<SUP>(2)</SUP>&nbsp;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.82</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Hull<SUP>(3)</SUP>&nbsp;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janet Grove<SUP>(4)</SUP>&nbsp;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan Baldasare<SUP>(5)</SUP>&nbsp;&nbsp;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Nicole Lemerond<SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Eric Hsu<SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Woudenberg<SUP>(8)</SUP>&nbsp;&nbsp;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.23</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify">Netta Jagpal<SUP>(9)</SUP></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">770</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; text-align: justify">All executive officers and directors as a group (8 persons)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">13,145</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1.82</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Less than 0.01%</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Notes</U>:&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AdvisorShares Pure Cannabis ETF beneficial ownership consists of 36,664 common shares owned directly.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric A. Adams&rsquo; beneficial ownership consists of 2,198 common shares owned directly and 3,707 common shares issuable pursuant to presently exercisable options. Not reflected in the table are 29 common shares beneficially owned by Mr. Adams&rsquo; spouse. Mr. Adams disclaims beneficial ownership of the 29 common shares held by his spouse.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Hull&rsquo;s beneficial ownership consists of 1,913 common shares owned directly and 425 common shares issuable pursuant to presently exercisable options.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janet Grove&rsquo;s beneficial ownership consists of 425 common shares issuable pursuant to presently exercisable options.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan Baldasare&rsquo;s beneficial ownership consists of 425 common shares issuable pursuant to presently exercisable options.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicole Lemerond&rsquo;s beneficial ownership consists of 425 common shares issuable pursuant to presently exercisable options.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric Hsu&rsquo;s beneficial ownership consists of two common shares owned directly and 1,169 common shares issuable pursuant to presently exercisable options.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Woudenberg&rsquo;s beneficial ownership consists of one common share owned directly and 1,685 common shares issuable pursuant to presently exercisable options.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Netta Jagpal&rsquo;s beneficial ownership consists of 770 common shares issuable pursuant to presently exercisable options.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2024, Armistice Capital Master Fund Ltd., a Cayman
Islands exempted company, or the Armistice Fund, beneficially owned (along with Steven Boyd, the Managing Member of Armistice Capital
(defined below)) 4.99% of our issued and outstanding common shares. Such information is based solely on the Schedule 13G/A filed by the
Armistice Fund with the SEC on November 14, 2024. The address of the Armistice Fund is 510 Madison Avenue, 7th Floor, New York, New York
10022. The Armistice Fund has the right to acquire 278,761 common shares issuable upon presently exercisable Preferred Investment Options
(as discussed below in this footnote 10). The Preferred Investment Options are directly held by Armistice Fund and may be deemed to be
indirectly beneficially owned by (i) Armistice Capital, LLC, or Armistice Capital, as the investment manager of Armistice Fund, and (ii)
Steven Boyd, as the Managing Member of Armistice Capital.<B>&nbsp;</B>As of December 20, 2024<B>, </B>Sabby Volatility Warrant Master
Fund, Ltd., or the Sabby Fund, beneficially owns 15,361 common shares and maintains the right to acquire an additional 199,114 common
shares issuable upon presently exercisable Preferred Investment Options (as discussed below in this footnote 10). Sabby Management, LLC,
or Sabby Management, is the investment manager of Sabby Fund and shares voting and investment power with respect to these shares in this
capacity. As manager of Sabby Management, Hal Mintz also shares voting and investment power on behalf of Sabby Fund.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Each of Sabby Fund and Armistice Fund
currently hold Preferred Investment Options in the Company entitling them to acquire common shares that may exceed the 5% threshold;
however, the terms of the Preferred Investment Options preclude a holder thereof from exercising such holder&rsquo;s preferred investment
option, if after giving effect to the issuance of common shares upon such exercise, the holder (together with the holder&rsquo;s affiliates
and any other persons acting as a group together with the holder or any of the holder&rsquo;s affiliates) would beneficially own in excess
of 4.99% (or, upon election by a holder prior to the issuance of any preferred investment options, 9.99% with effect not sooner than
61 days after notifying the Company) of the number of common shares outstanding immediately after giving effect to the issuance of common
shares issuable upon such exercise.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for compensation arrangements
for our directors and executive officers, which are described elsewhere in our information circular, which was filed with the SEC on
October 28, 2024, or as otherwise disclosed below, there have been no related party transactions in our two most recently completed financial/fiscal
years, and there are no currently proposed related party transactions, that required disclosure under any applicable Canadian or U.S.
securities laws.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 11, 2022,
the Company&rsquo;s Board of Directors appointed Janet Grove as a director of the Company. Ms. Grove is a Partner of Norton Rose
Fulbright Canada LLP, or NRFC. During the three months ended September 30, 2024 and 2023, NRFC and Norton Rose Fulbright US LLP, or
NRFUS (and together with NRFC, NRF), rendered legal services in the amount of $124,147 and $19,814, respectively, to the Company.
During the years ended June 30, 2024 and 2023, NRF rendered legal services in the amount of $226,793 and $634,208, respectively, to
the Company. These transactions were in the normal course of operations and were measured at the exchange amount which represented
the amount of consideration established and agreed to by NRF. No legal services rendered by NRF were provided by Ms. Grove
directly.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Indemnification Agreements</I>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s Articles
contain provisions limiting the liability of directors and provide that the Company will indemnify each of its directors and officers
to the fullest extent permitted under law. In addition, we have entered into an indemnification agreement with each of our directors,
which requires us to indemnify them.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Policies and Procedures for Transactions
with Related Persons</I>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has adopted a
written policy that its executive officers, directors, nominees for election as a director, beneficial owners of more than 5% of any
class of our common shares and any members of the immediate family of any of the foregoing persons are not permitted to enter into a
related person transaction with us without the approval or ratification of our Board or the audit committee of our Board, or the Audit
Committee. Any request for us to enter into a transaction with an executive officer, director, nominee for election as a director, beneficial
owner of more than 5% of any class of the Company&rsquo;s common shares, or any member of the immediate family of any of the foregoing
persons, in which the amount involved exceeds $120,000 and such person would have a direct or indirect interest, must be presented to
the Board or the Audit Committee for review, consideration and approval. In approving or rejecting any such proposal, the Board or the
Audit Committee is to consider the material facts of the transaction, including whether the transaction is on terms no less favorable
than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related person&rsquo;s
interest in the transaction.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Indebtedness of Directors and Officers</I>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No current or former director,
officer or employee of the Company, or any associate of any such individual, is, or was at any time during the most recently completed
financial/fiscal year, indebted to the Company, nor is any indebtedness of any such person to another entity the subject of a guarantee,
support agreement, letter of credit or other similar arrangement or understanding provided by the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our authorized share capital
consists of an unlimited number of our common shares and an unlimited number of preferred shares without par value. As of the date of
this prospectus, we had 724,152 common shares issued and outstanding and no preferred shares issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The description of our securities
contained herein is a summary only and may be exclusive of certain information that may be important to you. For more complete information,
you should read our Articles, which have been filed with the SEC and incorporated as an exhibit to the registration statement with respect
to which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each common share entitles
the holder thereof to one vote at all meetings of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no limitations
on the rights of non-Canadian owners to hold or vote common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of our liquidation,
dissolution or winding-up, whether voluntary or involuntary, or other distribution of our assets among shareholders for the purpose of
winding up our affairs, subject to the rights, privileges and restrictions attaching to any preferred shares that may then be outstanding,
the shareholders shall be entitled to receive our remaining property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shareholders are entitled
to receive dividends, as and when declared by our Board, subject to the rights, privileges and restrictions attaching to our securities,
which may be paid in money, property or by the issue of fully paid shares in our capital. However, we do not anticipate paying any cash
dividends for the foreseeable future, and instead intend to retain future earnings, if any, for use in the operation and expansion of
our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B><I>Certain Takeover Bid Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless such offer constitutes
an exempt transaction, an offer made by a person to acquire outstanding shares of a Canadian entity that, when aggregated with the offeror&rsquo;s
holdings (and those of persons or companies acting jointly with the offeror), would constitute 20% or more of the outstanding shares,
would be subject to the take-over provisions of Canadian securities laws. The foregoing is a limited and general summary of certain aspects
of applicable securities law in the provinces and territories of Canada, all in effect as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the take-over
bid requirements noted above, the acquisition of shares may trigger the application of additional statutory regimes including amongst
others, the Investment Canada Act and the Competition Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is not a comprehensive
description of relevant or applicable considerations regarding such requirements and, accordingly, is not intended to be, and should not
be interpreted as, legal advice to any prospective purchaser and no representation with respect to such requirements to any prospective
purchaser is made. Prospective investors should consult their own Canadian legal advisors with respect to any questions regarding securities
and corporate laws in the provinces and territories of Canada.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Actions Requiring a Special Majority</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the BCBCA, unless otherwise
stated in the Articles, certain corporate actions require the approval of a special majority of shareholders, meaning holders of shares
representing 66<SUP>2/3</SUP>% of those votes cast in respect of a shareholder vote addressing such matter. Those items requiring the
approval of a special majority generally relate to fundamental changes with respect to our business, and include amongst others, resolutions:
(i) removing a director prior to the expiry of his or her term; (ii) altering the Articles; (iii) approving an amalgamation; (iv) approving
a plan of arrangement; and (v) providing for a sale of all or substantially all of our assets.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Transfer Agent and Registrar</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent and registrar
for our common shares is Odyssey Trust Company, Suite 702, 67 Yonge Street, Toronto, Ontario, M5E 1J8.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Listing </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares are currently
quoted under the symbol &ldquo;INM&rdquo; on the Nasdaq Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 20, 2024, there
were 12,902 holders of record of our issued and outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_010"></A><B>SELLING SHAREHOLDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The common shares being offered
by the Selling Shareholder are those previously issued, or those to be issued from time to time, to the Selling Shareholder pursuant to
the SEPA. For additional information regarding the issuances of those common shares, see &ldquo;<I>Prospectus Summary&mdash;Recent Developments&mdash;Standby
Equity Purchase Agreement</I>&rdquo; above. We are registering the common shares in order to permit the Selling Shareholder to offer the
shares for resale from time to time. Except for participation in this offering, the Selling Shareholder has not had any material relationship
with us within the past three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;The table below lists
the Selling Shareholder and other information regarding the beneficial ownership of our common shares by the Selling Shareholder. The
second column lists the number of common shares beneficially owned by such Selling Shareholder, based on its ownership of the common
shares, as of the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The third column lists the
common shares being offered by this prospectus by the Selling Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the terms
of the Registration Rights Agreement, this prospectus generally covers the resale of the number of common shares issued to the Selling
Shareholder from time to time pursuant to the SEPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table is based on information
supplied to us by the Selling Shareholder, with beneficial ownership determined in accordance with the rules and regulations of the SEC
and includes voting or investment power with respect to common shares. This information does not necessarily indicate beneficial ownership
for any other purpose. In computing the number of common shares beneficially owned by the Selling Shareholder, common shares subject to
warrants or preferred investment options held by that Selling Shareholder that are currently exercisable for common shares or exercisable
for common shares within 60 days after the date of this prospectus, are deemed outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder may
sell all, some or none of its common shares in this offering. See &ldquo;<I>Plan of Distribution</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Selling Shareholder</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of<BR> Common<BR> Shares<BR> Beneficially<BR> Owned Prior <BR> to Offering<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maximum<BR> Number of<BR> Common<BR>
    Shares to<BR> be Sold<BR> Pursuant <BR> to this<BR> Prospectus</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of<BR> Common<BR> Shares<BR> Beneficially<BR> Owned After<BR> Offering<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage<BR>
    Beneficially<BR> Owned After<BR> Offering<SUP>(2)(3)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">YA II PN, LTD<SUP>(4)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded
from the number of shares beneficially owned prior to the offering all of the common shares that the Selling Shareholder may be required
to purchase under the SEPA, because the issuance of such common shares is solely at our discretion and is subject to conditions contained
in the SEPA, the satisfaction of which are entirely outside of the Selling Shareholder&rsquo;s control, including the registration statement
that includes this prospectus becoming and remaining effective. Pursuant to the SEPA, we have the right to sell our common shares to the
Selling Shareholder up to the commitment amount, and the Selling Shareholder is obligated to purchase such common shares at our discretion,
subject to certain agreed upon maximum amount limitations set forth in the SEPA. The SEPA further prohibits us from issuing and selling
any of our common shares to the Selling Shareholder to the extent such shares, when aggregated with all other common shares then beneficially
owned by the Selling Shareholder, would cause the Selling Shareholder&rsquo;s beneficial ownership of our common shares to exceed a beneficial
ownership cap of 9.99%. The SEPA also prohibits us from issuing or selling our common shares under the SEPA in excess of an exchange cap
of 19.99%, or the Exchange Cap, unless we obtain shareholder approval to do so, such that the Exchange Cap limitation would not apply
under applicable Nasdaq rules. Neither the beneficial ownership limitation nor the exchange cap discussed above (to the extent applicable
under Nasdaq rules) may be amended or waived under the SEPA.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes the sale of all common shares being offered pursuant to this prospectus. In the event the number of shares sold under the SEPA is less than as indicated, the number of common shares offered will be accordingly reduced.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable percentage ownership is based on 724,152 common shares outstanding as of December 20, 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Selling Shareholder is a fund managed by Yorkville Advisors Global II, LP, or the Yorkville Manager. Yorkville Advisors Global II, LLC is the General Partner of the Yorkville Manager. Investment decisions for the Selling Shareholder are made by Mr. Mark Angelo, and Mr. Angelo may therefore be deemed to hold voting and dispositive power with respect to such shares. The business address of the Investor is 1012 Springfield Avenue, Mountainside, NJ 07092.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We are registering the share of common shares
to be issued to permit the resales of these shares of common shares, after they are issued, by the Selling Shareholder. The Selling Shareholder
of the securities and any of its pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities
covered hereby on the Nasdaq Capital Market or any other stock exchange, market or trading facility on which the securities are traded
or in private transactions. These sales may be at fixed or negotiated prices. Any proceeds received by the Company from the sale of common
shares pursuant to the SEPA will be used for general working capital. The Selling Shareholder may use any one or more of the following
methods when selling our common shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary brokerage transactions
    and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block trades in which the
    broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate
    the transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases by a broker-dealer
    as principal and resale by the broker-dealer for its account;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an exchange distribution
    in accordance with the rules of the applicable exchange;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately negotiated transactions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in transactions through
    broker-dealers that agree with the Selling Shareholder to sell a specified number of such securities at a stipulated price per security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a combination of any such
    methods of sale; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other method permitted
    pursuant to applicable law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder may
also sell securities under Rule 144 under the Securities Act, or Rule 144, or any other exemption from registration under the Securities
Act, if available, rather than under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Broker-dealers engaged by
the Selling Shareholder may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts
from the Selling Shareholder (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts
to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of
a customary brokerage commission in compliance with FINRA Rule 2121, and in the case of a principal transaction a markup or markdown
in compliance with FINRA Rule 2121.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder has
informed us that it intends to use one or more broker-dealers registered under the Exchange Act to effectuate all sales, if any, of common
shares that it may acquire from us pursuant to the SEPA. Such sales will be made at prices and at terms then prevailing or at prices related
to the then-current market price. Such registered broker-dealer may (for instance, if such registered broker-dealer&rsquo;s involvement
is not limited to receiving commission not in excess of the usual and customary distributor&rsquo;s or seller&rsquo;s commissions) be
considered to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act. The Selling Shareholder has informed us
that each such broker-dealer may receive commissions from the Selling Shareholder for executing such sales on behalf of the Selling Shareholder
and, if so, such commissions will not exceed customary brokerage commission amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brokers, dealers, underwriters
or agents participating in the distribution of the common shares offered by this prospectus may receive compensation in the form of commissions,
discounts, or concessions from the purchasers, for which the broker-dealers may act as agent, of the common shares sold by the Selling
Shareholder through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers of common shares
sold by the Selling Shareholder may be less than or in excess of customary commissions. Neither we nor the Selling Shareholder can presently
estimate the amount of compensation that any agent acting on behalf of or at the direction of the Selling Shareholder will receive from
any purchasers of common shares sold by the Selling Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not been made aware
of any existing arrangements between the Selling Shareholder or any other stockholder, broker, dealer, underwriter or agent relating to
the sale or distribution of the common shares offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may from time to time file
with the SEC one or more supplements to this prospectus or amendments to the registration statement of which this prospectus forms a part
to amend, supplement or update information contained in this prospectus, including, if and when required under the Securities Act, to
disclose certain information relating to a particular sale of common shares offered by this prospectus by the Selling Shareholder, including
with respect to any compensation paid or payable by the Selling Shareholder to any brokers, dealers, underwriters or agents that participate
in the distribution of such shares by the Selling Shareholder, and any other related information required to be disclosed under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to pay certain
fees and expenses incurred by us incident to the registration of the securities. We have agreed to indemnify the Selling Shareholder
against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder has
represented to us that at no time prior to the date of the SEPA has the Selling Shareholder or any entity managed or controlled by the
Selling Shareholder, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own account or for the account
of any of its affiliates, any short sale or any transaction, which establishes a net short position with respect to the common shares.
The Selling Shareholder has agreed that during the term of the SEPA, none of the Selling Shareholder, its officers, its sole member, or
any entity managed or controlled by the Selling Shareholder, will enter into or effect, directly or indirectly, any of the foregoing transactions
for its own account or for the account of any other such person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under applicable rules and
regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in
market making activities with respect to the common shares for the applicable restricted period, as defined in Regulation M, prior to
the commencement of the distribution. In addition, the Selling Shareholder will be subject to applicable provisions of the Exchange Act
and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common shares
by the Selling Shareholder or any other person. We will make copies of this prospectus available to the Selling Shareholder and have
informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance
with Rule 172 under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Norton Rose Fulbright US
LLP, which has acted as our special United States counsel in connection with this offering, will pass on certain legal matters with respect
to United States federal law in connection with this offering. Norton Rose Fulbright Canada LLP, which has acted as our Canadian counsel
in connection with this offering, will pass on certain legal matters with respect to Canadian law in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><B>EXPERTS</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of InMed Pharmaceuticals Inc. as of June 30, 2024 and 2023, and for each of the years in the two-year period ended June 30,
2024, have been incorporated by reference herein in reliance upon the report of Marcum LLP, an independent registered public accounting
firm, incorporated by reference herein, and upon the authority of said firm as expert in accounting and auditing. The audit report covering
the June 30, 2024 and June 30, 2023 consolidated financial statements contains an explanatory paragraph that states that the Company
has incurred recurring losses and negative cash flows and has an accumulated deficit that raise substantial doubt about its ability to
continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome
of that uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_014"></A>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form S-1 under the Securities Act with respect to the common shares offered by this prospectus. This prospectus,
which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement,
some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further
information with respect to us and our common shares, we refer you to the registration statement, including the exhibits filed as a part
of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document
are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy
of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit
is qualified in all respects by the filed exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the periodic
reporting requirements of the Exchange Act and in accordance therewith file periodic reports, including, but not limited to, our annual
reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, proxy
statements and other information filed or furnished from time to time with the SEC pursuant to Section 13(a) or 15(d) of the Exchange
Act. You may read and copy (at prescribed rates) any such reports, proxy statements and other information at the SEC&rsquo;s Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of
the public reference room. The SEC maintains an internet website that contains reports, proxy and information statements and other information
about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov. We also maintain a website
at <I>www.inmedpharma.com</I>, by which you may access these materials (including the documents incorporated into this prospectus by
reference) free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information
that is contained on, or that may be accessed through, our website is not incorporated into this prospectus, and you should not consider
it part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SEC rules permit us to &ldquo;incorporate
by reference&rdquo; certain information into this prospectus, which means that we can disclose important information about us by referring
you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus,
except for information superseded by information contained in this prospectus or in any subsequently filed incorporated document. Because
we are incorporating by reference future filings with the SEC, this prospectus is continually updated and those future filings may modify
or supersede some of the information included or incorporated in this prospectus. This means that you must carefully review all of the
SEC filings that we incorporate by reference to determine if any of the statements in this prospectus or in any document previously incorporated
by reference have been modified or superseded. However, we undertake no obligation to update or revise any statements we make, except
as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus incorporates
by reference the documents listed below and any filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act (in each case, other than those documents or the portions of those documents furnished and not filed with the SEC) on or after the
date of this prospectus and prior to the termination of the offering covered by this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024082843/ea0214241-10k_inmed.htm">Form
                                            10-K</A> for the fiscal year ended June 30, 2024, filed with the SEC on September 30, 2024;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024098445/ea0219774-10q_inmed.htm">Form 10-Q</A> for the quarter ended September 30, 2024, filed with the SEC
                                            on November 14, 2024;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Definitive Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024091222/ea0218812-01.htm">Schedule 14A</A>, filed with the SEC on October 28, 2024; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            Current Reports on Form 8-K, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024110429/ea0225311-8k_inmed.htm">December 19, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024109891/ea0225022-8k_inmed.htm">December 18, 2024</A>,
                                            <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024100527/ea0222020-8k_inmed.htm">November 20, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024098655/ea0221397-8k_inmed.htm">November 15, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024096025/ea0220578-8k_inmed.htm">November 12, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024094349/ea0220029-8k_inmed.htm">November 5, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024091172/ea0218824-8k_inmed.htm">October 28, 2024</A>,
                                            <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024090365/ea0218583-8k_inmed.htm">October 24, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024089887/ea0218323-8k_inmed.htm">October 23, 2024</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024083203/ea0216150-8k_inmed.htm">September 30, 2024</A> (except, in each case, any information,
                                            including exhibits, furnished and not filed with the SEC); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            description of our common shares in our Registration Statement on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000119312520285837/d72199d8a12b.htm">Form 8-A</A>&nbsp;filed
                                            with the SEC on November 5, 2020, including any subsequent amendment thereto filed
                                            for the purpose of updating such description.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained herein
or in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified or superseded
to the extent that a statement contained in this prospectus or in any subsequently filed document which is or is deemed to be incorporated
by reference in this prospectus modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except
as so modified or superseded, to constitute a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will furnish without charge
to each person, including any beneficial owner, to whom a prospectus is delivered, upon written or oral request, a copy of any or all
of the documents incorporated by reference, including exhibits to these documents. Any such request may be made by writing or calling
us at the following address or phone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">InMed Pharmaceuticals Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite 1445 &ndash; 885 West Georgia St.&nbsp;<BR>
Vancouver, British Columbia, Canada&nbsp;V6C 3E8&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(604) 669-7207</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention: Netta Jagpal, CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>3,000,000 Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December&nbsp;&nbsp;&nbsp; , 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13. Other Expenses of Issuance and Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Set forth below is an estimate (except in the
case of the registration fee) of the amount of fees and expenses to be incurred in connection with the issuance and distribution of the
offered securities, other than underwriting discounts and commissions. The Selling Shareholder will not bear any portion of the below
expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,987</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Transfer agent fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Miscellaneous fees and expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">*</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These fees are calculated
    based on the number of issuances and number of securities offered, and accordingly, cannot be estimated at this time.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 14. Indemnification of Directors and
Officers </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the provisions
of Part 5, Division 5 of the BCBCA. Under Section 160 of the BCBCA, we may, subject to Section 163 of the BCBCA:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">indemnify an individual
    who:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                            or was a director or officer of our company;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is or was a director or
    officer of another corporation (i) at a time when such corporation is or was an affiliate of our company, or (ii) at our request,
    or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at our request, is or was,
    or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated
    entity, and including, subject to certain limited exceptions, the heirs and personal or other legal representatives of that individual,
    or collectively an eligible party, against all eligible penalties to which the eligible party is or may be liable; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">after final disposition
    of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding,
    where:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;eligible penalty&rdquo;
    means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, and eligible proceeding.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;eligible proceeding&rdquo;
    means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party,
    by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to
    that of a director or officer of, our company or an associated corporation (i) is or may be joined as a party, or (ii) is or may
    be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;proceeding&rdquo;
    includes any legal proceeding or investigative action, whether current, threatened, pending or completed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section 161 of the
BCBCA, and subject to Section 163 of the BCBCA, we must, after the final disposition of an eligible proceeding, pay the expenses actually
and reasonably incurred by an eligible party in respect of that proceeding if the eligible party (i) has not been reimbursed for those
expenses, and (ii) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful
on the merits in the outcome of the proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section 162 of the
BCBCA, and subject to Section 163 of the BCBCA, we may pay, as they are incurred in advance of the final disposition of an eligible proceeding,
the expenses actually and reasonably incurred by an eligible party in respect of the proceeding, provided that we must not make such
payments unless we first receive from the eligible party a written undertaking that, if it is ultimately determined that the payment
of expenses is prohibited under Section 163 of the BCBCA, the eligible party will repay the amounts advanced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section 163 of the
BCBCA, we must not indemnify an eligible party against eligible penalties to which the eligible party is or may be liable or pay the
expenses of an eligible party in respect of that proceeding under Sections 160, 161 or 162 of the BCBCA, as the case may be, if any of
the following circumstances apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the indemnity or payment
    is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses
    was made, we were prohibited from giving the indemnity or paying the expenses by our memorandum or articles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the indemnity or payment
    is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is
    made, we are prohibited from giving the indemnity or paying the expenses by our memorandum or articles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, in relation to the
    subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests
    of our company or the associated corporation, as the case may be; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of an eligible
    proceeding (other than a civil proceeding), if the eligible party did not have reasonable grounds for believing that the eligible
    party&rsquo;s conduct in respect of which the proceeding was brought was lawful.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an eligible proceeding
is brought against an eligible party by or on behalf of our company or by or on behalf of an associated corporation, we must not either
indemnify the eligible party against eligible penalties to which the eligible party is or may be liable, or pay the expenses of the eligible
party under Sections 160, 161 or 162 of the BCBCA, as the case may be, in respect of the proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section 164 of the
BCBCA, and despite any other provision of Part 5, Division 5 of the BCBCA and whether or not payment of expenses or indemnification has
been sought, authorized or declined under Part 5, Division 5 of the BCBCA, on application of our company or an eligible party, the Supreme
Court of British Columbia may do one or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">order us to indemnify an
    eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">order us to pay some or
    all of the expenses incurred by an eligible party in respect of an eligible proceeding;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">order the enforcement of,
    or payment under, an agreement of indemnification entered into by us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">order us to pay some or
    all of the expenses actually and reasonably incurred by any person in obtaining an order under Section 164 of the BCBCA; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make any other order the
    court considers appropriate.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 165 of the BCBCA
provides that we may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives
of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer
of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our Articles, and subject
to the BCBCA, we must indemnify our directors, former directors or alternate directors and his or her heirs and legal personal representatives
against all eligible penalties to which such person is or may be liable, and we must, after the final disposition of an eligible proceeding,
pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director
is deemed to have contracted with our company on the terms of the indemnity contained in our Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our Articles, and subject
to the BCBCA, we may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay
expenses incurred in connection with the performance of services by that person for us. We have entered into indemnity agreements with
our directors and certain of our officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to our Articles,
the failure of an eligible party to comply with the BCBCA or our Articles does not, of itself, invalidate any indemnity to which he or
she is entitled under our Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our Articles, we may
purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is or was our director,
    alternate director, officer, employee or agent;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is or was a director, alternate
    director, officer, employee or agent of a corporation at a time when the corporation is or was our affiliate;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at our request, is or was
    a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated
    entity;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at our request, holds or
    held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated
    entity; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">against any liability incurred
    by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In addition, we have entered into an indemnification
agreement with each of our directors, which requires us to indemnify them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 15. Recent Sales of Unregistered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In the three years preceding the filing of this
registration statement, we have issued the following securities that were not registered under the Securities Act. All share numbers
below give effect to the Reverse Stock Split:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 6, 2022, we closed
    a registered direct issuance and sale of the equivalent of 163,170 common shares (or pre-funded warrants in lieu thereto), as well
    as a concurrent private placement to issue and sell the equivalent of 69,930 common shares (or pre-funded warrants in lieu thereto),
    for a gross aggregate amount of $5 million. In addition, we issued to the investor in the offerings unregistered preferred investment
    options to purchase up to an aggregate of the equivalent of 233,100 common shares. We also amended certain existing warrants to purchase
    up to an aggregate of the equivalent of 179,230 common shares that were previously issued to the investor. The issuances in the concurrent
    private placement were made in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act in that such
    sales did not involve a public offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 13, 2022,
    we closed a private placement, pursuant to which we issued to the investors in the private placement (i) 90,000 common shares, (ii)
    pre-funded warrants to purchase an aggregate of 601,245 common shares and (iii) preferred investment options to purchase up to an
    aggregate of 1,382,490 common shares, for a gross aggregate amount of approximately $6 million. In addition, an investor agreed to
    cancel preferred investment options to purchase up to an aggregate of 412,331 of our common shares which had been previously issued
    to such investor. In connection with the private placement, we also issued to designees of the exclusive placement agent for the
    private placement, preferred investment options to purchase an aggregate of 44,931 common shares. The foregoing issuances were made
    in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act in that such sales did not involve a public
    offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 21, 2022, we
    closed a private placement, or the November Private Placement, pursuant to which we issued (i) 150,000 common shares, (ii) pre-funded
    warrants to purchase an aggregate of 1,668,185 common shares and (iii) preferred investment options to purchase up to an aggregate
    of 3,272,733 common shares, for a gross aggregate amount of approximately $6 million. In addition, in connection with the November
    Private Placement, the applicable shareholders agreed to cancel preferred investment options to purchase up to an aggregate of 1,383,490
    of our common shares which had been previously issued to such persons. In connection with the November Private Placement, we also
    issued preferred investment options to purchase up to an aggregate of 118,182 of our common shares to designees of the exclusive
    placement agent for the November Private Placement. The foregoing issuances were made in reliance on an exemption from registration
    under Section 4(a)(2) of the Securities Act in that such sales did not involve a public offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 26, 2023, the Company consummated
a securities purchase agreement, or the October 2023 Purchase Agreement, with two institutional accredited investors for the sale and
issuance of an aggregate of 3,012,049 of its common shares (or pre-funded warrants in lieu thereof) at a purchase price of $0.83 per
share. In addition, the Company agreed to issue to the Purchasers, unregistered preferred investment options to purchase up to an aggregate
of 3,012,049 common shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concurrently with the Company&rsquo;s entry into
the October 2023 Purchase Agreement, the Company also entered into an inducement offer letter agreement, or the Inducement Letter, with
the holders of existing preferred investment options, or the Holders, to purchase up to an aggregate of 3,272,733 common shares of the
Company issued to the Holders on November 21, 2022. Pursuant to the Inducement Letter, the Holders agreed to exercise for cash their existing
preferred investment options to purchase an aggregate of 3,272,733 common shares of the Company at a reduced exercise price of $0.83 per
share in consideration of the Company&rsquo;s agreement to issue new unregistered preferred investment options to purchase up to an aggregate
of 6,545,466 of our common shares.</P>

</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 16. Exhibits and Financial Statement Schedules </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: top; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: black 1.5pt solid; vertical-align: bottom; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    of Exhibit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021052654/ea148764ex2-1_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Agreement and Plan of Reorganization, dated as of October 13, 2021, by and among InMed Pharmaceuticals Inc., InMed LLC,
    BayMedica, Inc., BM REP, LLC, as the stockholder representative, and certain stockholders thereto (incorporated by reference to Exhibit
    2.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on October 13, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000119312520174157/d904092dex31.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Articles of InMed Pharmaceuticals Inc. (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Registration
    Statement on Form S-1 filed with the SEC on June 19, 2020).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021036589/ea144036ex4-3_inmedpha.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Specific Common Share Certificate (incorporated by reference to Exhibit 4.3 to the Company&rsquo;s Registration Statement on Form
    S-1 filed with the SEC on July 13, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000119312520291199/d95662dex41.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Common Shares Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed
    with the SEC on November 12, 2020).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021007194/ea134769ex4-1_inmed.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Common Shares Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed
    with the SEC on February 5, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021034785/ea143503ex4-1_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Series A Warrant (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC
    on June 30, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021034785/ea143503ex4-2_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Pre-Funded Warrants (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K filed with the
    SEC on June 30, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022031258/ea161175ex4-1_inmedphar.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Preferred Investment Option (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed
    with the SEC on June 6, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022031258/ea161175ex4-2_inmedphar.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K filed with the
    SEC on June 6, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022031258/ea161175ex4-3_inmedphar.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.3 to the Company&rsquo;s Current Report on Form 8-K filed with the
    SEC on June 6, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022031258/ea161175ex4-4_inmedphar.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
    Amendment Agreement (incorporated by reference to Exhibit 4.4 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC
    on June 6, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022055768/ea165740ex4-1_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed with the
    SEC on September 14, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022055768/ea165740ex4-2_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Preferred Investment Option (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K filed
    with the SEC on September 14, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022055768/ea165740ex4-3_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Placement Agent Preferred Investment Option (incorporated by reference to Exhibit 4.3 to the Company&rsquo;s Current Report on
    Form 8-K filed with the SEC on September 14, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022074323/ea169087ex4-1_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed with the
    SEC on November 22, 2022).</FONT></A></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022074323/ea169087ex4-2_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Preferred Investment Option (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K filed
    with the SEC on November 22, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022074323/ea169087ex4-3_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Placement Agent Preferred Investment Option (incorporated by reference to Exhibit 4.3 to the Company&rsquo;s Current Report on
    Form 8-K filed with the SEC on November 22, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000101376223007388/ea187408ex4-1_inmedpharm.htm">Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed with the
    SEC on October 30, 2023).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000101376223007388/ea187408ex4-2_inmedpharm.htm">Form
    of Preferred Investment Option (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K filed
    with the SEC on October 30, 2023).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000101376223007388/ea187408ex4-3_inmedpharm.htm">Form
    of Placement Agent Preferred Investment Option (incorporated by reference to Exhibit 4.3 to the Company&rsquo;s Current Report on
    Form 8-K filed with the SEC on October 30, 2023).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea022551901ex5-1_inmed.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Norton Rose Fulbright Canada LLP.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021013661/ea136989ex4-2_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">InMed
    Pharmaceuticals Inc. 2017 Amended and Restated Stock Option Plan, as amended (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s
    Current Report on Form S-8 filed with the SEC on March 5, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021013661/ea136989ex4-3_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Stock Option Agreement pursuant to the InMed Pharmaceuticals Inc. 2017 Amended and Restated Stock Option Plan (incorporated by
    reference to Exhibit 4.3 to the Company&rsquo;s Current Report on Form S-8 filed with the SEC on March 5, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021007194/ea134769ex10-3_inmed.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    Rights Agreement, dated February 5, 2021, between InMed Pharmaceuticals Inc. and several purchasers thereto (incorporated by reference
    to Exhibit 10.3 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on February 5, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021034785/ea143503ex10-2_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    Rights Agreement, dated June 28, 2021, between InMed Pharmaceuticals Inc. and several purchasers thereto (incorporated by reference
    to Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on June 30, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022031258/ea161175ex10-3_inmedphar.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    Rights Agreement, dated June 1, 2022, between InMed Pharmaceuticals Inc. and the purchasers thereto (incorporated by reference to
    Exhibit 10.3 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on June 6, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022055768/ea165740ex10-2_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    Rights Agreement, dated September 9, 2022, between InMed Pharmaceuticals Inc. and the purchasers thereto (incorporated by reference
    to Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on September 14, 2022).</FONT></A></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022074323/ea169087ex10-2_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    Rights Agreement, dated November 17, 2022, between InMed Pharmaceuticals Inc. and the purchasers thereto (incorporated by reference
    to Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on November 22, 2022).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022074323/ea169087ex10-2_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    Rights Agreement, dated November 17, 2022, between InMed Pharmaceuticals Inc. and the purchasers thereto (incorporated by reference
    to Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on October 30, 2023).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021036589/ea144036ex10-3_inmedpha.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Executive Employment Agreement, dated March 1, 2021, between Eric A. Adams and InMed Pharmaceuticals Inc. (incorporated
    by reference to Exhibit 10.3 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on July 13, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022039756/ea162961ex10-1_inmedpharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    dated July 11, 2022 to Eric Adams&rsquo; Employment Agreement dated 1 March 2021 (incorporated by reference to Exhibit 10.1 to the
    Company&rsquo;s Current Report on Form 8-K filed with the SEC on July 18, 2022).&nbsp;</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021036589/ea144036ex10-4_inmedpha.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Executive Employment Agreement, dated March 1, 2021, between Eric Hsu and InMed Pharmaceuticals Inc. (incorporated by
    reference to Exhibit 10.4 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on July 13, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>10.12</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022040385/ea163069ex10-1_inmedpharma.htm">Employment Agreement dated July 15, 2022, between InMed Pharmaceuticals Inc. and Michael Woudenberg (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on July 20, 2022)</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390021049679/f10k2021ex10-10_inmedpharma.htm">Form of InMed Pharmaceuticals Inc. Indemnification Agreement entered into with each member of the board of directors and Chief Financial Officer (incorporated by reference to Exhibit 10.10 to the Company&rsquo;s Annual Report on Form 10-K filed with the SEC on September 24, 2021)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000119312520174157/d904092dex108.htm">Office Premises Lease, dated January 14, 2019, between InMed Pharmaceuticals Inc. and 815 West Hastings Ltd. (incorporated by reference to Exhibit 10.8 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on June 19, 2020).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022013976/ea157216ex10-1_inmedpharma.htm">Form of Amendment of Purchase Agreement and Common Stock Purchase Warrant, dated March 21, 2022 (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on March 22, 2022).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390022018705/ea158188ex10-1_inmedpharma.htm">At the Market Offering Agreement dated April 7, 2021 by and between InMed Pharmaceuticals Inc., and&nbsp;H.C. Wainwright &amp; Co., LLC (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on April 7, 2022).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000101376223007388/ea187408ex10-1_inmedpharm.htm">Form of Securities Purchase Agreement dated October 24, 2023 (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on October 30, 2023).</A> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000101376223007388/ea187408ex10-3_inmedpharm.htm">Form of Inducement Letter dated October 24, 2023 (incorporated by reference to Exhibit 10.3 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on October 30, 2023).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024056807/ea020858401ex10-1_inmed.htm">Amendment No. 1, dated June 27, 2024, to the At the Market Offering Agreement dated April 7, 2022 by and between InMed Pharmaceuticals Inc., and H.C. Wainwright &amp; Co., LLC (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on June 28, 2024).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024082843/ea021424101ex10-19_inmed.htm">Consulting Agreement, dated as of May 17, 2024, between the Company and Alexandra D. J. Mancini, d.b.a True North Synergy Inc. (incorporated by reference to Exhibit 10.19 to the Company&rsquo;s Annual Report on Form 10-K filed with the SEC on September 30, 2024).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024082843/ea021424101ex10-20_inmed.htm">Scientific Advisory Board Consulting Agreement, dated as of September 4, 2024, between the Company and Barry Greenberg, Ph.D. (incorporated by reference to Exhibit 10.20 to the Company&rsquo;s Annual Report on Form 10-K filed with the SEC on September 30, 2024).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024109891/ea022502201ex10-1_inmed.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Standby
    <FONT STYLE="font-size: 10pt">Equity Purchase Agreement, dated December 13, 2024, by and between the Company and YA II PN, LTD (incorporated
    by reference to Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K filed with the SEC on December 18, 2024).</FONT></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1728328/000121390024082843/ea021424101ex21-1_inmed.htm">Subsidiaries of the Company (incorporated by reference to Exhibit 21.1 of the Company&rsquo;s Annual Report on Form 10-K filed with the SEC on September 30, 2024).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea022551901ex23-1_inmed.htm">Consent of Marcum LLP.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea022551901ex5-1_inmed.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Norton Rose
    Fulbright Canada LLP (included in opinion filed as Exhibit 5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#sig_001">Power
    of Attorney (included on the signature page).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea022551901ex-fee_inmed.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Financial Statement Schedules</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 17. Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any prospectus
    required by section 10(a)(3) of the Securities Act;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To reflect in the prospectus
    any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
    which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
    offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
    range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in
    volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of
    Registration Fee&rdquo; table in the effective registration statement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any material
    information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
    to such information in the registration statement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>provided, however</I>,
that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or
Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2) That, for the purpose
of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona
fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3) To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4) That, for the purpose
of determining liability under the Securities Act to any purchaser, if the registrant is subject to Rule 430C, each prospectus filed
pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule
430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement
as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5) That, for the purpose
of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any preliminary prospectus
    or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any free writing prospectus
    relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The portion of any other
    free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities
    provided by or on behalf of the undersigned registrant; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any other communication
    that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the&nbsp;Securities Act, each filing of the registrant&rsquo;s annual report pursuant
to Section&nbsp;13(a) or Section&nbsp;15(d) of the&nbsp;Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to Section&nbsp;15(d) of the&nbsp;Exchange Act) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sig_001"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Vancouver, British Columbia, Canada, on December 23, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INMED PHARMACEUTICALS INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Eric A. Adams</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric A. Adams</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose signature
appears below constitutes and appoints Eric A. Adams and Sarah Li, and each of them, either of whom may act without the joinder of the
other, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments)
to this registration statement, and to sign any registration statement for the same offering covered by the registration statement that
is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, and all post-effective amendments
thereto, and to file the same, with all exhibits thereto and all documents in connection therewith, with the SEC, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated and on
December 23, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 59%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: left">/s/ Eric A. Adams</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Chief Executive Officer and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric A. Adams</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Netta Jagpal</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Netta Jagpal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial Officer and Principal Accounting
    Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Janet Grove</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janet Grove</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Andrew Hull</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Hull</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Bryan Baldasare</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan Baldasare</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid">/s/ Nicole Lemerond</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicole Lemerond</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of Section 6(a) of the Securities Act of 1933, the undersigned has signed this registration statement, solely in its capacity as the
duly authorized representative of InMed Pharmaceuticals Inc. in the United States, on December 23, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Andrew Hull</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Andrew Hull</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Representative</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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</HTML>
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{"company-data": {"conformed-name": "InMed Pharmaceuticals Inc.", "cik": "0001728328", "assigned-sic": "2834", "organization-name": "03 Life Sciences", "irs-number": "000000000", "state-of-incorporation": "A1", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-284029", "film-number": "241574876"}, "business-address": {"street1": "1445-885 WEST GEORGIA ST.", "city": "VANCOUVER", "state": "A1", "zip": "V6C 3E8", "phone": "(604) 669-7207"}, "mail-address": {"street1": "1445-885 WEST GEORGIA ST.", "city": "VANCOUVER", "state": "A1", "zip": "V6C 3E8"}}
As filed with the Securities and Exchange Commission
on December 23, 2024
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
INMED PHARMACEUTICALS INC.
(Exact name of registrant as specified in its
charter)
British
    Columbia
2834
98-1428279
(State or other jurisdiction
    of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
Suite 1445 – 885 West Georgia St.
Vancouver, British Columbia, Canada  V6C 3E8
(604) 669-7207
(Address, including zip code and telephone number,
including area code, of registrant's principal executive offices)
Registered Agent Solutions, Inc.
1100 H Street NW, Suite 840
Washington, D.C. 20005
(888) 705-7274
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
with copies to:
Netta Jagpal
Chief Financial Officer
InMed Pharmaceuticals Inc.
Suite 1445 – 885 West Georgia St.
Vancouver, British Columbia, Canada V6C 3E8
(604) 669-7207
Jared D. Kaplan
Trevor Zeyl
Norton Rose Fulbright US LLP
1045 W. Fulton Street
Suite 1200
Chicago, IL 60607
(312) 964-7754
Approximate date of commencement of proposed
sale to the public:
From time to time after the effective date of this registration statement.
If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following
box: ☒
If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering: ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering: ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering: ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer:
☐
Accelerated
    filer:
☐
Non-accelerated
    filer:
☒
Smaller
    reporting company:
☒
Emerging
    Growth Company:
☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act ☐
The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission
acting pursuant to said Section 8(a), may determine.
The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities
and it is not soliciting offers to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.
PROSPECTUS
SUBJECT TO COMPLETION, DATED DECEMBER 23, 2024
3,000,000
Common Shares
This prospectus relates to the offer and resale
by the selling shareholder identified herein, or the Selling Shareholder, or any of its pledgees, donees, assignees and successors-in-interest,
or collectively, the permitted transferees, of up to 3,000,000 of our common shares, no par value per share, or the common shares. The
common shares to which this prospectus relates consists of up to 3,000,000 common shares that we may sell to the Selling Shareholder,
from time to time after the date of this prospectus, in our sole and absolute discretion, pursuant to the Standby Equity Purchase Agreement,
dated December 13, 2024, or the SEPA.
The Selling Shareholder is an underwriter within
the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended, or the Securities Act. The registration of the common shares
hereunder does not mean that the Selling Shareholder will actually purchase, or that the Company will actually issue and sell, all or
any of the 3,000,000 common shares being registered pursuant to the registration statement on Form S-1 under the Securities Act to which
this prospectus relates.
We are not selling any securities under this prospectus
and we will not receive any proceeds from the sale of common shares by the Selling Shareholder. However, we may receive up to $10,000,000
in aggregate gross proceeds from sales of common shares to the Selling Shareholder that we may, in our discretion, elect to make, from
time to time after the date of this prospectus, pursuant to the SEPA. We will bear all fees and expenses incident to our obligation to
register the common shares covered by this prospectus. Brokerage fees, underwriting discounts and commissions, and similar expenses, if
any, attributable to the sale of common shares offered hereby will be borne by the Selling Shareholder. The Selling Shareholder and any
of its permitted transferees may offer and sell the common shares covered by this prospectus in a number of different ways and at varying
prices. See "
Plan of Distribution
" beginning on page 20 for additional information.
Unless the context indicates otherwise, as used
in this registration statement, the terms "we," "us," "our," "InMed," "the Company"
or similar terms refer to "InMed Pharmaceuticals Inc.," together with our wholly owned subsidiaries.
Our common shares are listed on the Nasdaq Capital
Market under the symbol "INM". On December 20, 2024, the last reported sale price of our common shares on the Nasdaq Capital
Market was $4.40 per share (rounded to the nearest hundredths place).
We are an "emerging growth company"
and a "smaller reporting company" under the federal securities laws and are subject to reduced public company reporting requirements.
See "
Prospectus Summary—Implications of Being an Emerging Growth Company and a Smaller Reporting Company
."
Investing in our common shares involves a
high degree of risk. Before you invest in our common shares, you should carefully read the section entitled "
Risk Factors
"
on page 7 of this prospectus, and other risk factors contained in any applicable prospectus supplement and in the documents incorporated
by reference herein and therein, including the additional information described under the headings "Incorporation of Certain Information
by Reference" and "Where You Can Find More Information".
We may amend or supplement this prospectus from
time to time by filing amendments or supplements as required. You should carefully read this entire prospectus, any amendments or supplements,
and the documents incorporated or deemed incorporated by reference herein and therein, before you make your investment decision.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
The date of this prospectus
is     , 2024
TABLE OF CONTENTS
About
    This Prospectus and Exchange Rates
ii
Prospectus
    Summary
1
Risk
    Factors
7
Special
    Note Regarding Forward-Looking Statements
10
Use
    of Proceeds
14
Dividend
    Policy
14
Principal
    Shareholders
15
Certain
    Relationships and Related Transactions
17
Description
    of Securities
18
Selling
    Shareholder
19
Plan
    of Distribution
20
Legal
    Matters
22
Experts
22
Where
    You Can Find More Information
22
Incorporation
    Of Certain Information By Reference
23
i
ABOUT THIS PROSPECTUS AND
EXCHANGE RATES
You should rely only on the
information contained in, or incorporated by reference into, this prospectus, and any applicable prospectus supplement or free writing
prospectus that we have authorized for use in connection with this offering. Neither we nor the Selling Shareholder have authorized anyone
to provide you with additional information or information that is different. This prospectus is an offer to sell only the securities
offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. The information appearing in this prospectus
is accurate only as of the date of this prospectus and any information we have incorporated by reference is accurate only as of the date
of the document incorporated by reference, regardless of the time of delivery of this prospectus or of any sale of the common shares
offered hereby. Our business, financial condition, results of operations and prospects may have changed since those dates.
We obtained the industry,
market and competitive position data in this prospectus and the documents incorporated by reference herein from our own internal estimates
and research as well as from industry and general publications and research surveys and studies conducted by third parties. This information
involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently
verified the accuracy or completeness of the data contained in these industry publications and reports. The industry in which we operate
is subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the heading "
Risk
Factors
" beginning on page 7 in this prospectus and under similar headings in the documents incorporated by reference into
this prospectus, that could cause results to differ materially from those expressed or implied in these publications and reports.
For investors outside the
United States: Neither we nor the Selling Shareholder have done anything that would permit this offering or possession or distribution
of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons who come into
possession of this prospectus in a jurisdiction outside the United States must inform themselves about, and observe any restrictions
relating to, this offering and the distribution of this prospectus.
This prospectus contains
references to our trademark and to trademarks, trade names and service marks belonging to other entities. Solely for convenience, trademarks,
trade names and service marks referred to in this prospectus, including logos, artwork and other visual displays, may appear without
the ® or ™ symbols, but such references are not intended to indicate, in any way, that we or the applicable licensor will not
assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names
and service marks. We do not intend our use or display of other entities' trade names, trademarks or service marks to imply a relationship
with, or endorsement or sponsorship of us by, any other entities.
Unless otherwise indicated,
references in this prospectus to "$" or "United States dollars" are to United States dollars. Canadian dollars
are referred as "Canadian dollars" or "C$".
The high, low, average and
closing rates for Canadian dollars in terms of the United States dollar for each of the periods indicated, as quoted by the Bank of Canada,
were as follows:
Year
    Ended June 30
2024
2023
2022
High for period
C$
1.3875
C$
1.3856
C$
1.3039
Average for the period
C$
1.3551
C$
1.3397
C$
1.2659
Low for period
C$
1.3128
C$
1.2753
C$
1.2329
Rate at end of period
C$
1.3687
C$
1.3240
C$
1.2886
On December 20, 2024, the
Bank of Canada daily rate of exchange was $1.00 = C$1.4365 or C$1.00 = $0.6961.
ii
PROSPECTUS SUMMARY
This summary highlights selected information
contained in other parts of this prospectus. Because it is only a summary, it does not contain all of the information that you should
consider before investing in our securities and it is qualified in its entirety by, and should be read in conjunction with, this entire
prospectus and the information incorporated herein by reference to our other filings with the Securities and Exchange Commission, or
the SEC. Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described
herein or incorporated by reference herein, together with all of the other information in this prospectus, including our financial statements
and related notes, before investing in our securities. If any of the risks described herein or incorporated by reference herein materialize,
our business, financial condition, operating results and prospects could be materially and adversely affected. In that event, the price
of our securities could decline, and you could lose part or all of your investment.
Unless the context indicates otherwise, as used
in this prospectus, the terms "we," "us," "our," "InMed," "the Company" or
similar terms refer to "InMed Pharmaceuticals Inc.," together with our wholly owned subsidiaries.
Company Overview
We are a clinical stage pharmaceutical
company developing a pipeline of proprietary small molecule drug candidates that are preferential signaling ligands of the endogenous
cannabinoid 1, or CB1, and cannabinoid 2, or CB2, receptors as well as other receptor targets linked to human diseases. CB1 and CB2 receptors
are each part of the endocannabinoid system that is found throughout the human body and is responsible for many homeostatic functions.
CB1 receptors are primarily located in the brain and central nervous system, while CB2 receptors are involved in modulating neuroinflammation
and immune responses. Our research efforts target the treatment of diseases with high unmet medical needs. Together with our wholly owned
subsidiary, BayMedica, we also have garnered significant know-how in developing proprietary manufacturing approaches to produce and sell
bulk rare cannabinoids as ingredients for various market sectors, or Products.
InMed has sought to focus
on the research and development of preferential signaling ligands of CB1 and CB2 and has produced a library of novel, proprietary drug
candidates, or Product Candidates. These Product Candidates are patentable NCEs for pharmaceutical drug development, aimed at targeting
diverse clinical indications. Our current pharmaceutical pipeline consists of three programs, with drug candidates targeting Alzheimer's
disease, dry age-related macular degeneration, or AMD, and Epidermolysis Bullosa, or EB.
InMed's INM-901 is
a proprietary small molecule, disease modifying drug candidate that is being developed as a potential treatment for Alzheimer's
disease. INM-901 has multiple potential mechanisms of action as a preferential signaling agonist for both CB1 and CB2 receptors, as well
as impacting the PPAR signaling pathway. Combined, these mechanisms of action may offer a unique treatment approach targeting several
biological pathways associated with Alzheimer's disease.
Outcome from our ocular research,
based on the proprietary small molecule INM-089, indicates potentially promising neuroprotective effects in the back of the eye, which
may lead to the preservation of the retinal function. Neuroprotection in dry Aged-related Macular Degeneration, or dry AMD, remains an
unmet medical need and a new treatment option may help solve this multifactorial disease.
InMed has completed a Phase
2 clinical trial of INM-755 (cannabinol) cream studying its safety and efficacy in treating symptoms related to EB. Results from the
Phase 2 clinical trial conducted during 2022 and 2023 showed a positive indication of enhanced anti-itch activity for INM-755 (cannabinol)
cream versus the control cream alone in an exploratory clinical evaluation. The Company is also pursuing strategic partnership opportunities
for INM-755 in EB and other itch-related skin conditions.
Together with our wholly
owned subsidiary BayMedica, our manufacturing capabilities include traditional approaches such as chemical synthesis and biosynthesis,
as well as a proprietary, integrated manufacturing approach called IntegraSyn. With several manufacturing approaches, InMed has sought
to maintain enhanced flexibility to select the most cost-effective method to deliver high quality, high-purity Products and Product Candidates
fit for their intended use. BayMedica's commercial business specializes in the business-to-business commercialization of bulk rare,
non-intoxicating cannabinoids as raw materials for the 'health and wellness' sector that are bioidentical to those found
in nature.
1
We have incurred significant
operating losses since our inception, and we expect to continue to incur significant operating losses for the foreseeable future. Our
ability to generate product revenue that is sufficient to achieve profitability will depend heavily on the revenues generated from our
products in the health and wellness sector, on the successful development and eventual commercialization of one or more of our Product
Candidates and/or the success of our manufacturing technologies. Our net loss was $7.7 million and $7.9 million for the years ended June
30, 2024 and 2023, respectively. In addition, we have an accumulated deficit of $109.1 million as of June 30, 2024, which includes all
losses since our inception in 1981 and includes losses associated with non-pharmaceutical activities up to 2014. We expect our expenses
will remain steady in the near- and long-term as we:
●
seek partnership(s) to
    advance the INM-755 program for the treatment of dermatological conditions including chronic itch;
●
continue to advance research
    with proprietary drug candidates including the INM-901 program targeting treatment of neurodegenerative diseases such as Alzheimer's
    and in the INM-089 program to treat dry AMD;
●
investigate our Product
    Candidates for additional uses beyond their initial target indications;
●
pursue the discovery of
    additional small molecule drug candidates for other diseases with high unmet medical needs and the subsequent development of any
    resulting new Product Candidates;
●
seek regulatory approvals
    for any Product Candidates that successfully complete clinical trials;
●
scale-up our manufacturing
    processes and capabilities, or arrange for a third party to do so on our behalf;
●
continue to support our
    commercial operations and revenue-generating Products at BayMedica;
●
execute on business development
    activities, including but not limited to strategic transactions, mergers, acquisitions and/or divestitures as well as in- or out-licensing
    of technologies or business units;
●
maintain, expand, enforce,
    defend and protect our intellectual property;
●
continue to further advance
    the research and development of various manufacturing technologies;
●
build internal infrastructure,
    including personnel, to meet our milestones; and
●
add operational, financial
    and management information systems and personnel, including personnel to support product development and potential future commercialization
    efforts and our operations as a public company.
As a result of these activities
as well as our working capital requirements, we will need substantial additional funding to support our continuing operations and pursue
our growth strategy. We expect to finance our operations through product sales, the sale of equity, debt financings or other capital
sources, including collaborations with other companies or other strategic transactions. We may be unable to raise additional funds or
enter into such other agreements or arrangements when needed on favorable terms, if at all. If we fail to raise capital or enter into
such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization
of one or more of our Products and Product Candidates or grant rights to external entities to develop and market our Product Candidates,
even if we would otherwise prefer to develop and market such Products and Product Candidates ourselves.
Because of the numerous risks
and uncertainties associated with drug development and commercial growth, we are unable to predict the timing or amount of increased
expenses and working capital requirements or the timing of when or if we will be able to achieve or maintain profitability. If we fail
to become profitable or are unable to sustain profitability on a continual basis, then we may be unable to continue our operations at
current or planned levels and be forced to reduce or terminate our operations.
2
Additional information concerning
the Company and our business is set forth in our Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the
SEC on September 30, 2024, and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which was filed with
the SEC on November 11, 2024, each of which are incorporated herein by reference and made available on our website at https://www.inmedpharma.com/investors/filings/.
The information that is contained on, or that may be accessed through, our website is not incorporated into this prospectus, and you
should not consider it part of this prospectus. We have included our website address in this prospectus solely as an inactive textual
reference.
Corporate Information
We were originally incorporated
in the Province of British Columbia, under the
Business Corporations Act
(British Columbia), on May 19, 1981 and we have undergone
a number of executive management, corporate name and business sector changes since this incorporation, ultimately changing our name to
"InMed Pharmaceuticals Inc." on October 6, 2014. Our principal executive offices are located at Suite #1445-885 W. Georgia
St., Vancouver, BC V6C 3E8, Canada, and our telephone number is +1-604-669-7207. Our internet address is
https://www.inmedpharma.com/
.
The information that is contained on, or that may be accessed through, our website is not incorporated into this prospectus, and you
should not consider it part of this prospectus. We have included our website address in this prospectus solely as an inactive textual
reference.
Implications of Being an Emerging Growth Company and a Smaller
Reporting Company
We are an "emerging
growth company" as defined in the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act.
As such, we are eligible to take advantage of exemptions from various disclosure and reporting requirements that are applicable to other
public companies that are not "emerging growth companies" including, but not limited to:
●
our exemption from the
    auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended;
●
being permitted to present
    only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial
    Condition and Results of Operations, in each case, instead of three years;
●
reduced disclosure obligations
    regarding executive compensation, including no Compensation Disclosure and Analysis;
●
our exemption from any
    requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement
    to the auditor's report providing additional information about the audit and the financial statements; and
●
our exemption from the
    requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments
    not previously approved.
We may take advantage of
these exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the earliest of (i)
June 30, 2026, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the
last day of the fiscal year in which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Securities
Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our common shares held by non-affiliates
exceeded $700.0 million as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued
more than $1.0 billion in non-convertible debt securities during the prior three-year period.
3
We may choose to take advantage
of some but not all of these exemptions. We have taken advantage of reduced reporting requirements in this prospectus and in the documents
incorporated by reference into this prospectus. Accordingly, the information contained or incorporated by reference herein may be different
from the information you receive from other public companies in which you hold stock.
In addition, the JOBS Act
provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting
standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we may adopt new
or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies instead
of the dates required for other public companies.
We are also a "smaller
reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer
an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until
the fiscal year following the determination that our voting and non-voting common shares held by non-affiliates is $250 million or more,
as measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most
recently completed fiscal year and our voting and non-voting common shares held by non-affiliates is $700 million or more, as measured
on the last business day of our second fiscal quarter.
Recent Developments
Standby Equity Purchase Agreement
On
December 13, 2024, the Company entered into the SEPA with the Selling Shareholder, pursuant to which the Selling Shareholder has agreed
to purchase from us up to $10,000,000 of our common shares (subject to certain limitations), or the commitment amount, from time to time
during the term of the SEPA. The aggregate maximum amount of all purchases that the Selling Shareholder shall be permitted to make under
the SEPA shall not exceed the commitment amount, and in no event shall the number of common shares sold to the Selling Shareholder cause
the aggregate number of common shares beneficially owned by the Selling Shareholder and its affiliates at any one time to exceed 9.99%
of our issued and outstanding common shares, or the offering limitation.
We
will not effect any sales under the SEPA and the Selling Shareholder will not have any obligation to purchase any common shares under
the SEPA to the extent that, after giving effect to such purchase and sale, the aggregate number of common shares issued under the SEPA
would exceed the number of common shares representing 19.99% of the outstanding voting common shares as of December 13, 2024. Thus, we
may not have access to the right to sell the full commitment amount to the Selling Shareholder.
Pursuant
to the SEPA, the Company shall have the right, but not the obligation, to sell, in its sole discretion, common shares to the Selling
Shareholder. Any such sale, each an Advance, of common shares will be equal to the lower of (i) $1,000,000 of common shares and (ii)
such amount as is equal to 100% of the average daily volume traded of our common shares during the five trading days immediately prior
to the date the Company requests each Advance. The amount of the Advance can be increased at mutual consent of the Company and the Selling
Shareholder. To request an Advance, the Company is required to submit a written notice, each an Advance Notice, to the Selling Shareholder,
specifying the dollar amount of the Advance. The Selling Shareholder shall be irrevocably bound to purchase common shares from the Company
subject to each valid Advance Notice. In accordance with the SEPA, the Company will sell to the Selling Shareholder common shares at
a purchase price equal to 97% of the "Market Price" (defined in the SEPA as the lowest daily volume weighted average price
of our common shares during the period of three consecutive trading days commencing on the trading day immediately following the Selling
Shareholder's receipt of an Advance Notice).
Pursuant
to the SEPA, the Company agreed to file a resale registration statement covering the resale of the common shares issuable under the SEPA
with the SEC and to use reasonable efforts to cause such resale registration statement to be declared effective by the SEC.
The
SEPA contains customary representations, warranties and covenants of the Company and the Selling Shareholder. The SEPA and all exhibits
thereto, or collectively the Transaction Documents, are binding upon and inure to the benefit of the Company and the Selling Shareholder
and their respective successors and permitted assigns. Pursuant to the terms and conditions of the SEPA, neither any of the Transaction
Documents nor any rights of the Selling Shareholder or the Company under the SEPA may be assigned by either party to any other person
or entity.
4
The
Selling Shareholder is an underwriter within the meaning of Section 2(a)(11) of the Securities Act. The registration of our common shares
hereunder does not mean that the Selling Shareholder will actually purchase or that the Company will actually issue and sell all or any
of the common shares being registered pursuant to the registration statement on Form S-1 under the Securities Act to which
this prospectus relates.
There
are substantial risks to investors as a result of the issuance of our common shares under the SEPA. These risks include dilution of our
shareholders, significant decline in the price of our common shares and our inability to draw sufficient funds when needed. Before you
invest in our common shares, you should carefully read the section entitled "
Risk Factors
" on page 7 of this prospectus,
and other risk factors contained in any applicable prospectus supplement and in the documents incorporated by reference herein and therein,
including the additional information described under the headings "
Incorporation of Certain Information by Reference
"
and "
Where You Can Find More Information
".
Reverse Stock
Split
On
November 14, 2024, the Company effected a reverse stock split of the Company's issued and outstanding common shares, by a ratio
of 20-to-1, or the Reverse Stock Split. Trading of our common shares on Nasdaq on a split-adjusted basis began as of November 14, 2024.
As a result of the Reverse Stock Split, every twenty shares of common shares were combined into one common share, and the total number
of common shares outstanding were reduced from approximately 14,361,550 common shares to approximately 718,032 common shares. No fractional
common shares were issued if, as a result of the Reverse Stock Split, a registered shareholder would otherwise become entitled to a fractional
share. Instead, shareholders who otherwise were entitled to receive fractional common shares because they held a number of common shares
not evenly divisible by the ratio of the Reverse Stock Split were automatically entitled to receive an additional common share. Unless
otherwise noted, the share-related information reflected herein reflects our common shares on a split-adjusted basis.
At-the-Market
Offering Reactivation
On
June 27, 2024, the Company entered into an amendment, or the ATM Amendment, to its At-the-Market Offering Agreement, dated April 7, 2022,
or the Original ATM Agreement and together with the ATM Amendment, the Amended ATM Agreement, pursuant to which the Company may offer
and sell our common shares, from time to time, in "at the market" offerings through the designated sales agent, or the Agent.
The ATM Amendment amended the Original ATM Agreement to reflect, among other provisions, updates to certain sales settlement provisions
and reimbursement terms, and to supplement the representations being made by the Company to the Agent. During the three months ended
September 30, 2024, the Company issued 186,364 common shares for gross proceeds of approximately $1.0 million. This amount has been offset
by financing fees of approximately $192,000.
NASDAQ Compliance
As
previously reported by the Company, on March 19, 2024, the Company received written notification from the Listing Qualifications Department
of Nasdaq, or the Nasdaq Staff, that the Company has been granted an additional 180-day compliance period, or until September 16, 2024,
or the Extended Compliance Period, to regain compliance with Nasdaq's minimum bid price requirement for the continued listing on
Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2), or the Minimum Bid Price Rule. The Company was unable to regain compliance during
the Extended Compliance Period and on September 17, 2024, the Company received an additional notification from the Nasdaq Staff stating
that due to the deficiency, the Company's securities would be delisted from Nasdaq on September 26, 2024, unless the Company appealed
Nasdaq's determination to a Hearings Panel, or the Panel. The Company subsequently timely requested the Hearing before the Panel
to appeal the determination by Nasdaq, and present its plan to regain and sustain compliance with the Minimum Bid Price Rule. On October
31, 2024, the Hearing was held before the Panel regarding the Company's request for (i) continued listing on Nasdaq and (ii) additional
time to regain compliance with the Minimum Bid Price Rule. On November 1, 2024, the Panel issued its determination, the Panel Determination
Letter, to the Company, granting the Company's request for the continued listing of the common shares on Nasdaq, but subject to
the Company's evidencing compliance with the Minimum Bid Price Rule for ten consecutive trading days as of December 2, 2024, or
the Requisite Compliance Date, and of other conditions stipulated by the Panel Determination Letter. On November 14, 2024, the Company
effected the Reverse Stock Split in order to regain compliance with the Minimum Bid Price Rule, and on December 2, 2024, the Company
received a written notification, or the December 2024 Compliance Notification, from the Nasdaq Staff that (i) it had regained compliance
with the Minimum Bid Price Rule prior to the Requisite Compliance Date, and (ii) the Panel had therefore determined to continue the listing
of the common shares on the Nasdaq Stock Market and was closing this matter.
Publication of Study on Anti-Inflammation by Modulation of Endocannabinoid
System
On November 19, 2024, the Company announced that a peer-reviewed scientific
study entitled "Cannabinol modulates the endocannabinoid system and shows TRPV1-mediated anti-inflammatory properties in human keratinocytes"
has been published in the international journal Biofactors. This Company-sponsored study demonstrates the biological activity of cannabinol
and its potential anti-inflammatory effects in skin diseases.
5
The
Offering
Securities
    Offered by the Selling Shareholder:
3,000,000 common
    shares that we may elect, in our discretion, to issue and sell to the Selling Shareholder under the SEPA from time to time.
Common Shares Outstanding
    Before this Offering:
(1)
724,152 common shares.
Common Shares Outstanding
    After this Offering:
(1)
3,724,152 common shares,
    assuming we sell 100% of the commitment amount under the SEPA.
Use of Proceeds:
We will not receive any proceeds from the sale of common shares by the
Selling Shareholder. All of the net proceeds from the sale of our common shares will go to the Selling Shareholder as described below
in the sections entitled "
Selling Shareholder
" and "
Plan of Distribution
". However, we may receive
up to $10,000,000 in aggregate gross proceeds from the sale of our common shares under the SEPA to the Selling Shareholder. We have agreed
to bear the expenses relating to the registration of the shares of common shares for the Selling Shareholder. Any proceeds received by
the Company from the sale of our common shares pursuant to the SEPA will be used for general working capital.
Nasdaq Capital Market
    Symbol:
"INM".
Risk Factors:
Please read "
Risk
    Factors
" and other information included in, or incorporated by reference into, this prospectus, for a discussion of factors
    you should carefully consider before deciding to invest in the securities offered pursuant to this prospectus.
(1)
The number of common shares outstanding before this offering is based on an aggregate of 724,152 shares outstanding as of December 20, 2024 and does not include:
●
31,705 common shares issuable upon the exercise of non-prefunded share purchase warrants outstanding as of December 20, 2024, with a weighted average exercise price of $30.18 per share;
●
477,875 common shares issuable upon the exercise of preferred investment options outstanding as of December 20, 2024, with a weighted average exercise price of $234.91 per share,
●
62,424 common shares issuable upon exercise of options outstanding as of December 20, 2024, with a weighted-average exercise price of $32.28 per share; and
●
40,265 common shares available for future issuance as of December 20, 2024, under the InMed Pharmaceuticals Inc. Amended 2017 Stock Option Plan.
6
RISK FACTORS
Investing in our common shares involves a
high degree of risk and uncertainties. You should carefully consider the following risk described below, together with the information
under the heading "Risk Factors" and elsewhere in our in our Annual Report on Form 10-K for the year ended June 30, 2024,
which was filed with the SEC on September 30, 2024, and our Quarterly Report on Form 10-Q for the quarterly period ended September 30,
2024, which was filed with the SEC on November 11, 2024, each of which are incorporated herein by reference, as updated or superseded
by the risks and uncertainties described under similar headings or elsewhere in the other documents that are filed after the date hereof
and incorporated by reference into this prospectus, together with all of the other information contained or incorporated by reference
in this prospectus, and any free writing prospectus that we have authorized for use in connection with this offering before you make
a decision to invest in our common shares. The risks described in these documents are not the only ones we face. Additional risks and
uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations. Past financial
performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or
trends in future periods. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow
could be materially adversely affected. This could cause the trading price of our common shares to decline, resulting in a loss of all
or part of your investment. Please also carefully read the section titled "Special Note Regarding Forward-Looking Statements."
Risk Related to this Offering and Our Common
Shares
It is not possible to predict the actual
number of common shares we will sell under the SEPA to the Selling Shareholder, or the actual gross proceeds resulting from those sales.
On December 13, 2024, we entered
into the SEPA with the Selling Shareholder, pursuant to which the Selling Shareholder has committed to purchase up to the commitment amount,
subject to certain limitations and conditions set forth in the SEPA. The common shares that may be issued under the SEPA may be sold by
us to the Selling Shareholder at our discretion from time to time for a period of up to 36 months following the execution of the SEPA,
unless the SEPA is earlier terminated.
We generally have the right
to control the timing and amount of any sales of our common shares to the Selling Shareholder under the SEPA. Generally, sales of our
common shares, if any, to the Selling Shareholder under the SEPA will depend upon market conditions and other factors to be determined
by us. We may ultimately decide to sell to the Selling Shareholder all, some or none of our common shares that may be available for us
to sell to the Selling Shareholder pursuant to the SEPA.
Because the purchase price
per share to be paid by the Selling Shareholder for the common shares that we may elect to sell to the Selling Shareholder under the SEPA,
if any, will fluctuate based on the market prices of our common shares prior to each advance made pursuant to the SEPA, if any, it is
not possible for us to predict, as of the date of this prospectus and prior to any such sales, the number of common shares that we will
sell to the Selling Shareholder under the SEPA, the purchase price per share that the Selling Shareholder will pay for shares purchased
from us under the SEPA, or the aggregate gross proceeds that we will receive from those purchases by the Selling Shareholder under the
SEPA, if any.
Limitations in the SEPA, including
the offering limitation, and our ability to meet the conditions necessary to deliver an advance notice thereunder could prevent us from
being able to raise funds up to the full commitment amount.
Moreover, although the SEPA
provides that we may sell up to an aggregate of $10,000,000 of our common shares to the Selling Shareholder, only 3,000,000 common shares
are being registered for resale by the Selling Shareholder under the registration statement that includes this prospectus. Even if we
elect to sell to the Selling Shareholder all of the common shares being registered for resale under this prospectus, depending on the
market prices of our common shares at the time of such sales, the actual gross proceeds from the sale of all such shares may be substantially
less than the full commitment amount, which could materially adversely affect our liquidity.
If we desire to issue and
sell to the Selling Shareholder under the SEPA more than the a number of common shares in excess of the common shares being registered
for resale under this prospectus, and the ownership limitation and other limitations in the SEPA would permit us to do so, we would need
to file with the SEC one or more additional registration statements to register under the Securities Act the resale by the Selling Shareholder
of any such additional common shares and the SEC would have to declare such registration statement or statements effective before we could
sell such additional common shares.
Any issuance and sale by us
under the SEPA of a substantial amount of common shares in addition to the common shares being registered for resale by the Selling Shareholder
under this prospectus could cause additional and substantial dilution to our shareholders. The number of our common shares ultimately
offered for resale by the Selling Shareholder is dependent upon the common shares, if any, we ultimately sell to the Selling Shareholder
under the SEPA.
The resale by the Selling Shareholder of a significant amount of common
shares registered for sale in this offering at any given time, or the perception that these sales may occur, could cause the market
price of our common shares to decline and to be highly volatile.
Sales by the Selling Shareholder of the
securities covered by this prospectus could adversely affect the market price of our common shares.
The 3,000,000 common shares
registered hereby represent approximately 414% of our total outstanding shares of common shares as of December 20, 2024. The resale of
all or a substantial number of these shares in the public market by the Selling Shareholder, or the perception that such sales might occur,
could depress the market price of our common shares, which could impair our ability to raise capital through the sale of additional equity
or equity-linked securities.
7
Investors who buy shares in this offering at different times
will likely pay different prices.
Investors who purchase our
common shares in this offering at different times will likely pay different prices, and so may experience different levels of dilution
and different outcomes in their investment results. In connection with the SEPA, we will have discretion, subject to market demand, to
vary the timing, prices, and numbers of common shares sold to the Selling Shareholder. Similarly, the Selling Shareholder may sell such
common shares at different times and at different prices. Investors may experience a decline in the value of the common shares they purchase
from the Selling Shareholder in this offering as a result of sales made by us in future transactions to the Selling Shareholder at prices
lower than the prices they paid. Sales to the Selling Shareholder by us could result in substantial dilution to the interests of other
holders of our common shares. Additionally, the sale of a substantial number of common shares to the Selling Shareholder, or the anticipation
of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price
that we might otherwise wish to effect sales, which could have a materially adverse effect on our business and operations.
Our management will have broad discretion
over the use of the net proceeds from our sale of common shares to the Selling Shareholder, and you may not agree with how we use the
proceeds and the proceeds may not be invested successfully.
Our management will have
broad discretion with respect to the use of proceeds from the sale of any common shares to the Selling Shareholder, including for any
of the purposes described in the section of this prospectus entitled "
Use of Proceeds
." You will be relying on the
judgment of our management regarding the application of the proceeds from the sale of any common shares to the Selling Shareholder. The
results and effectiveness of the use of proceeds are uncertain, and we could spend the proceeds in ways that you do not agree with or
that do not improve our results of operations or enhance the value of our common shares. Our failure to apply these funds effectively
could harm our business, delay the development of our pipeline product candidates, and cause the price of our common shares to decline.
The Selling Shareholder
will pay less than the then-prevailing market price of our common shares, which could cause the price of our common shares to decline.
Our
common shares to be issued under the SEPA will be purchased at a three percent (3%) discount to the "Market Price" (as defined
in the SEPA). The Selling Shareholder has a financial incentive to sell our common shares immediately upon receiving such shares to realize
the profit between the discounted price and the market price. If the Selling Shareholder sells our shares, the price of our common shares
may decrease. If our share price decreases, the Selling Shareholder may have a further incentive to sell such shares. Accordingly, the
discounted sales price may cause the price of our common shares to decline in the near- and long-term.
We may not have
access to the full amount under SEPA.
We
may not have access to the full commitment under the SEPA unless the market price of our common shares remains stable. Any significant
decrease to our share price could limit our ability to sell the full commitment amount under the SEPA to the Selling Shareholder.
There may not
be a sufficient price of our common shares to permit us to acquire adequate funds, which may adversely affect our liquidity.
The
SEPA provides that the number of common shares sold pursuant to each Advance Notice plus the shares held by the Selling Shareholder at
that time shall not exceed 9.99% of the issued and outstanding common shares of the Company. If the price of our common shares is too
low, it is possible that we may not be permitted to draw the full amount of proceeds of the drawdown request, which may not provide adequate
funding for our planned operations and may materially decrease our liquidity.
We may draw on
the SEPA to the extent that a change of control occurs.
The
Company may continue to make drawdown requests while the Selling Shareholder holds our common shares or sells shares to a specific party,
thereby causing such purchasing party to gain control of the Company. This could jeopardize the execution of the Company's business plan
and may disrupt operations. The Company does not anticipate making drawdown requests under this scenario.
You may experience
immediate and substantial dilution in the net tangible book value per share of our common shares.
The
offering price per share of our common shares in this offering may or may not exceed the net tangible book value per share of our common
shares outstanding prior to this offering. For example, assuming that an aggregate of 3,000,000 common shares are sold pursuant to this
prospectus at an assumed price of $5.15 per share, you would experience dilution of $(0.50) per share (calculated based on current share
count and price), representing the difference between our adjusted net tangible book value per share after giving effect to this offering
and the assumed offering price.
8
Advances under
the SEPA may cause dilution to existing shareholders.
The
Selling Shareholder has committed to purchase up to $10,000,000 worth of our common shares. From time to time during the term of the
SEPA, and at our sole discretion, we may present the Selling Shareholder with an Advance Notice requiring the Selling Shareholder to
purchase our common shares. The purchase price to be paid by the Selling Shareholder will be at a 3% discount of the Market Price (as
defined in the SEPA) of our common shares. Our existing shareholders may experience immediate dilution upon the purchase of any of the
common shares by the Selling Shareholder. The issue and sale of the common shares under the SEPA may also have an adverse effect on the
market price of the common shares more generally. The Selling Shareholder may resell some, if not all, of the common shares that we issue
to it under the SEPA and such sales could cause the market price of the common shares to decline significantly. The effect of any dilution
may, in turn, cause the price of our common shares to decrease further, both because of the downward pressure on the share price that
would be caused by a large number of sales of our common shares into the public market by the Selling Shareholder, and because our existing
shareholders may disagree with a decision to sell common shares to the Selling Shareholder at a time when our share price is low, and
may in response decide to sell additional common shares, further decreasing our share price.
Additional Risks Related to our Business
Any actual or
threatened delisting of our securities by Nasdaq could have a material and adverse effect on our business, operations and financial condition,
and could, among other things, limit investors' ability to make transactions in our securities and subject us to additional trading
restrictions.
As
previously reported by the Company, on March 19, 2024, the Company received written notification from the Listing Qualifications Department
of Nasdaq that the Company had been granted a 180-day extension period (until the Extended Compliance Period Date) to regain compliance
with Nasdaq's minimum bid price requirement for the continued listing on Nasdaq, as set forth in the Minimum Bid Price Rule. Nasdaq's
determination was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other
applicable requirements for initial listing on Nasdaq, with the exception of the bid price requirement, and the Company's written
notice of its intention to consider all available options to regain compliance by the Extended Compliance Period Date, including, if
necessary, effecting a reverse stock split. The Company was unable to regain compliance by the Extended Compliance Period Date and on
September 17, 2024, the Company received an additional notification from the Listing Qualifications Department stating that due to the
deficiency, the Company's securities would be delisted from Nasdaq on September 26, 2024, unless the Company appealed Nasdaq's
determination to the Panel. While the Company recently regained compliance with the Minimum Bid Price Rule as of December 2, 2024, there
can be no assurances, however, that we will be successful in maintaining the listing of our common shares on Nasdaq. Delisting from Nasdaq
could materially and adversely affect our ability to raise additional financing through the public or private sale of equity securities,
would significantly affect the ability of investors to trade our securities and would negatively affect the value and liquidity of our
securities, including our common shares. The actual or threatened delisting of our securities could also have other material and adverse
consequences, including the potential loss of confidence by employees and other stakeholders, the loss of institutional investor interest
and fewer business development opportunities, limited availability of market quotations for our securities, reduced liquidity with respect
to our securities, a determination that our common shares is "penny stock," which will require brokers trading in our common shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading
market for our  common shares, and limited amount of news and analyst coverage of the Company. Furthermore, the National
Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain
securities, which are referred to as "covered securities." Because our common shares are currently listed on Nasdaq, such
securities will be deemed covered securities. Although the states will be preempted from regulating the sale of our securities, the federal
statute does allow states to investigate companies if there is a suspicion of fraud and, if there is a finding of fraudulent activity,
then the states can regulate or bar the sale of covered securities in a particular case. Additionally, if we were no longer listed on
Nasdaq, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our securities.
Upon a delisting of our common shares, this offering would immediately terminate.
9
SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This prospectus, the accompanying
prospectus and the documents incorporated by reference herein and therein, including the sections entitled "
Prospectus Summary
,"
"
Risk Factors
," "
Management's Discussion and Analysis of Financial Condition and Results of Operations
"
and "
Business
," contains "forward-looking statements" within the meaning of United States Private Securities
Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities law,
which are included but are not limited to statements with respect to our anticipated results and progress of our operations, research
and development in future periods, plans related to its business strategy, and other matters that may occur in the future. These statements
relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. We may, in some cases, use words such as "anticipate", "believe", "could",
"estimate", "expect", "intend", "may", "plan", "predict", "project",
"will", "would", "budget", "possible", "should", "future", and
similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. These forward-looking
statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties.
You should not place undue reliance on these forward-looking statements. Any statements contained herein that are not statements of historical
facts may be deemed to be forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking
statements. Among the factors that could cause actual results to differ materially are the risks and uncertainties described under "
Item
1A. Risk Factors
" of our Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the SEC on September
30, 2024, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which was filed with the SEC on November
11, 2024, and the following:
●
The Company's ability
    to stem operating losses and the Company's ability to obtain additional financing to fund its operations;
●
The Company's failure to satisfy any applicable listing standards, including compliance with the Minimum Bid Price Rule, and the actual or threatened delisting of our securities by Nasdaq;
●
The efficacy of the Company's
    Reverse Stock Split which was effected by the Company on November 14, 2024, including its direct and indirect impact on the liquidity
    of our common shares;
●
The revenues of BayMedica,
    LLC, or BayMedica, and the commercial viability of the products in its portfolio;
●
The Company's ability
    to effectively research, develop, manufacture and commercialize pharmaceutical drug candidates that will treat diseases with high
    unmet medical needs;
●
The continued optimization
    of key, proprietary manufacturing approaches and technologies;
●
Our ability to commercialize
    and, where required, register products in the pharmaceutical R&D programs, or Product Candidates, and those targeted to the health
    and wellness sector, or Products, in the United States and other jurisdictions;
●
Our success in initiating
    discussions with potential partners for licensing various aspects of our Product Candidates;
●
Our ability to successfully
    access existing manufacturing capacity via leases with third-parties or to transfer our manufacturing processes to contract manufacturing
    organizations;
●
Our belief that our manufacturing
    approaches that we are developing are robust and effective and will result in commercially viable yields of cannabinoids and will
    be a significant improvement upon existing manufacturing platforms;
10
●
The success of the key
    next steps in our manufacturing approaches, including continuing efforts to diversify the number of cannabinoids produced, scaling-up
    the processes to larger vessels and identifying external vendors to assist in the commercial scale-up of the process;
●
Our ability to successfully
    make determinations as to which research and development programs to continue based on several strategic factors;
●
Our ability to successfully
    scale up our IntegraSyn approach to cannabinoid manufacturing. InMed has created genetically engineered microbes that produce proprietary
    enzymes, which are then used to optimize subsequent biotransformation reactions or other cost-effective manufacturing approaches
    so that it will be commercial-scale ready after Phase 2 clinical trials are completed, after which time we may no longer need to
    source active pharmaceutical ingredients, or APIs, from third-party API manufacturers;
●
Our ability to continue
    to outsource the majority of our research and development activities through scientific collaboration agreements and arrangements
    with various scientific collaborators, academic institutions and their personnel;
●
The success of work to
    be conducted under the research and development collaboration between us and various contract development and manufacturing organizations;
●
Our ability to develop
    our therapies through early human testing;
●
Our ability to evaluate
    the financial returns on various commercialization approaches for our Product Candidates, such as a 'go-it-alone' commercialization
    effort, out-licensing to third parties, or co-promotion agreements with strategic collaborators;
●
Our ability to find a partnership
    early in the development process for our various programs;
●
Our ability to explore
    our manufacturing technologies as processes which may confer certain benefits, either cost, yield, speed, or all of the above, when
    pursuing specific types of cannabinoids, and filing a provisional patent application for same;
●
Plans regarding our next
    steps, options, and targeted benefits of our manufacturing technologies;
●
Our IntegraSyn- or BayMedica-derived
    products being bio-identical to the naturally occurring cannabinoids, and offering superior ease, control and quality of manufacturing
    when compared to alternative methods;
●
U.S. Food and Drug Administration
    regulatory acceptance of synthesizing Product Candidates for potential use in the pharmaceutical industry;
●
Our ability to successfully
    file, prosecute and defend patent applications;
●
The potential for any of
    our patent applications to provide intellectual property protection for us;
●
The termination or renegotiation
    of our supplier, technology and other material contracts, including the invoking of force majeure or termination clauses, and actual
    or threatened claims of our failure to comply with any obligations set forth under such contracts;
●
The adequacy of, or gaps
    in, insurance coverage upon the occurrence of a catastrophic or other material adverse event, as well as our ability to (i) expand
    our insurance coverage to include the commercial sale of Products and Product Candidates and (ii) secure insurance coverage for shipping
    and storage of Product Candidates, and clinical trial insurance;
11
●
Developing patentable NCEs
    which, if issued, will confer market exclusivity to us for the potential development into pharmaceutical Product Candidates, license,
    partner or sell to interested external parties;
●
Our ability to initiate
    discussions and conclude strategic partnerships to assist with development of certain programs;
●
Our ability to position
    ourselves to achieve value-driving, near term milestones for our Product Candidates with limited investment;
●
Our ability to effectively
    execute our business strategy;
●
The sufficiency of our
    internal controls, including any exposure arising from the failure to (i) establish and maintain effective internal control over
    financial reporting in accordance with applicable regulatory requirements, and (ii) fully remediate any material weaknesses identified
    with respect to such internal controls;
●
Epidemics, pandemics, global
    health crises, or other public health events and concerns, including any future resurgence of COVID-19, and the effectiveness of
    associated vaccinations and treatments;
●
Consolidation of our competitors
    and suppliers;
●
Effects of new products
    and new technology on the market, including through the use of artificial intelligence;
●
The impact of geopolitical,
    global, regional or local economic and financial market risks and challenges, applicability of foreign laws, including foreign labor
    and employment laws, foreign tax and customs regimes, and foreign currency exchange rate risk; and
●
Political disturbances,
    geopolitical instability and tensions, or terrorist attacks, and associated changes in global trade policies and economic sanctions,
    including, but not limited to, in connection with (i) the Russo-Ukrainian war and (ii) any impact, effect, damage, destruction and/or
    bodily harm directly or indirectly relating to the ongoing hostilities in the Middle East.
This list is not exhaustive
of the factors, events, conditions and circumstances that may affect the "forward-looking statements" and "forward-looking
information" contained in this prospectus. These forward-looking statements reflect our management's beliefs and views with
respect to future events and are based on estimates and assumptions as of the date of this prospectus or the dates of the documents incorporated
herein by reference, as applicable, and are subject to risks and uncertainties. Although we have attempted to identify important factors
that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected.
We discuss many of these
risks in greater detail under "
Risk Factors
" in this prospectus and under similar headings in the documents incorporated
herein by reference. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time.
It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any
forward-looking statements we may make. Given these uncertainties, you should not place undue reliance on these forward-looking statements.
We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made and are based
only on the information available to us at that time. Except as required by law, we expressly disclaim any obligation to subsequently
revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence
of anticipated or unanticipated events.
12
You should read this prospectus,
the documents incorporated by reference herein and the documents that we reference in this prospectus and have filed as exhibits to the
registration statement of which this prospectus is a part, completely and with the understanding that our actual future results may be
materially different from what we expect. We qualify all of the forward-looking statements in or incorporated by reference into this
prospectus by these cautionary statements. Except as required by law, each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information,
future events or otherwise.
Moreover, new risks regularly
emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the impact of all risks
on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in
any forward-looking statements. The Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act do not protect
any forward-looking statements that we make in connection with this offering. All forward-looking statements included in this prospectus
and in the documents incorporated by reference in this prospectus are based on information available to us on the date of this prospectus
or the date of the applicable document incorporated by reference. Except to the extent required by applicable laws or rules, we undertake
no obligation to publicly update or revise any forward-looking statement, whether written or oral, that may be made from time to time,
whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable
to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout
this prospectus and in the documents incorporated by reference in this prospectus. We qualify all of our forward-looking statements by
these cautionary statements.
You should rely only on the
information in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely upon it.
13
USE OF PROCEEDS
Any proceeds received by
the Company from the sale of common shares pursuant to the SEPA will be used for general working capital purposes. The amount of proceeds
from this offering will depend upon the number of our common shares sold and the market price at which they are sold. There
can be no assurance that we will be able to sell any of our common shares under this prospectus. We currently intend to use the net proceeds
from the sale of the shares offered by us pursuant to this prospectus for general corporate purposes, including working capital, operating
expenses (including drug development), investments in our subsidiaries and capital expenditures. We may also use the net proceeds to
acquire or invest in complementary businesses, products or technologies.
Investors are cautioned,
however, that expenditures may vary substantially from these uses. Investors will be relying on the judgment of our management, who will
have broad discretion regarding the application of the proceeds of this offering. The amounts and timing of our actual expenditures may
vary significantly depending upon numerous factors, including the amount of cash generated by our operations and other operational factors,
the progress of our development efforts, the status of and results from clinical trials, as well as any collaborations that we may enter
into with third parties for our product candidates and any unforeseen cash needs. We may find it necessary or advisable to use portions
of the proceeds from this offering for other purposes.
DIVIDEND
POLICY
We have never declared or
paid any cash dividends on our common shares to date. We do not anticipate declaring or paying, in the foreseeable future, any cash dividends
on our common shares. We currently intend to retain all available funds and any future earnings to support our operations and finance
the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of
our board of directors, or our Board, and will depend upon, among other factors, our results of operations, financial condition, capital
requirements, contractual restrictions, business prospects and other factors our Board may deem relevant.
14
PRINCIPAL SHAREHOLDERS
The table below sets forth
information known to us regarding the beneficial ownership of our common shares as of December 20, 2024 for:
●
each
                                            person or group of affiliated persons known by us to be the beneficial owner(s) of more than
                                            5% of our outstanding common shares;
●
each
                                            of the Company's directors and named executive officers, or NEOs; and
●
all
                                            of the directors and executive officers as a group.
The number of common shares
beneficially owned by a person includes shares subject to options, warrants or other convertible securities held by that person that are
currently exercisable or that become exercisable within 60 days of December 20, 2024. Percentage calculations assume, for each person
and group, that all common shares that may be acquired by such person or group pursuant to options, warrants, or other convertible securities
that are held currently exercisable or that become exercisable within 60 days of December 20, 2024 are outstanding for the purpose of
computing the percentage of common shares owned by such person or group. However, such unissued common shares described above are not
deemed to be outstanding for calculating the percentage of Common Shares owned by any other person. The percentage of common shares
beneficially owned is computed on the basis of 724,152 common shares outstanding as of December 20, 2024, except with respect to the percent
held by the named executive officers and directors, which is deemed to be 733,183 common shares outstanding, on a partially diluted basis.
Except as otherwise indicated,
the persons in the table below have sole voting and investment power with respect to all common shares shown as beneficially owned by
them, subject to community property laws where applicable. The Company does not know of any arrangement, the operation of which may at
a subsequent date result in a change of control.
On November 14, 2024, the
Company effected a Reverse Stock Split of our common shares at a ratio of 20-to-1. Trading of the common shares on Nasdaq on a split-adjusted
basis began as of November 14, 2024. As a result of the Reverse Stock Split, each 20 shares of our common shares were combined into one
common share, and the total number of common shares outstanding were reduced from approximately 14,361,550 shares to approximately 718,032
common shares. Unless otherwise noted, the below information reflects the Reverse Stock Split.
Unless otherwise noted, the
business address of each of the individuals and entities listed in the table below is Suite 1445-885 West Georgia Street, Vancouver,
British Columbia, Canada, V6C 3E8.
Name and Address of Beneficial Owner
Number of
Common
Shares
Beneficially
Owned
Percentage of
Common
Shares
Beneficially
Owned (%)
Five
Percent Shareholders
:
(10)
AdvisorShares Pure Cannabis ETF
(1)
36,664
5.06
%
Named Executive Officers and Directors
:
Eric A. Adams
(2)
5,905
0.82
%
Andrew Hull
(3)
2,338
0.32
%
Janet Grove
(4)
425
*
Bryan Baldasare
(5)
425
*
Nicole Lemerond
(6)
425
*
Eric Hsu
(7)
1,171
0.16
%
Michael Woudenberg
(8)
1,686
0.23
%
Netta Jagpal
(9)
770
0.11
%
All executive officers and directors as a group (8 persons)
13,145
1.82
%
*
Less than 0.01%
15
Notes
:
1.
AdvisorShares Pure Cannabis ETF beneficial ownership consists of 36,664 common shares owned directly.
2.
Eric A. Adams' beneficial ownership consists of 2,198 common shares owned directly and 3,707 common shares issuable pursuant to presently exercisable options. Not reflected in the table are 29 common shares beneficially owned by Mr. Adams' spouse. Mr. Adams disclaims beneficial ownership of the 29 common shares held by his spouse.
3.
Andrew Hull's beneficial ownership consists of 1,913 common shares owned directly and 425 common shares issuable pursuant to presently exercisable options.
4.
Janet Grove's beneficial ownership consists of 425 common shares issuable pursuant to presently exercisable options.
5.
Bryan Baldasare's beneficial ownership consists of 425 common shares issuable pursuant to presently exercisable options.
6.
Nicole Lemerond's beneficial ownership consists of 425 common shares issuable pursuant to presently exercisable options.
7.
Eric Hsu's beneficial ownership consists of two common shares owned directly and 1,169 common shares issuable pursuant to presently exercisable options.
8.
Michael Woudenberg's beneficial ownership consists of one common share owned directly and 1,685 common shares issuable pursuant to presently exercisable options.
9.
Netta Jagpal's beneficial ownership consists of 770 common shares issuable pursuant to presently exercisable options.
10.
As of September 30, 2024, Armistice Capital Master Fund Ltd., a Cayman
Islands exempted company, or the Armistice Fund, beneficially owned (along with Steven Boyd, the Managing Member of Armistice Capital
(defined below)) 4.99% of our issued and outstanding common shares. Such information is based solely on the Schedule 13G/A filed by the
Armistice Fund with the SEC on November 14, 2024. The address of the Armistice Fund is 510 Madison Avenue, 7th Floor, New York, New York
10022. The Armistice Fund has the right to acquire 278,761 common shares issuable upon presently exercisable Preferred Investment Options
(as discussed below in this footnote 10). The Preferred Investment Options are directly held by Armistice Fund and may be deemed to be
indirectly beneficially owned by (i) Armistice Capital, LLC, or Armistice Capital, as the investment manager of Armistice Fund, and (ii)
Steven Boyd, as the Managing Member of Armistice Capital.
As of December 20, 2024
,
Sabby Volatility Warrant Master
Fund, Ltd., or the Sabby Fund, beneficially owns 15,361 common shares and maintains the right to acquire an additional 199,114 common
shares issuable upon presently exercisable Preferred Investment Options (as discussed below in this footnote 10). Sabby Management, LLC,
or Sabby Management, is the investment manager of Sabby Fund and shares voting and investment power with respect to these shares in this
capacity. As manager of Sabby Management, Hal Mintz also shares voting and investment power on behalf of Sabby Fund.
Each of Sabby Fund and Armistice Fund
currently hold Preferred Investment Options in the Company entitling them to acquire common shares that may exceed the 5% threshold;
however, the terms of the Preferred Investment Options preclude a holder thereof from exercising such holder's preferred investment
option, if after giving effect to the issuance of common shares upon such exercise, the holder (together with the holder's affiliates
and any other persons acting as a group together with the holder or any of the holder's affiliates) would beneficially own in excess
of 4.99% (or, upon election by a holder prior to the issuance of any preferred investment options, 9.99% with effect not sooner than
61 days after notifying the Company) of the number of common shares outstanding immediately after giving effect to the issuance of common
shares issuable upon such exercise.
16
CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS
Except for compensation arrangements
for our directors and executive officers, which are described elsewhere in our information circular, which was filed with the SEC on
October 28, 2024, or as otherwise disclosed below, there have been no related party transactions in our two most recently completed financial/fiscal
years, and there are no currently proposed related party transactions, that required disclosure under any applicable Canadian or U.S.
securities laws.
On February 11, 2022,
the Company's Board of Directors appointed Janet Grove as a director of the Company. Ms. Grove is a Partner of Norton Rose
Fulbright Canada LLP, or NRFC. During the three months ended September 30, 2024 and 2023, NRFC and Norton Rose Fulbright US LLP, or
NRFUS (and together with NRFC, NRF), rendered legal services in the amount of $124,147 and $19,814, respectively, to the Company.
During the years ended June 30, 2024 and 2023, NRF rendered legal services in the amount of $226,793 and $634,208, respectively, to
the Company. These transactions were in the normal course of operations and were measured at the exchange amount which represented
the amount of consideration established and agreed to by NRF. No legal services rendered by NRF were provided by Ms. Grove
directly.
Indemnification Agreements
The Company's Articles
contain provisions limiting the liability of directors and provide that the Company will indemnify each of its directors and officers
to the fullest extent permitted under law. In addition, we have entered into an indemnification agreement with each of our directors,
which requires us to indemnify them.
Policies and Procedures for Transactions
with Related Persons
The Company has adopted a
written policy that its executive officers, directors, nominees for election as a director, beneficial owners of more than 5% of any
class of our common shares and any members of the immediate family of any of the foregoing persons are not permitted to enter into a
related person transaction with us without the approval or ratification of our Board or the audit committee of our Board, or the Audit
Committee. Any request for us to enter into a transaction with an executive officer, director, nominee for election as a director, beneficial
owner of more than 5% of any class of the Company's common shares, or any member of the immediate family of any of the foregoing
persons, in which the amount involved exceeds $120,000 and such person would have a direct or indirect interest, must be presented to
the Board or the Audit Committee for review, consideration and approval. In approving or rejecting any such proposal, the Board or the
Audit Committee is to consider the material facts of the transaction, including whether the transaction is on terms no less favorable
than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related person's
interest in the transaction.
Indebtedness of Directors and Officers
No current or former director,
officer or employee of the Company, or any associate of any such individual, is, or was at any time during the most recently completed
financial/fiscal year, indebted to the Company, nor is any indebtedness of any such person to another entity the subject of a guarantee,
support agreement, letter of credit or other similar arrangement or understanding provided by the Company.
17
DESCRIPTION OF SECURITIES
General
Our authorized share capital
consists of an unlimited number of our common shares and an unlimited number of preferred shares without par value. As of the date of
this prospectus, we had 724,152 common shares issued and outstanding and no preferred shares issued and outstanding.
The description of our securities
contained herein is a summary only and may be exclusive of certain information that may be important to you. For more complete information,
you should read our Articles, which have been filed with the SEC and incorporated as an exhibit to the registration statement with respect
to which this prospectus forms a part.
Common Shares
Each common share entitles
the holder thereof to one vote at all meetings of shareholders.
There are no limitations
on the rights of non-Canadian owners to hold or vote common shares.
In the event of our liquidation,
dissolution or winding-up, whether voluntary or involuntary, or other distribution of our assets among shareholders for the purpose of
winding up our affairs, subject to the rights, privileges and restrictions attaching to any preferred shares that may then be outstanding,
the shareholders shall be entitled to receive our remaining property.
The shareholders are entitled
to receive dividends, as and when declared by our Board, subject to the rights, privileges and restrictions attaching to our securities,
which may be paid in money, property or by the issue of fully paid shares in our capital. However, we do not anticipate paying any cash
dividends for the foreseeable future, and instead intend to retain future earnings, if any, for use in the operation and expansion of
our business.
Certain Takeover Bid Requirements
Unless such offer constitutes
an exempt transaction, an offer made by a person to acquire outstanding shares of a Canadian entity that, when aggregated with the offeror's
holdings (and those of persons or companies acting jointly with the offeror), would constitute 20% or more of the outstanding shares,
would be subject to the take-over provisions of Canadian securities laws. The foregoing is a limited and general summary of certain aspects
of applicable securities law in the provinces and territories of Canada, all in effect as of the date hereof.
In addition to the take-over
bid requirements noted above, the acquisition of shares may trigger the application of additional statutory regimes including amongst
others, the Investment Canada Act and the Competition Act.
This summary is not a comprehensive
description of relevant or applicable considerations regarding such requirements and, accordingly, is not intended to be, and should not
be interpreted as, legal advice to any prospective purchaser and no representation with respect to such requirements to any prospective
purchaser is made. Prospective investors should consult their own Canadian legal advisors with respect to any questions regarding securities
and corporate laws in the provinces and territories of Canada.
Actions Requiring a Special Majority
Under the BCBCA, unless otherwise
stated in the Articles, certain corporate actions require the approval of a special majority of shareholders, meaning holders of shares
representing 66
2/3
% of those votes cast in respect of a shareholder vote addressing such matter. Those items requiring the
approval of a special majority generally relate to fundamental changes with respect to our business, and include amongst others, resolutions:
(i) removing a director prior to the expiry of his or her term; (ii) altering the Articles; (iii) approving an amalgamation; (iv) approving
a plan of arrangement; and (v) providing for a sale of all or substantially all of our assets.
Transfer Agent and Registrar
The transfer agent and registrar
for our common shares is Odyssey Trust Company, Suite 702, 67 Yonge Street, Toronto, Ontario, M5E 1J8.
Listing
Our common shares are currently
quoted under the symbol "INM" on the Nasdaq Capital Market.
Holders
As of December 20, 2024, there
were 12,902 holders of record of our issued and outstanding common shares.
18
SELLING SHAREHOLDER
The common shares being offered
by the Selling Shareholder are those previously issued, or those to be issued from time to time, to the Selling Shareholder pursuant to
the SEPA. For additional information regarding the issuances of those common shares, see "
Prospectus Summary—Recent Developments—Standby
Equity Purchase Agreement
" above. We are registering the common shares in order to permit the Selling Shareholder to offer the
shares for resale from time to time. Except for participation in this offering, the Selling Shareholder has not had any material relationship
with us within the past three years.
The table below lists
the Selling Shareholder and other information regarding the beneficial ownership of our common shares by the Selling Shareholder. The
second column lists the number of common shares beneficially owned by such Selling Shareholder, based on its ownership of the common
shares, as of the date of this prospectus.
The third column lists the
common shares being offered by this prospectus by the Selling Shareholder.
In accordance with the terms
of the Registration Rights Agreement, this prospectus generally covers the resale of the number of common shares issued to the Selling
Shareholder from time to time pursuant to the SEPA.
The table is based on information
supplied to us by the Selling Shareholder, with beneficial ownership determined in accordance with the rules and regulations of the SEC
and includes voting or investment power with respect to common shares. This information does not necessarily indicate beneficial ownership
for any other purpose. In computing the number of common shares beneficially owned by the Selling Shareholder, common shares subject to
warrants or preferred investment options held by that Selling Shareholder that are currently exercisable for common shares or exercisable
for common shares within 60 days after the date of this prospectus, are deemed outstanding.
The Selling Shareholder may
sell all, some or none of its common shares in this offering. See "
Plan of Distribution
."
Name of Selling Shareholder
Number
    of
Common
Shares
Beneficially
Owned Prior
to Offering
(1)
Maximum
Number of
Common
Shares to
be Sold
Pursuant
to this
Prospectus
Number
    of
Common
Shares
Beneficially
Owned After
Offering
(2)
Percentage
Beneficially
Owned After
Offering
(2)(3)
YA II PN, LTD
(4)
—
3,000,000
—
—
(1)
In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded
from the number of shares beneficially owned prior to the offering all of the common shares that the Selling Shareholder may be required
to purchase under the SEPA, because the issuance of such common shares is solely at our discretion and is subject to conditions contained
in the SEPA, the satisfaction of which are entirely outside of the Selling Shareholder's control, including the registration statement
that includes this prospectus becoming and remaining effective. Pursuant to the SEPA, we have the right to sell our common shares to the
Selling Shareholder up to the commitment amount, and the Selling Shareholder is obligated to purchase such common shares at our discretion,
subject to certain agreed upon maximum amount limitations set forth in the SEPA. The SEPA further prohibits us from issuing and selling
any of our common shares to the Selling Shareholder to the extent such shares, when aggregated with all other common shares then beneficially
owned by the Selling Shareholder, would cause the Selling Shareholder's beneficial ownership of our common shares to exceed a beneficial
ownership cap of 9.99%. The SEPA also prohibits us from issuing or selling our common shares under the SEPA in excess of an exchange cap
of 19.99%, or the Exchange Cap, unless we obtain shareholder approval to do so, such that the Exchange Cap limitation would not apply
under applicable Nasdaq rules. Neither the beneficial ownership limitation nor the exchange cap discussed above (to the extent applicable
under Nasdaq rules) may be amended or waived under the SEPA.
(2)
Assumes the sale of all common shares being offered pursuant to this prospectus. In the event the number of shares sold under the SEPA is less than as indicated, the number of common shares offered will be accordingly reduced.
(3)
Applicable percentage ownership is based on 724,152 common shares outstanding as of December 20, 2024.
(4)
The Selling Shareholder is a fund managed by Yorkville Advisors Global II, LP, or the Yorkville Manager. Yorkville Advisors Global II, LLC is the General Partner of the Yorkville Manager. Investment decisions for the Selling Shareholder are made by Mr. Mark Angelo, and Mr. Angelo may therefore be deemed to hold voting and dispositive power with respect to such shares. The business address of the Investor is 1012 Springfield Avenue, Mountainside, NJ 07092.
19
PLAN OF DISTRIBUTION
We are registering the share of common shares
to be issued to permit the resales of these shares of common shares, after they are issued, by the Selling Shareholder. The Selling Shareholder
of the securities and any of its pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities
covered hereby on the Nasdaq Capital Market or any other stock exchange, market or trading facility on which the securities are traded
or in private transactions. These sales may be at fixed or negotiated prices. Any proceeds received by the Company from the sale of common
shares pursuant to the SEPA will be used for general working capital. The Selling Shareholder may use any one or more of the following
methods when selling our common shares:
●
ordinary brokerage transactions
    and transactions in which the broker-dealer solicits purchasers;
●
block trades in which the
    broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate
    the transaction;
●
purchases by a broker-dealer
    as principal and resale by the broker-dealer for its account;
●
an exchange distribution
    in accordance with the rules of the applicable exchange;
●
privately negotiated transactions;
●
in transactions through
    broker-dealers that agree with the Selling Shareholder to sell a specified number of such securities at a stipulated price per security;
●
a combination of any such
    methods of sale; or
●
any other method permitted
    pursuant to applicable law.
The Selling Shareholder may
also sell securities under Rule 144 under the Securities Act, or Rule 144, or any other exemption from registration under the Securities
Act, if available, rather than under this prospectus.
Broker-dealers engaged by
the Selling Shareholder may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts
from the Selling Shareholder (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts
to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of
a customary brokerage commission in compliance with FINRA Rule 2121, and in the case of a principal transaction a markup or markdown
in compliance with FINRA Rule 2121.
20
The Selling Shareholder has
informed us that it intends to use one or more broker-dealers registered under the Exchange Act to effectuate all sales, if any, of common
shares that it may acquire from us pursuant to the SEPA. Such sales will be made at prices and at terms then prevailing or at prices related
to the then-current market price. Such registered broker-dealer may (for instance, if such registered broker-dealer's involvement
is not limited to receiving commission not in excess of the usual and customary distributor's or seller's commissions) be
considered to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act. The Selling Shareholder has informed us
that each such broker-dealer may receive commissions from the Selling Shareholder for executing such sales on behalf of the Selling Shareholder
and, if so, such commissions will not exceed customary brokerage commission amounts.
Brokers, dealers, underwriters
or agents participating in the distribution of the common shares offered by this prospectus may receive compensation in the form of commissions,
discounts, or concessions from the purchasers, for which the broker-dealers may act as agent, of the common shares sold by the Selling
Shareholder through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers of common shares
sold by the Selling Shareholder may be less than or in excess of customary commissions. Neither we nor the Selling Shareholder can presently
estimate the amount of compensation that any agent acting on behalf of or at the direction of the Selling Shareholder will receive from
any purchasers of common shares sold by the Selling Shareholder.
We have not been made aware
of any existing arrangements between the Selling Shareholder or any other stockholder, broker, dealer, underwriter or agent relating to
the sale or distribution of the common shares offered by this prospectus.
We may from time to time file
with the SEC one or more supplements to this prospectus or amendments to the registration statement of which this prospectus forms a part
to amend, supplement or update information contained in this prospectus, including, if and when required under the Securities Act, to
disclose certain information relating to a particular sale of common shares offered by this prospectus by the Selling Shareholder, including
with respect to any compensation paid or payable by the Selling Shareholder to any brokers, dealers, underwriters or agents that participate
in the distribution of such shares by the Selling Shareholder, and any other related information required to be disclosed under the Securities
Act.
We are required to pay certain
fees and expenses incurred by us incident to the registration of the securities. We have agreed to indemnify the Selling Shareholder
against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.
The Selling Shareholder has
represented to us that at no time prior to the date of the SEPA has the Selling Shareholder or any entity managed or controlled by the
Selling Shareholder, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own account or for the account
of any of its affiliates, any short sale or any transaction, which establishes a net short position with respect to the common shares.
The Selling Shareholder has agreed that during the term of the SEPA, none of the Selling Shareholder, its officers, its sole member, or
any entity managed or controlled by the Selling Shareholder, will enter into or effect, directly or indirectly, any of the foregoing transactions
for its own account or for the account of any other such person or entity.
Under applicable rules and
regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in
market making activities with respect to the common shares for the applicable restricted period, as defined in Regulation M, prior to
the commencement of the distribution. In addition, the Selling Shareholder will be subject to applicable provisions of the Exchange Act
and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common shares
by the Selling Shareholder or any other person. We will make copies of this prospectus available to the Selling Shareholder and have
informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance
with Rule 172 under the Securities Act).
21
LEGAL MATTERS
Norton Rose Fulbright US
LLP, which has acted as our special United States counsel in connection with this offering, will pass on certain legal matters with respect
to United States federal law in connection with this offering. Norton Rose Fulbright Canada LLP, which has acted as our Canadian counsel
in connection with this offering, will pass on certain legal matters with respect to Canadian law in connection with this offering.
EXPERTS
The consolidated financial
statements of InMed Pharmaceuticals Inc. as of June 30, 2024 and 2023, and for each of the years in the two-year period ended June 30,
2024, have been incorporated by reference herein in reliance upon the report of Marcum LLP, an independent registered public accounting
firm, incorporated by reference herein, and upon the authority of said firm as expert in accounting and auditing. The audit report covering
the June 30, 2024 and June 30, 2023 consolidated financial statements contains an explanatory paragraph that states that the Company
has incurred recurring losses and negative cash flows and has an accumulated deficit that raise substantial doubt about its ability to
continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome
of that uncertainty.
WHERE YOU CAN FIND MORE
INFORMATION
We have filed with the SEC
a registration statement on Form S-1 under the Securities Act with respect to the common shares offered by this prospectus. This prospectus,
which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement,
some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further
information with respect to us and our common shares, we refer you to the registration statement, including the exhibits filed as a part
of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document
are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy
of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit
is qualified in all respects by the filed exhibit.
We are subject to the periodic
reporting requirements of the Exchange Act and in accordance therewith file periodic reports, including, but not limited to, our annual
reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, proxy
statements and other information filed or furnished from time to time with the SEC pursuant to Section 13(a) or 15(d) of the Exchange
Act. You may read and copy (at prescribed rates) any such reports, proxy statements and other information at the SEC's Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of
the public reference room. The SEC maintains an internet website that contains reports, proxy and information statements and other information
about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov. We also maintain a website
at
www.inmedpharma.com
, by which you may access these materials (including the documents incorporated into this prospectus by
reference) free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information
that is contained on, or that may be accessed through, our website is not incorporated into this prospectus, and you should not consider
it part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.
22
INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE
SEC rules permit us to "incorporate
by reference" certain information into this prospectus, which means that we can disclose important information about us by referring
you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus,
except for information superseded by information contained in this prospectus or in any subsequently filed incorporated document. Because
we are incorporating by reference future filings with the SEC, this prospectus is continually updated and those future filings may modify
or supersede some of the information included or incorporated in this prospectus. This means that you must carefully review all of the
SEC filings that we incorporate by reference to determine if any of the statements in this prospectus or in any document previously incorporated
by reference have been modified or superseded. However, we undertake no obligation to update or revise any statements we make, except
as required by law.
This prospectus incorporates
by reference the documents listed below and any filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act (in each case, other than those documents or the portions of those documents furnished and not filed with the SEC) on or after the
date of this prospectus and prior to the termination of the offering covered by this prospectus:
●
our
                                            Annual Report on
Form
                                            10-K
for the fiscal year ended June 30, 2024, filed with the SEC on September 30, 2024;
●
our
                                            Quarterly Report on
Form 10-Q
for the quarter ended September 30, 2024, filed with the SEC
                                            on November 14, 2024;
●
our
                                            Definitive Proxy Statement on
Schedule 14A
, filed with the SEC on October 28, 2024;
●
our
                                            Current Reports on Form 8-K, filed with the SEC on
December 19, 2024
,
December 18, 2024
,
November 20, 2024
,
November 15, 2024
,
November 12, 2024
,
November 5, 2024
,
October 28, 2024
,
October 24, 2024
,
October 23, 2024
and
September 30, 2024
(except, in each case, any information,
                                            including exhibits, furnished and not filed with the SEC); and
●
the
                                            description of our common shares in our Registration Statement on
Form 8-A
filed
                                            with the SEC on November 5, 2020, including any subsequent amendment thereto filed
                                            for the purpose of updating such description.
Any statement contained herein
or in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified or superseded
to the extent that a statement contained in this prospectus or in any subsequently filed document which is or is deemed to be incorporated
by reference in this prospectus modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except
as so modified or superseded, to constitute a part of this prospectus.
We will furnish without charge
to each person, including any beneficial owner, to whom a prospectus is delivered, upon written or oral request, a copy of any or all
of the documents incorporated by reference, including exhibits to these documents. Any such request may be made by writing or calling
us at the following address or phone number:
InMed Pharmaceuticals Inc.
Suite 1445 – 885 West Georgia St.
Vancouver, British Columbia, Canada V6C 3E8
(604) 669-7207
Attention: Netta Jagpal, CFO
23
3,000,000 Common Shares
PROSPECTUS
December    , 2024
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution
Set forth below is an estimate (except in the
case of the registration fee) of the amount of fees and expenses to be incurred in connection with the issuance and distribution of the
offered securities, other than underwriting discounts and commissions. The Selling Shareholder will not bear any portion of the below
expenses.
SEC registration fee
$
1,987
Printing fees and expenses
*
Legal fees and expenses
*
Accounting fees and expenses
*
Transfer agent fees and expenses
*
Miscellaneous fees and expenses
*
Total
$
*
*
These fees are calculated
    based on the number of issuances and number of securities offered, and accordingly, cannot be estimated at this time.
Item 14. Indemnification of Directors and
Officers
We are subject to the provisions
of Part 5, Division 5 of the BCBCA. Under Section 160 of the BCBCA, we may, subject to Section 163 of the BCBCA:
(1)
indemnify an individual
    who:
●
is
                                            or was a director or officer of our company;
●
is or was a director or
    officer of another corporation (i) at a time when such corporation is or was an affiliate of our company, or (ii) at our request,
    or
●
at our request, is or was,
    or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated
    entity, and including, subject to certain limited exceptions, the heirs and personal or other legal representatives of that individual,
    or collectively an eligible party, against all eligible penalties to which the eligible party is or may be liable; and
(2)
after final disposition
    of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding,
    where:
●
"eligible penalty"
    means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, and eligible proceeding.
●
"eligible proceeding"
    means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party,
    by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to
    that of a director or officer of, our company or an associated corporation (i) is or may be joined as a party, or (ii) is or may
    be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.
●
"proceeding"
    includes any legal proceeding or investigative action, whether current, threatened, pending or completed.
II-
1
Under Section 161 of the
BCBCA, and subject to Section 163 of the BCBCA, we must, after the final disposition of an eligible proceeding, pay the expenses actually
and reasonably incurred by an eligible party in respect of that proceeding if the eligible party (i) has not been reimbursed for those
expenses, and (ii) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful
on the merits in the outcome of the proceeding.
Under Section 162 of the
BCBCA, and subject to Section 163 of the BCBCA, we may pay, as they are incurred in advance of the final disposition of an eligible proceeding,
the expenses actually and reasonably incurred by an eligible party in respect of the proceeding, provided that we must not make such
payments unless we first receive from the eligible party a written undertaking that, if it is ultimately determined that the payment
of expenses is prohibited under Section 163 of the BCBCA, the eligible party will repay the amounts advanced.
Under Section 163 of the
BCBCA, we must not indemnify an eligible party against eligible penalties to which the eligible party is or may be liable or pay the
expenses of an eligible party in respect of that proceeding under Sections 160, 161 or 162 of the BCBCA, as the case may be, if any of
the following circumstances apply:
●
if the indemnity or payment
    is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses
    was made, we were prohibited from giving the indemnity or paying the expenses by our memorandum or articles;
●
if the indemnity or payment
    is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is
    made, we are prohibited from giving the indemnity or paying the expenses by our memorandum or articles;
●
if, in relation to the
    subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests
    of our company or the associated corporation, as the case may be; or
●
in the case of an eligible
    proceeding (other than a civil proceeding), if the eligible party did not have reasonable grounds for believing that the eligible
    party's conduct in respect of which the proceeding was brought was lawful.
If an eligible proceeding
is brought against an eligible party by or on behalf of our company or by or on behalf of an associated corporation, we must not either
indemnify the eligible party against eligible penalties to which the eligible party is or may be liable, or pay the expenses of the eligible
party under Sections 160, 161 or 162 of the BCBCA, as the case may be, in respect of the proceeding.
Under Section 164 of the
BCBCA, and despite any other provision of Part 5, Division 5 of the BCBCA and whether or not payment of expenses or indemnification has
been sought, authorized or declined under Part 5, Division 5 of the BCBCA, on application of our company or an eligible party, the Supreme
Court of British Columbia may do one or more of the following:
●
order us to indemnify an
    eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;
●
order us to pay some or
    all of the expenses incurred by an eligible party in respect of an eligible proceeding;
●
order the enforcement of,
    or payment under, an agreement of indemnification entered into by us;
●
order us to pay some or
    all of the expenses actually and reasonably incurred by any person in obtaining an order under Section 164 of the BCBCA; or
●
make any other order the
    court considers appropriate.
II-
2
Section 165 of the BCBCA
provides that we may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives
of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer
of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation.
Under our Articles, and subject
to the BCBCA, we must indemnify our directors, former directors or alternate directors and his or her heirs and legal personal representatives
against all eligible penalties to which such person is or may be liable, and we must, after the final disposition of an eligible proceeding,
pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director
is deemed to have contracted with our company on the terms of the indemnity contained in our Articles.
Under our Articles, and subject
to the BCBCA, we may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay
expenses incurred in connection with the performance of services by that person for us. We have entered into indemnity agreements with
our directors and certain of our officers.
Pursuant to our Articles,
the failure of an eligible party to comply with the BCBCA or our Articles does not, of itself, invalidate any indemnity to which he or
she is entitled under our Articles.
Under our Articles, we may
purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:
●
is or was our director,
    alternate director, officer, employee or agent;
●
is or was a director, alternate
    director, officer, employee or agent of a corporation at a time when the corporation is or was our affiliate;
●
at our request, is or was
    a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated
    entity;
●
at our request, holds or
    held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated
    entity; or
●
against any liability incurred
    by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.
In addition, we have entered into an indemnification
agreement with each of our directors, which requires us to indemnify them.
II-
3
Item 15. Recent Sales of Unregistered Securities
In the three years preceding the filing of this
registration statement, we have issued the following securities that were not registered under the Securities Act. All share numbers
below give effect to the Reverse Stock Split:
●
On June 6, 2022, we closed
    a registered direct issuance and sale of the equivalent of 163,170 common shares (or pre-funded warrants in lieu thereto), as well
    as a concurrent private placement to issue and sell the equivalent of 69,930 common shares (or pre-funded warrants in lieu thereto),
    for a gross aggregate amount of $5 million. In addition, we issued to the investor in the offerings unregistered preferred investment
    options to purchase up to an aggregate of the equivalent of 233,100 common shares. We also amended certain existing warrants to purchase
    up to an aggregate of the equivalent of 179,230 common shares that were previously issued to the investor. The issuances in the concurrent
    private placement were made in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act in that such
    sales did not involve a public offering.
●
On September 13, 2022,
    we closed a private placement, pursuant to which we issued to the investors in the private placement (i) 90,000 common shares, (ii)
    pre-funded warrants to purchase an aggregate of 601,245 common shares and (iii) preferred investment options to purchase up to an
    aggregate of 1,382,490 common shares, for a gross aggregate amount of approximately $6 million. In addition, an investor agreed to
    cancel preferred investment options to purchase up to an aggregate of 412,331 of our common shares which had been previously issued
    to such investor. In connection with the private placement, we also issued to designees of the exclusive placement agent for the
    private placement, preferred investment options to purchase an aggregate of 44,931 common shares. The foregoing issuances were made
    in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act in that such sales did not involve a public
    offering.
●
On November 21, 2022, we
    closed a private placement, or the November Private Placement, pursuant to which we issued (i) 150,000 common shares, (ii) pre-funded
    warrants to purchase an aggregate of 1,668,185 common shares and (iii) preferred investment options to purchase up to an aggregate
    of 3,272,733 common shares, for a gross aggregate amount of approximately $6 million. In addition, in connection with the November
    Private Placement, the applicable shareholders agreed to cancel preferred investment options to purchase up to an aggregate of 1,383,490
    of our common shares which had been previously issued to such persons. In connection with the November Private Placement, we also
    issued preferred investment options to purchase up to an aggregate of 118,182 of our common shares to designees of the exclusive
    placement agent for the November Private Placement. The foregoing issuances were made in reliance on an exemption from registration
    under Section 4(a)(2) of the Securities Act in that such sales did not involve a public offering.
●
On October 26, 2023, the Company consummated
a securities purchase agreement, or the October 2023 Purchase Agreement, with two institutional accredited investors for the sale and
issuance of an aggregate of 3,012,049 of its common shares (or pre-funded warrants in lieu thereof) at a purchase price of $0.83 per
share. In addition, the Company agreed to issue to the Purchasers, unregistered preferred investment options to purchase up to an aggregate
of 3,012,049 common shares.
Concurrently with the Company's entry into
the October 2023 Purchase Agreement, the Company also entered into an inducement offer letter agreement, or the Inducement Letter, with
the holders of existing preferred investment options, or the Holders, to purchase up to an aggregate of 3,272,733 common shares of the
Company issued to the Holders on November 21, 2022. Pursuant to the Inducement Letter, the Holders agreed to exercise for cash their existing
preferred investment options to purchase an aggregate of 3,272,733 common shares of the Company at a reduced exercise price of $0.83 per
share in consideration of the Company's agreement to issue new unregistered preferred investment options to purchase up to an aggregate
of 6,545,466 of our common shares.
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Item 16. Exhibits and Financial Statement Schedules
(a) Exhibits
Exhibit
    Number
Description
    of Exhibit
2.1
Amended
    and Restated Agreement and Plan of Reorganization, dated as of October 13, 2021, by and among InMed Pharmaceuticals Inc., InMed LLC,
    BayMedica, Inc., BM REP, LLC, as the stockholder representative, and certain stockholders thereto (incorporated by reference to Exhibit
    2.1 to the Company's Current Report on Form 8-K filed with the SEC on October 13, 2021).
3.1
Amended
    and Restated Articles of InMed Pharmaceuticals Inc. (incorporated by reference to Exhibit 3.1 to the Company's Registration
    Statement on Form S-1 filed with the SEC on June 19, 2020).
4.1
Form
    of Specific Common Share Certificate (incorporated by reference to Exhibit 4.3 to the Company's Registration Statement on Form
    S-1 filed with the SEC on July 13, 2021).
4.2
Form
    of Common Shares Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed
    with the SEC on November 12, 2020).
4.3
Form
    of Common Shares Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed
    with the SEC on February 5, 2021).
4.4
Form
    of Series A Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC
    on June 30, 2021).
4.5
Form
    of Pre-Funded Warrants (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the
    SEC on June 30, 2021).
4.6
Form
    of Preferred Investment Option (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed
    with the SEC on June 6, 2022).
4.7
Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the
    SEC on June 6, 2022).
4.8
Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed with the
    SEC on June 6, 2022).
4.9
Warrant
    Amendment Agreement (incorporated by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed with the SEC
    on June 6, 2022).
4.10
Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the
    SEC on September 14, 2022).
4.11
Form
    of Preferred Investment Option (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed
    with the SEC on September 14, 2022).
4.12
Form
    of Placement Agent Preferred Investment Option (incorporated by reference to Exhibit 4.3 to the Company's Current Report on
    Form 8-K filed with the SEC on September 14, 2022).
4.13
Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the
    SEC on November 22, 2022).
4.14
Form
    of Preferred Investment Option (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed
    with the SEC on November 22, 2022).
4.15
Form
    of Placement Agent Preferred Investment Option (incorporated by reference to Exhibit 4.3 to the Company's Current Report on
    Form 8-K filed with the SEC on November 22, 2022).
4.16
Form
    of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the
    SEC on October 30, 2023).
4.17
Form
    of Preferred Investment Option (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed
    with the SEC on October 30, 2023).
4.18
Form
    of Placement Agent Preferred Investment Option (incorporated by reference to Exhibit 4.3 to the Company's Current Report on
    Form 8-K filed with the SEC on October 30, 2023).
5.1*
Opinion of Norton Rose Fulbright Canada LLP.
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5
10.1
InMed
    Pharmaceuticals Inc. 2017 Amended and Restated Stock Option Plan, as amended (incorporated by reference to Exhibit 4.2 to the Company's
    Current Report on Form S-8 filed with the SEC on March 5, 2021).
10.2
Form
    of Stock Option Agreement pursuant to the InMed Pharmaceuticals Inc. 2017 Amended and Restated Stock Option Plan (incorporated by
    reference to Exhibit 4.3 to the Company's Current Report on Form S-8 filed with the SEC on March 5, 2021).
10.3
Registration
    Rights Agreement, dated February 5, 2021, between InMed Pharmaceuticals Inc. and several purchasers thereto (incorporated by reference
    to Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on February 5, 2021).
10.4
Registration
    Rights Agreement, dated June 28, 2021, between InMed Pharmaceuticals Inc. and several purchasers thereto (incorporated by reference
    to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on June 30, 2021).
10.5
Registration
    Rights Agreement, dated June 1, 2022, between InMed Pharmaceuticals Inc. and the purchasers thereto (incorporated by reference to
    Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on June 6, 2022).
10.6
Registration
    Rights Agreement, dated September 9, 2022, between InMed Pharmaceuticals Inc. and the purchasers thereto (incorporated by reference
    to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on September 14, 2022).
10.7
Registration
    Rights Agreement, dated November 17, 2022, between InMed Pharmaceuticals Inc. and the purchasers thereto (incorporated by reference
    to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on November 22, 2022).
10.8
Registration
    Rights Agreement, dated November 17, 2022, between InMed Pharmaceuticals Inc. and the purchasers thereto (incorporated by reference
    to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on October 30, 2023).
10.9
Amended
    and Restated Executive Employment Agreement, dated March 1, 2021, between Eric A. Adams and InMed Pharmaceuticals Inc. (incorporated
    by reference to Exhibit 10.3 to the Company's Registration Statement on Form S-1 filed with the SEC on July 13, 2021).
10.10
Amendment
    dated July 11, 2022 to Eric Adams' Employment Agreement dated 1 March 2021 (incorporated by reference to Exhibit 10.1 to the
    Company's Current Report on Form 8-K filed with the SEC on July 18, 2022).
10.11
Amended
    and Restated Executive Employment Agreement, dated March 1, 2021, between Eric Hsu and InMed Pharmaceuticals Inc. (incorporated by
    reference to Exhibit 10.4 to the Company's Registration Statement on Form S-1 filed with the SEC on July 13, 2021).
10.12
Employment Agreement dated July 15, 2022, between InMed Pharmaceuticals Inc. and Michael Woudenberg (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on July 20, 2022)
10.13
Form of InMed Pharmaceuticals Inc. Indemnification Agreement entered into with each member of the board of directors and Chief Financial Officer (incorporated by reference to Exhibit 10.10 to the Company's Annual Report on Form 10-K filed with the SEC on September 24, 2021)
10.14
Office Premises Lease, dated January 14, 2019, between InMed Pharmaceuticals Inc. and 815 West Hastings Ltd. (incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form S-1 filed with the SEC on June 19, 2020).
10.15
Form of Amendment of Purchase Agreement and Common Stock Purchase Warrant, dated March 21, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on March 22, 2022).
10.16
At the Market Offering Agreement dated April 7, 2021 by and between InMed Pharmaceuticals Inc., and H.C. Wainwright & Co., LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on April 7, 2022).
10.17
Form of Securities Purchase Agreement dated October 24, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on October 30, 2023).
10.18
Form of Inducement Letter dated October 24, 2023 (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on October 30, 2023).
10.19
Amendment No. 1, dated June 27, 2024, to the At the Market Offering Agreement dated April 7, 2022 by and between InMed Pharmaceuticals Inc., and H.C. Wainwright & Co., LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on June 28, 2024).
10.20
Consulting Agreement, dated as of May 17, 2024, between the Company and Alexandra D. J. Mancini, d.b.a True North Synergy Inc. (incorporated by reference to Exhibit 10.19 to the Company's Annual Report on Form 10-K filed with the SEC on September 30, 2024).
10.21
Scientific Advisory Board Consulting Agreement, dated as of September 4, 2024, between the Company and Barry Greenberg, Ph.D. (incorporated by reference to Exhibit 10.20 to the Company's Annual Report on Form 10-K filed with the SEC on September 30, 2024).
10.22
Standby
Equity Purchase Agreement, dated December 13, 2024, by and between the Company and YA II PN, LTD (incorporated
    by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on December 18, 2024).
21.1
Subsidiaries of the Company (incorporated by reference to Exhibit 21.1 of the Company's Annual Report on Form 10-K filed with the SEC on September 30, 2024).
23.1*
Consent of Marcum LLP.
23.2*
Consent of Norton Rose
    Fulbright Canada LLP (included in opinion filed as Exhibit 5.1).
24.1*
Power
    of Attorney (included on the signature page).
107*
Filing Fee Table.
*
Filed herewith.
(b)
Financial Statement Schedules
None
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Item 17. Undertakings
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus
    required by section 10(a)(3) of the Securities Act;
(ii)
To reflect in the prospectus
    any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
    which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
    offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
    range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in
    volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of
    Registration Fee" table in the effective registration statement.
(iii)
To include any material
    information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
    to such information in the registration statement.
provided, however
,
that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or
Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.
(2) That, for the purpose
of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3) To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) That, for the purpose
of determining liability under the Securities Act to any purchaser, if the registrant is subject to Rule 430C, each prospectus filed
pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule
430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement
as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.
(5) That, for the purpose
of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary prospectus
    or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii)
Any free writing prospectus
    relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii)
The portion of any other
    free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities
    provided by or on behalf of the undersigned registrant; and
(iv)
Any other communication
    that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication of such issue.
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7
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Vancouver, British Columbia, Canada, on December 23, 2024.
INMED PHARMACEUTICALS INC.
By:
/s/ Eric A. Adams
Name:
Eric A. Adams
Title:
President and Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature
appears below constitutes and appoints Eric A. Adams and Sarah Li, and each of them, either of whom may act without the joinder of the
other, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments)
to this registration statement, and to sign any registration statement for the same offering covered by the registration statement that
is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, and all post-effective amendments
thereto, and to file the same, with all exhibits thereto and all documents in connection therewith, with the SEC, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done,
as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated and on
December 23, 2024.
Signature
Title
/s/ Eric A. Adams
President, Chief Executive Officer and Director
Eric A. Adams
(Principal Executive Officer)
/s/ Netta Jagpal
Chief Financial Officer
Netta Jagpal
(Principal Financial Officer and Principal Accounting
    Officer)
/s/ Janet Grove
Director
Janet Grove
/s/ Andrew Hull
Director
Andrew Hull
/s/ Bryan Baldasare
Director
Bryan Baldasare
/s/ Nicole Lemerond
Director
Nicole Lemerond
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AUTHORIZED REPRESENTATIVE
Pursuant to the requirements
of Section 6(a) of the Securities Act of 1933, the undersigned has signed this registration statement, solely in its capacity as the
duly authorized representative of InMed Pharmaceuticals Inc. in the United States, on December 23, 2024.
Andrew Hull
/s/ Andrew Hull
Authorized Representative
II-9