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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>As filed with the Securities and Exchange Commission
on June 21, 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><b>Registration No. 333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION<br/>
Washington, D.C. 20549</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">S-1</ix:nonNumeric></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>REGISTRATION STATEMENT<br/>
UNDER<br/>
THE SECURITIES ACT OF 1933</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><b>INMED PHARMACEUTICALS INC.</b></ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 6pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 32%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><b>British Columbia</b></ix:nonNumeric></td> <td style="width: 2%">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><b>2834</b></td> <td style="width: 2%">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><b>82-2726719</b></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt; text-align: center">(State or other jurisdiction of<br/> incorporation or organization)</td> <td>&#160;</td> <td style="font-size: 10pt; text-align: center">(Primary Standard Industrial<br/> Classification Code Number)</td> <td>&#160;</td> <td style="font-size: 10pt; text-align: center">(I.R.S. Employer<br/> Identification Number)</td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>InMed Pharmaceuticals Inc. Suite 310 -<br/>
815 W. Hastings Street, Vancouver, B.C.<br/>
V6C 1B4</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Canada</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(604) 669-7207</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Address, including zip code and telephone
number, including area code, of registrant&#8217;s principal executive offices)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Registered Agent Solutions, Inc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>1100 H Street NW Suite 840</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Washington, DC 20005</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(888) 705-7274</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><i>Copies to:</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Brian Fenske</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Norton Rose Fulbright US LLP</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>1301 McKinney, Suite 5100</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Houston, Texas 77010-3095</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>United States </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(713) 651-5557</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Trevor Zeyl</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Norton Rose Fulbright Canada LLP</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>222 Bay Street, Suite 3000</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Toronto, Ontario M5K 1E7</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Canada</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(416) 216-4726</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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, as determined by market and other
conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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: <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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: <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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: <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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: <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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">Large accelerated filer:</td> <td style="width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td> <td style="white-space: nowrap; width: 25%; text-align: justify">Accelerated filer:</td> <td style="width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric>:</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></td> <td style="white-space: nowrap; text-align: justify">Smaller reporting company:</td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntitySmallBusiness"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></td></tr> <tr style="vertical-align: top"> <td colspan="2">&#160;</td> <td style="white-space: nowrap; text-align: justify">Emerging Growth Company:</td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: Red"><b><i>The information
in this preliminary prospectus is not complete and may be changed. A registration statement relating to the securities has been filed
with the Securities and Exchange Commission. The selling shareholder may not sell these securities 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></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="color: Red"><b>SUBJECT TO COMPLETION,
DATED JUNE 21, 2022</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>PRELIMINARY PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>7,575,756 Common Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>InMed Pharmaceuticals Inc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This prospectus relates to the offering and resale
by the selling shareholder identified herein of up to 7,575,756 of our common shares. The common shares being offered by the selling
shareholder consist of the following common shares issued to the selling shareholder in our June 2022 private placement (the &#8220;<b>Private
Placement</b>&#8221;): (i) 1,748,250 common shares issuable upon the exercise of pre-funded warrants at an exercise price of $0.0001
per share and (ii) 5,827,506 common shares issuable upon the exercise of preferred investment options at an exercise price of $0.74 per
share. Please see &#8220;<i>Private Placement of Warrants</i>&#8221; beginning on page 26 of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We will not receive any proceeds from the sale
of common shares by the selling shareholder. However, upon (i) the cash exercise of the pre-funded warrants, we will receive the exercise
price of such warrants, for an aggregate of approximately $175, and (ii) the cash exercise of the preferred investment options, we will
receive the exercise price of such warrants, for an aggregate of approximately $4.3 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The selling shareholder may sell all or a portion
of the common shares beneficially owned by it and the common shares are offered hereby from time to time directly or through one or more
underwriters, broker-dealers or agents. Please see &#8220;<i>Plan Of Distribution</i>&#8221; on page 28 of this prospectus for more
information. For more information regarding the selling shareholder, see &#8220;<i>Selling Shareholder</i>&#8221; on page 27 of this
prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Our common shares are currently quoted under
the symbol &#8220;INM&#8221; on the Nasdaq Capital Market. We are an &#8220;emerging growth company&#8221; as defined by the Jumpstart
Our Business Startups Act of 2012 and, as such, we have elected to comply with certain reduced public company reporting requirements
for this prospectus and future filings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Investing in our common shares involves a
high degree of risk. Please read &#8220;<i>Risk Factors</i>&#8221; beginning on page 12 of this prospectus.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>We may amend or supplement this prospectus
from time to time by filing amendments or supplements as required. You should read the entire prospectus and any amendments or supplements
carefully before you make your investment decision.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Prospectus dated June 21, 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 90%; text-align: justify"><a href="#a_001">ABOUT THIS PROSPECTUS AND EXCHANGE RATES</a></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: center; width: 9%">ii</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><a href="#a_002">BUSINESS</a></td>
    <td>&#160;</td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_003">RISK FACTORS</a></td>
    <td>&#160;</td>
    <td style="text-align: center">12</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><a href="#a_004">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></td>
    <td>&#160;</td>
    <td style="text-align: center">18</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_005">USE OF PROCEEDS</a></td>
    <td>&#160;</td>
    <td style="text-align: center">21</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><a href="#a_006">DIVIDEND POLICY</a></td>
    <td>&#160;</td>
    <td style="text-align: center">21</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_007">PRINCIPAL SHAREHOLDERS</a></td>
    <td>&#160;</td>
    <td style="text-align: center">22</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><a href="#b_002">DESCRIPTION OF COMMON SHARES</a></td>
    <td>&#160;</td>
    <td style="text-align: center">24</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_008">PRIVATE PLACEMENT OF WARRANTS</a></td>
    <td>&#160;</td>
    <td style="text-align: center">26</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><a href="#a_009">PLAN OF DISTRIBUTION</a></td>
    <td>&#160;</td>
    <td style="text-align: center">28</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_010">LEGAL MATTERS</a></td>
    <td>&#160;</td>
    <td style="text-align: center">31</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><a href="#a_011">EXPERTS</a></td>
    <td>&#160;</td>
    <td style="text-align: center">31</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_012">ADDITIONAL INFORMATION</a></td>
    <td>&#160;</td>
    <td style="text-align: center">31</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><a href="#b_001">INCORPORATION BY REFERENCE</a></td>
    <td>&#160;</td>
    <td style="text-align: center">30</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>ABOUT THIS PROSPECTUS AND EXCHANGE RATES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">You should rely only on the
information contained in this prospectus or contained in any prospectus supplement or free writing prospectus filed with the Securities
and Exchange Commission (the &#8220;<b>SEC</b>&#8221;). Neither we nor the selling shareholder has authorized anyone to provide you with
additional information or information different from that contained in this prospectus filed with the SEC. The selling shareholder is
offering to sell, and seeking offers to buy, shares of our common shares only in jurisdictions where offers and sales are permitted.
The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of
this prospectus or of any sale of our common shares. Our business, financial condition, results of operations and prospects may have
changed since that date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We obtained the industry,
market and competitive position data in this prospectus 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 in &#8220;Risk Factors,&#8221; that could cause results to differ materially
from those expressed in these publications and reports.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">For investors outside the
United States: Neither we nor the selling shareholder has 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 outside the
United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the
offering of the common shares and the distribution of this prospectus outside the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">This prospectus contains
references to our trademark and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred
to in this prospectus, including logos, artwork and other visual displays, may appear without the &#174; or &#8482; symbols, but such
references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights
or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies&#8217;
trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
references in this prospectus to &#8220;$&#8221;, &#8220;dollars&#8221;, &#8220;USD&#8221;, &#8220;US$&#8221; or &#8220;United States
dollars&#8221; are to United States dollars. Canadian dollars are referred as &#8220;Canadian dollars&#8221; or &#8220;C$&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">The high, low 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><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="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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Ended<br/>
 June 30</b></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: center"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; text-align: center"><b>2020</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">High for period</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">C$</td><td style="text-align: right">1.2970</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">C$</td><td style="text-align: right">1.2329</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">C$</td><td style="text-align: right">1.2455</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Rate at end of period</td><td>&#160;</td>
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    <td style="text-align: left">C$</td><td style="text-align: right">1.2496</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">On March 31, 2022, the Bank
of Canada daily rate of exchange was US$1.00 = C$1.2575 or C$1.00 = US$0.7959.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">On June 17, 2022, the Bank
of Canada daily rate of exchange was US$1.00 = C$1.3035 or C$1.00 = US$0.7672.<span style="font-size: 10pt">&#160;&#160;&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PROSPECTUS SUMMARY</b><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><i>This summary highlights
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 prospectus and the information incorporated herein by reference to our other filings with the SEC. Investing in our securities involves
a high degree of risk. You should carefully consider the risks and uncertainties described below, 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 following
risks 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-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Unless the context indicates
otherwise, as used in this prospectus, the terms &#8220;InMed,&#8221; &#8220;InMed Pharmaceuticals,&#8221; &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our,&#8221; &#8220;our company&#8221; and &#8220;our business&#8221; refer to InMed Pharmaceuticals Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<a id="a_002"></a><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>BUSINESS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Overview</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We are a clinical stage pharmaceutical
company developing a pipeline of prescription-based products, including rare cannabinoids and novel cannabinoid analogs, targeting the
treatment of diseases with high unmet medical needs (&#8220;Product Candidates&#8221;) as well as developing proprietary manufacturing
technologies to produce rare cannabinoids for sale in the health and wellness industry (&#8220;Products&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We are developing multiple
manufacturing approaches for synthesizing rare cannabinoids for potential use in pharmaceutical Product Candidates as well as serving
as a business to business (B2B) supplier to wholesalers and end-product manufacturers / marketers in the health and wellness sector.
This includes traditional approaches such as chemical synthesis and biosynthesis, as well as a proprietary, integrated manufacturing
approach called IntegraSyn<sup>TM</sup>. We are dedicated to delivering new therapeutic alternatives to patients and consumers who may
benefit from cannabinoid-based products. Our approach leverages on the several thousand years&#8217; history of health benefits attributed
to the Cannabis plant and brings this anecdotal information into the 21st century by applying tried, tested and true scientific approaches
to establish non-plant-derived (synthetically manufactured), individual cannabinoid compounds as Product Candidates in important market
segments including clinically proven, FDA-approved medicines and non-prescription, over-the-counter consumer products via B2B supply
relationships with wholesalers and end-product manufacturers. While our activities do not involve direct use of Cannabis nor extracts
from the plant, we note that the U.S. Food and Drug Administration (&#8220;FDA&#8221;) has, to date, not approved any marketing application
for Cannabis for the treatment of any disease or condition and has approved only one Cannabis-derived and three Cannabis-related drug
products. Our ingredients are synthetically made and, therefore, we have no interaction with the Cannabis plant. We do not grow nor utilize
Cannabis nor its extracts in any of our Products or Product Candidates; our current pharmaceutical drug Product Candidates are applied
topically (not inhaled nor ingested); and, we do not utilize THC or CBD, the most common cannabinoid compounds that are typically extracted
from the Cannabis plant, in any of our Products or Product Candidates. The active pharmaceutical ingredient (&#8220;API&#8221;) under
development for our initial two drug candidates, INM-755 for Epidermolysis bullosa (&#8220;EB&#8221;) and INM-088 for glaucoma, is cannabinol
(&#8220;CBN&#8221;). Additional uses of both INM-755 and INM-088 are being explored, as well as the application of additional rare cannabinoids
to treat diseases including but not limited to neurodegenerative diseases such as Alzheimer&#8217;s, Parkinson&#8217;s, and Huntington&#8217;s.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"></p>
</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>
</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">This table summarizes the
status of our therapeutic drug development programs:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We <span style="font-size: 10pt">&#160;</span>believe
we are positioned to develop multiple pharmaceutical Product Candidates in diseases which may benefit from medicines based on rare cannabinoid
compounds. Most currently approved cannabinoid therapies are based specifically on CBD and/or THC and are often delivered orally, which
has limitations and drawbacks, such as side effects (including the intoxicating effects of THC). Currently, we intend to deliver our
rare cannabinoid pharmaceutical drug candidates through various topical formulations (cream for dermatology, eye drops for ocular diseases)
as a way of enabling treatment of the specific disease at the site of disease while seeking to minimize systemic exposure and any related
unwanted systemic side effects, including any drug-drug interactions and any metabolism of the active pharmaceutical ingredient by the
liver. The cannabinoids sold through our B2B raw material supply business are integrated into various product formats by the companies
who then further commercializes such products. We plan to access rare cannabinoids via all non-extraction approaches, including chemical
synthesis, biosynthesis and our proprietary integrated IntegraSyn<sup>TM</sup> approach, thus negating any interaction with or exposure
to the Cannabis plant.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_003.jpg"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">On October 13, 2021, we acquired
BayMedica Inc., now named BayMedica LLC (&#8220;BayMedica&#8221;). Upon closing of the transaction, BayMedica became a wholly-owned subsidiary
of InMed.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Our Drug Development Programs</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Rationale for Use of CBN in Pharmaceutical
Drug Development</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">CBN is one of several rare
cannabinoids naturally produced in the <i>Cannabis</i> plant, albeit at significantly lower levels relative to the more commonly known
THC and CBD. Despite their common origin, different cannabinoids have been observed to have distinct physiological properties. We are
specifically exploring these unique effects of CBN, as well as other rare cannabinoids, and their therapeutic potential to treat disease.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_004.jpg"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Our extensive preclinical
testing has identified several unique properties of CBN that outperformed both THC and CBD in various disease-related assays and models.
CBN can act with higher potency when interacting with some receptor systems in the body, while acting with lower potency for others.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Physical and Chemical Properties
of Active Pharmaceutical Ingredient CBN</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">CBN is a stable, highly lipophilic cannabinoid
compound. It is insoluble in water, but soluble in organic solvents.</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 50%; text-align: justify"><span style="font-size: 10pt">International Non-proprietary Name:</span></td>
    <td style="width: 50%; text-align: justify"><span style="font-size: 10pt">Cannabinol (abbreviated CBN)</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">International Union of Pure and Applied Chemistry Name:</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">6,6,9-trimethyl-3-pentyl-benzo[c]chromen-1-ol</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Chemical Abstracts Service Registration Number:</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">521-35-7</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">United States Adopted Name:</span></td>
    <td><span style="font-size: 10pt">Cannabinol</span></td></tr>
  </table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">The molecular formula is C21H26O2 and the molecular
weight is 310.43 g/mol. CBN has no chiral centers.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Figure 1 Structural Formula of CBN</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_005.jpg"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">CBN occurs naturally as a trace component of
<i>Cannabis</i>, or as a degradation product of D9-THC. However, our Product Candidates utilizing CBN contain highly purified synthetic
CBN, rather than a biological extract.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>CBN as our Lead API</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">As the API in our lead therapeutic programs in
dermatology (INM-755) and ocular disease (INM-088), CBN has several compelling features, including:</p>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">A rare cannabinoid with unique physiological properties;</td>
</tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">A natural compound, but designated as a new chemical entity,
or &#8220;NCE&#8221; for pharmaceutical development;</td>
</tr></table>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Found in trace amounts in the plant and impractical to extract;
and</td>
</tr></table>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our preclinical studies show therapeutic potential for dermatology
and ocular diseases.</td>
</tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We believe that we offer a differentiated approach
to selecting and delivering rare cannabinoids vis-&#224;-vis other current competitors, many of whom are exclusively focused on THC
and/or CBD as their therapeutic agents. We believe that rare cannabinoids in general, and CBN in particular, represent significant opportunities
to treat a wide spectrum of diseases with high unmet medical need. In our preclinical testing, CBN has demonstrated therapeutic potential
beyond CBD for several symptoms and disease-modifying effects for dermatological conditions and has demonstrated benefits beyond CBD
and THC for ocular diseases. We believe that a topical application of CBN may maximize the clinical benefit at the disease site (skin,
eye) while minimizing the systemic exposure and any corresponding adverse effects.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">INM-755, our lead product candidate, is being
developed as a topical skin cream formulation containing CBN for the treatment of symptoms related to EB, a rare genetic skin disease
characterized by fragile skin that blisters easily from minimal friction that causes shearing of the skin layers. The blisters become
open wounds that do not heal well.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">In addition to relief of symptoms, inflammation,
pain, and others, we believe INM-755 may impact the underlying disease by enhancing skin integrity in a subset of EB patients. We have
completed more than 30 preclinical pharmacology and toxicology studies to investigate the effects of CBN. Several of these nonclinical
studies explored the effect on important symptoms such as pain and inflammation. In in vitro pharmacology studies, CBN demonstrated activity
in reducing markers of prolonged inflammation. CBN upregulated expression of a type of keratin called keratin 15, or &#8220;K15&#8221;,
which might lead to skin strengthening and reduced blister formation in EB simplex, or &#8220;EBS&#8221;, patients with mutations in
another keratin called keratin 14, or &#8220;K14&#8221;. The anti-inflammatory activity of CBN may be beneficial in healing chronic wounds
caused by prolonged inflammation. Following a review of our toxicology studies, a regulatory application to support our first Phase I
clinical study in healthy volunteers with INM-755 (755-101-HV) was submitted November 4, 2019 and approved December 6, 2019 in the Netherlands.
The initial Phase I clinical study evaluated the safety, tolerability, and pharmacokinetics of INM-755 cream in healthy volunteers with
normal, intact skin; the volunteers had cream applied once daily for a period of 14 days. All subjects in this first clinical trial completed
treatment and evaluations by March 27, 2020. A regulatory application was approved April 17, 2020, for a second Phase I clinical study
of healthy volunteers to test the local safety and tolerability of applying sterile INM-755 cream to small wounds once daily for 14 days.
As with the initial Phase I trial, the second trial (755-102-HV) was conducted with two different drug concentrations and a vehicle control.
Enrollment began in early July 2020 and the clinical trial completed treatment and evaluations at the end of September 2020. The safety
of INM-755 will continue to be assessed throughout its clinical development.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">INM-755 cream was well tolerated in the two Phase
I clinical studies in healthy volunteers and, based upon this outcome, we advanced the product candidate into a Phase II clinical trial
in patients with EB (Study 755-201-EB). The 755-201-EB study is designed to enroll up to 20 patients using a within-patient design in
which matched index areas are randomized to INM-755 cream or vehicle (no drug) cream in a blinded manner. InMed will evaluate the safety
of INM-755 (cannabinol) cream and its preliminary efficacy in treating symptoms and wound healing over a 28-day treatment period, the
longest period supported by nonclinical toxicology. All four subtypes of inherited EB; EB Simplex, Dystrophic EB, Junctional EB, and
Kindler Syndrome are eligible for this study.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Regulatory applications to support this global
trial were filed for review by the National Competent Authorities and Ethics Committees in 8 countries for 13 clinical sites. Approvals
were obtained in all countries (Austria, France, Germany, Greece, Israel, Italy, Serbia, and Spain) as of March 2022. Enrollment and
patient treatment began in December 2021 and are expected to complete during the calendar year 2022.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>INM-088 for Ocular Diseases</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">CBN is also the active pharmaceutical ingredient
in our second pharmaceutical drug candidate, INM-088, which is in preclinical studies as a potential treatment for glaucoma. Current
treatments for glaucoma primarily focus on decreasing fluid build-up in the eye. We are conducting preclinical studies to test INM-088&#8217;s
ability to provide both neuroprotection and reduce intraocular pressure in the eye. We compared several cannabinoids, including CBD and
THC, to determine which cannabinoid was the best drug candidate for the treatment of glaucoma. Of all the cannabinoids examined in preclinical
studies, CBN demonstrated the most optimal neuroprotective effect. Notably, exposure of retinal neurons, called retinal ganglion cells
(&#8220;RGCs&#8221;) to increasing concentrations of several cannabinoids, including THC and CBD, resulted in dose dependent cytotoxicity,
or cell death, over time. Importantly, CBN-exposed RGCs demonstrated the lowest level of toxicity among the cannabinoids used in these
experiments. We also verified that CBN has an anti-apoptotic effect on differentiated RGCs when subjected to elevated hydrostatic pressure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Furthermore, CBN also exhibited intraocular pressure
reduction capability. We selected a final delivery technology (MiDrops&#174;, EyeCRO LLC) based on the extensive data collected from assessments
including solubility, drug delivery localization and sustained effect. We are in the planning and preparation phase for conducting IND-enabling
toxicology studies for INM-088 in ocular disease.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">For all current and future pharmaceutical Product
Candidates we intend to submit new drug applications (NDAs) (or their international equivalents) in most major jurisdictions, including
the U.S. either alone or with development/commercial partners.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We are actively establishing a broad patent portfolio
to protect our commercial interests in utilizing CBN and other rare cannabinoids across these and other diseases. We have also filed
multiple patent applications for our integrated, biosynthesis-based manufacturing approach. If granted, these patents may confer meaningful
protection to the commercial potential for these technologies.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Our Strengths</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We are the only clinical-stage
company with both multiple cannabinoid drug candidates, in multiple therapeutic categories, that also is currently supplying rare cannabinoids
to manufacturers in the health and wellness sector and that has internal expertise in multiple manufacturing approaches including chemical
synthesis, biosynthesis and a proprietary, integrated biosynthesis-based manufacturing approach, called IntegraSyn<sup>TM</sup>, to meet
the needs of the rapidly evolving markets for rare cannabinoids. Key strengths include:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 38.5pt"><i>Experienced executive
team and board of directors with proven track records.</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">One key critical success
factor in the field of pharmaceutical drug development is the experience and skill set of the individuals leading the company. We have
been successful in attracting and retaining executive and directors with extensive (20+ years) experience in all facets of the pharmaceutical
industry, including fundamental research and development, multiple manufacturing techniques, drug formulation, clinical trial execution,
regulatory approvals, pharmaceutical commercialization, company and capital formation, business development, legal, and corporate governance.
Our leadership team is well-poised to lead us through all facets of drug development and product commercialization, either internally
or externally via partnerships. It is this group of individuals that will help optimize our chances for success.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><i>Multiple manufacturing
approaches.</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">The combined manufacturing
technologies from InMed and BayMedica provide us with a competitive advantage to utilize the most cost-efficient methodology (i.e. chemical
synthesis, biosynthesis, IntegraSyn<sup>TM</sup>) for the development and commercialization of new Products and Product Candidates and
provision of rare bio-identical cannabinoids or their analogs to a wide spectrum of markets.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><i>Early mover status as
a B2B supplier of rare cannabinoids to the consumer health and wellness sector.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">As demonstrated by the launch
of CBC into the health and wellness sector over two years ago, and with the subsequent launches of additional non-intoxicating rare cannabinoids
including CBDV, THCV, and CBT, the team at BayMedica has substantial expertise in the commercial manufacturing scale-up to produce rare
cannabinoids at large scale. This know-how is important to establishing an early-mover status and to maintain cost leadership with regards
to specific rare cannabinoids.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><i>Leading experts in the
therapeutic potential of the rare cannabinoid CBN.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We have invested significant
time and effort in understanding the characteristics and therapeutic potential of our first rare cannabinoid drug candidate, CBN. As
such, we are positioning ourselves to be a world leader in the pharmaceutical development of this rare cannabinoid. We anticipate that
CBN will be the first of several such drug candidates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><i>Targeting medical applications
of rare cannabinoids to treat diseases with high unmet medical needs.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>&#160;</i></p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Significant investment in understanding the therapeutic
potential of CBN has provided us with important insight as to how best to develop this class of compounds for treating various diseases.
We intend to apply this know-how across several diseases that may benefit from cannabinoid-based medicines.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><i>Diverse portfolio of patent
applications covering a spectrum of commercial opportunities.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>&#160;</i></p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Success in pharmaceutical markets often rests
with the strength of intellectual property, including patents, to protect our commercialization interests. We have filed several patents
on our novel findings and expect to continue to do so. The acquisition of BayMedica brought several additional new patent families to
enrichen our manufacturing as well as drug development opportunities.&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Rare Cannabinoid Products in the Health
and Wellness Sector</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a world leader in the
manufacturing and commercialization of rare cannabinoids including cannabichromene (CBC), cannabicitran (CBT), cannabidivarin (CBDV),
and tetrahydrocannabivarin (THCV) as a B2B supplier to wholesalers and end-product manufacturers / marketers in the health and wellness
sector. Since sales began at the end of 2019 for CBC, manufacturing has scaled to the several hundred kilograms level and the predecessor
company, BayMedica Inc., had cumulative revenues of $2.4 million for the 21-month period ending September 30, 2021. Since October 13,
2021, the date of acquisition, to March 31, 2022, BayMedica had revenues of approximately $0.57 million. We continue to leverage our existing
synthetic chemistry manufacturing capabilities to produce other non-intoxicating rare cannabinoids of high interest in the health and
wellness segment, such as recently launched CBDV and THCV. Over time, we will continue to improve margins on these and other products
by improving on manufacturing techniques, approaches and scale.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Our Business Strategy</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Our goal is to develop a pipeline of prescription-based
Product Candidates targeting treatments for diseases with high unmet medical needs as well as to develop proprietary manufacturing technologies
to produce rare cannabinoid Products for sale in the health and wellness industry and to produce their novel analogs for our use in the
pharmaceutical industry, by pursuing the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#9679;&#160;<b>Advance
INM-755 and INM-088 through preclinical and clinical development, thereby establishing important human proof-of-concept in multiple therapeutic
applications.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These activities are well underway, at various
stages, for both INM-755 for diseases of the skin and INM-088 for diseases of the eye. We have the internal capabilities to design and
execute, together with multiple external vendors, the preclinical data sets and clinical studies required to advance pharmaceutical drugs
towards regulatory submission.</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>&#160;</b></p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><b>&#9679;&#160;Expand
portfolio and revenues of rare cannabinoids into existing distribution network and to end-product manufacturers of specialty health and
wellness products.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><b>&#9679;&#160;Develop
and produce novel cannabinoid analogs for use in our drug development program and/or licensing, partnering or sale to external companies.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These activities are well underway, at various
stages, for both INM-755 for diseases of the skin and INM-088 for diseases of the eye. Building upon preclinical data sets, we have the
internal capabilities to design and execute, together with multiple external vendors, the preclinical data sets and clinical studies
required to advance pharmaceutical drug candidates towards commercialization. We will continue to build out and sell a catalog of rare
cannabinoids to end-product manufacturers in the health and wellness sector as well as continue our internal development of novel cannabinoids
and their analogs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#9679;&#160;<b>Establishing
partnerships for our various technologies, at different stages of development, to expedite their path towards commercialization in a
resource-efficient manner.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We do not currently have an organization
for the sales, marketing and distribution of pharmaceutical products. With respect to the commercialization of each Product Candidate,
we may rely on either i) a &#8220;go-it-alone&#8221; commercialization effort; ii) out-licensing to third parties; or, iii) co-promotion
agreements with strategic collaborators for our Product Candidates. Any decision on a &#8220;go-it-alone&#8221; commercialization effort
versus out-licensing to third parties will depend on various factors including, but not limited to, the complexity, the expertise required
and related cost of building any such infrastructure for our Product Candidates. For INM-755 in EB, we could oversee the clinical trials,
given the relatively small patient sizes expected for such trials, and build the requisite internal commercialization infrastructure
to self-market the product to EB clinics, which are limited in number and provide direct access to the vast majority of EB patients.
For INM-088 in glaucoma, because of the potentially large number of clinical trial participants (possibly several thousand) and the extensive
sales effort required to reach a large number of prescribing physicians, we may consider exploring partnership opportunities early in
the development process.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#9679;&#160;<b>Develop
multiple cost-efficient manufacturing processes for high quality rare cannabinoids as APIs for our core internal drug candidate pipeline,
for licensing opportunities of non-core drug candidates, as well as a source for rare cannabinoids in the health and wellness sector.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We are developing an integrative cannabinoid
synthesis approach designed to produce bio-identical, economical, pharmaceutical-grade cannabinoids in a cost-efficient manner, called
IntegraSyn<sup>TM</sup>. IntegraSyn<sup>TM</sup> is designed to offer superior yield, control, consistency and quality of rare cannabinoids
when compared to alternative methods. Additionally, we continue to develop cost-effective manufacturing techniques to supply rare cannabinoids
to end-product manufacturers and wholesalers in the health and wellness sector via our wholly-owned subsidiary BayMedica.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#9679;&#160;<b>Continue
to invent, manufacture and research the potential of a wide array of rare cannabinoid analogs to treat diseases based on our significant
history in cannabinoid research and lead drug candidate identification.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>&#160;</b></p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Individual cannabinoids affect a range of
different receptors in the human body, including, but not limited to, known endocannabinoid receptors. As such, they are responsible
for a wide variety of pharmacological effects. However, due to the limited research into these varying effects, a full understanding
of the role of each cannabinoid compound remains elusive. As a company, we have been formally investigating the utility of cannabinoids
in treating disease for over 6 years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We have numerous options for commercializing
our various technologies. At the core of our activities, we are a pharmaceutical drug development company and a developer and supplier
of rare, naturally occurring cannabinoids and their analogs that is focused on commercializing important cannabinoid-based medicines
to treat diseases with high unmet medical needs and, as a B2B supplier, selling rare cannabinoids to the health and wellness segments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Related to Our Business </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
ability to implement our business strategy is subject to numerous risks that you should be aware of before making an investment decision.
These risks are described more fully in the section entitled &#8220;Risk Factors&#8221; in this prospectus. These risks include, among
others:</span></p>

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<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
Products in the health and wellness sector may not meet our expectations in terms of launch timelines, sales, profit margins, or all
these criteria.&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our IntegraSyn<sup>TM</sup> or BayMedica yeast biosynthesis
    manufacturing approaches may prove unsuccessful in achieving yields and/or cost levels required to be economically competitive with
    alternative methods of manufacturing.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our prospects depend on
    the success of our Product Candidates which are at early-stages of development with a statistically high probability of failure and
    are subject to lengthy, time-consuming and inherently unpredictable regulatory processes.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our Products and Product
    Candidates contain compounds that may be classified as &#8220;controlled substances&#8221;, the use of which may generate public
    controversy and restrict their development or commercialization.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The FDA or particular states
    may ultimately prohibit the sale of some or all dietary supplements or conventional foods containing cannabinoid ingredients and
    our downstream B2B customers may be required to submit a New Dietary Ingredient notification to the FDA, which may not be accepted
    without objection.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">U.S. Regulatory Framework
    for (non-THC) Cannabinoid Related products is rapidly evolving and changes could delay or prevent commercialization and result in
    materially adverse effects on our business.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The COVID-19 coronavirus
    pandemic could adversely impact our business, including several key activities that are critical to our success.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The market prices for our
    common shares are volatile and will fluctuate.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Raising additional capital
    may cause dilution to our existing shareholders, restrict our operations or require us to relinquish rights to our technologies or
    Product Candidates.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If we fail to maintain
    an effective system of internal control over financial reporting in the future, we may not be able to accurately report our financial
    condition, results of operations or cash flows, which may adversely affect investor confidence in us and, as a result, the value
    of our common shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In connection with the
    audit of our financial statements as of and for the years ended June 30, 2021 and 2020, material weaknesses in our internal control
    over financial reporting were identified and we may identify additional material weaknesses in the future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We have incurred, and will
    continue to incur, increased costs as a result of operating as a public company, and our management has been required, and will continue
    to be required, to devote substantial time to new compliance initiatives.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We have incurred significant
    losses since our inception, we anticipate that we will continue to incur losses in the future, we have had limited commercial revenue
    and we may never become profitable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We may become subject to
    claims or become involved in lawsuits related to intellectual property.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We rely heavily on contract
    manufacturers over whom we have limited control and our existing collaboration agreements and any that we may enter into in the future
    may not be successful.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We are dependent upon our
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our insurance may be insufficient
    to cover losses that may occur as a result of our operations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
</div><div>
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    </div><!-- Field: /Page --><div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Corporate
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
were originally incorporated in the Province of British Columbia, under the BCBCA, on May 19, 1981 and we have undergone a number of
corporate name and business sector changes since this incorporation, ultimately changing our name to &#8220;InMed Pharmaceuticals Inc.&#8221;
on October 6, 2014 to signify our intent to specialize in cannabinoid pharmaceutical product development. Our principal executive offices
are located at Suite 310 &#8211; 815 W Hastings Street, Vancouver, BC, Canada, V6C 1B4 and our telephone number is +1-604-669-7207. Our
internet address is https://www.inmedpharma.com. The information contained in or accessible from 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>Employees
and Human Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
management team is comprised of highly experienced pharmaceutical and biotechnology executives with successful track records in researching,
developing, gaining approval for and commercializing novel medicines to treat serious diseases. Each member of our management team has
over 20 to 30 years of industry experience, including our CEO, CFO, General Manager, and (Sr.) Vice Presidents of Clinical and Regulatory
Affairs, of Preclinical Research and Development, of Chemistry, Manufacturing and Controls, of Discovery Research, of Chemistry, of Synthetic
Biology, of Sales &amp; Marketing and of Commercial Operations. Together, this team has covered the spectrum of pharmaceutical drug discovery,
preclinical research, formulation development, manufacturing, human clinical trials, regulatory submissions and approval, and global
commercialization. Additionally, the team has significant experience in company formation, capital raises, mergers/acquisitions, business
development, and sales and marketing in the pharmaceutical industry. Our Board is constituted by individuals with significant experience
in the pharmaceutical and biotechnology industries. As of June 1, 2022, including our management team, we had 19 full time employees
and we also utilize the services of several consultants. None of our employees are represented by a collective bargaining agreement,
nor have we experienced any work stoppage. We believe that our relations with our employees are good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are committed to growing our business over the long-term. As a result of the competitive nature of the industry in which we operate,
employees have significant career mobility and as a result, the competition for experienced employees is great. The existence of this
competition, and the need for talented and experienced employees to realize our business objectives, underlies the design and implementation
of our compensation programs. At the same time, we seek to keep our approach to compensation simple and streamlined to reflect the still
relatively moderate size of our company. We have compensation, leave and benefits programs necessary to attract and retain the talented
and experienced employees necessary to develop our business including competitive salaries, stock options awards to permanent employees,
both upon initial hiring and annually thereafter, and pay annual bonuses to permanent employees based on the achievement of corporate
and/or personal objectives. We have developed an Employee Handbook that contains all corporate policies and guidelines for professional
behavior. Our policies and practices apply to all employees, regardless of title. These guidelines include our Code of Business Conduct
as well as our corporate disclosure, insider trading and whistle blower policies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
response to the COVID-19 pandemic, commencing in March 2020, we implemented a work-from-home mandate and ceased all non-essential business
travel. In the recent months, some employees have recommenced limited business travel and some have transitioned back to working on-site.
We continue to provide our employees with the option to work from home.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
</div><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>
</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Implications
of Being an Emerging Growth Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are an &#8220;emerging growth company,&#8221; as defined by the Jumpstart Our Business Startups Act of 2012. 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 &#8220;emerging growth companies&#8221; including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">our exemption from the
    auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">being permitted to present
    only two years of audited financial statements and only two years of related Management&#8217;s Discussion and Analysis of Financial
    Condition and Results of Operations, in each case, instead of three years;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reduced disclosure obligations
    regarding executive compensation, including no Compensation Disclosure and Analysis;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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&#8217;s report providing additional information about the audit and the financial statements; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
may take advantage of these exemptions for up to five years or such earlier time that we are no longer an emerging growth company. We
would cease to be an emerging growth company on the date that is the earliest of (i) the last day of the fiscal year in which we have
total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date
of the completion of the initial public offering; the date on which we have issued more than $1.0 billion in nonconvertible debt during
the previous three years; or (iii) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. 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.
Accordingly, the information contained herein may be different from the information you receive from other public companies in which
you hold stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have elected not to &#8220;opt out&#8221; of the exemption for the delayed adoption of certain accounting standards and, therefore, we
will adopt new or revised accounting standards at the time private companies adopt the new or revised accounting standard and will do
so until such time that we either (i) irrevocably elect to &#8220;opt out&#8221; of such extended transition period or (ii) no longer
qualify as an emerging growth company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are also a &#8220;smaller reporting company,&#8221; meaning that the market value of our common shares held by non-affiliates plus the
proposed aggregate amount of gross proceeds to us as a result of this offering is less than $700 million and our annual revenue was less
than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company after this offering
if either (i) the market value of our common shares held by non-affiliates is less than $250 million or (ii) our annual revenue was less
than $100 million during the most recently completed fiscal year and the market value of our common shares held by non-affiliates is
less than $700 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue
to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller
reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report
on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive
compensation.</span></p>

<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; text-align: center"></p>

<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; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
</div><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>
</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The Offering</b></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 29%; padding-left: 9pt; text-indent: -9pt"><b>Securities Offered by the Selling Shareholder</b></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 70%; text-align: justify">7,575,756 common shares, comprising of the following common shares underlying the securities obtained in the Private Placement: (i) 1,748,250 common shares issuable upon the exercise of the pre-funded warrants and (ii) 5,827,506 common shares issuable upon the exercise of preferred investment options.</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt"><b>Description of Warrants</b></td>
    <td>&#160;</td>
    <td style="text-align: justify">Each pre-funded warrant has an exercise price of $0.0001 per share, is immediately exercisable and may be exercised at any time until exercised in full. Each pre- preferred investment option has an exercise price of $0.74 per share, is immediately exercisable and may be exercised at any time until exercised in full. &#160;For additional information regarding the pre-funded warrants and the preferred investments options, see &#8220;<i>Private Placement of Warrants&#8221;.</i></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt"><b>Trading Market</b></td>
    <td>&#160;</td>
    <td style="text-align: justify">Our common shares are currently quoted under the symbol &#8220;INM&#8221; on the Nasdaq Capital Market.</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt"><b>Common Shares Outstanding Before this Offering</b></td>
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    <td style="text-align: justify">16,266,687 <span style="font-size: 12.5pt"><sup>(1)</sup></span><span style="font-size: 8pt">&#160;&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt"><b>Common Shares Outstanding After this Offering</b></td>
    <td>&#160;</td>
    <td style="text-align: justify">23,842,443 <span style="font-size: 12.5pt"><sup>(2) </sup></span><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt"><b>Use of Proceeds</b></td>
    <td>&#160;</td>
    <td style="text-align: justify">We will not receive any of the proceeds from the sale of common shares being offered for sale by the selling shareholder. However, upon the cash exercise of the warrants we will receive an aggregate amount of approximately $4.3 million. See &#8220;<i>Use of Proceeds</i>&#8221; for further information. </td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt"><b>Plan of Distribution</b></td>
    <td>&#160;</td>
    <td style="text-align: justify">The selling shareholder may sell all or a portion of the common shares beneficially owned by it and the common shares are offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. Registration of the common stock covered by this prospectus does not mean, however, that such shares necessarily will be offered or sold. See &#8220;<i>Plan of Distribution.&#8221;</i></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9pt; text-indent: -9pt"><b>Risk Factors</b></td>
    <td>&#160;</td>
    <td style="text-align: justify">Please read &#8220;<i>Risk Factors</i>&#8221; and other information included in this prospectus and the other information included or incorporated by reference for a discussion of factors you should carefully consider before deciding to invest in the securities offered in this prospectus.</td></tr>
  </table>



<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The number of common shares outstanding
    before this offering is based on an aggregate of 16,266,687 shares outstanding as of June 14, 2022 and does not include:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">6,421,896<span style="font-size: 8pt">&#160;&#160;
    </span>common shares issuable upon the exercise of other outstanding warrants with a weighted average exercise price of $1.78 per
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">378,788 common shares issuable upon the
    exercise of the placement agent, H.C. Wainwright &amp; Co., LLC, preferred investment options with a weighted average exercise price
    of $1.0725 per share; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">435,256
        common shares which are reserved for issuance under InMed Pharmaceuticals Inc. Amended 2017 Stock Option Plan, of which 1,408,887
        common shares are issuable upon exercise of outstanding options at an average exercise price of $4.15 per share.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2,454,214
common shares issuable upon exercise of outstanding pre-funded warrants issued in connection with the registered direct offering on June
6, 2022.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Assumes the exercise of (i) the pre-funded
    warrants held by the selling shareholder, and (ii) the preferred investment options held by the selling shareholder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt"></p>
</div><div>
</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>RISK FACTORS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Investing in our common
shares involves a high degree of risk. You should carefully consider each of the following risks and uncertainties described below, together
with the information under the heading &#8220;Risk Factors&#8221; on <span>page 12</span> of this prospectus,
in our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2021 and our most recent Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 2022, each of which are incorporated herein by reference, as updated or superseded by the risks
and uncertainties described under similar headings in the other documents that are filed after the date hereof and incorporated by reference
into this prospectus supplement and the accompanying prospectus, together with all of the other information contained or incorporated
by reference in this prospectus supplement and the accompanying 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. If any of the following risks actually
occurs, our business could be harmed. In that case, the trading price of our common shares could decline, and you may lose all or part
of your investment.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to our Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market prices for our common shares
are volatile and will fluctuate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price for our common
shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond our control, including
the following: (i) actual or anticipated fluctuations in our quarterly financial results; (ii) recommendations by securities research
analysts; (iii) changes in the economic performance or market valuations of other issuers that investors deem comparable to ours; (iv)
addition or departure of our executive officers or members of our Board and other key personnel; (v) release or expiration of lock-up
or other transfer restrictions on outstanding common shares; (vi) sales or perceived sales of additional common shares; (vii) liquidity
of the common shares; (viii) significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments
by or involving us or our competitors; and (ix) news reports relating to trends, concerns, technological or competitive developments,
regulatory changes and other related issues in our industry or target markets. Financial markets often experience significant price and
volume fluctuations that affect the market prices of equity securities of public entities and that are, in many cases, unrelated to the
operating performance, underlying asset values or prospects of such entities. Accordingly, the market price of our common shares may decline
even if our operating results, underlying asset values or prospects have not changed. Additionally, these factors, as well as other related
factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. As well,
certain institutional investors may base their investment decisions on consideration of our environmental, governance and social practices
and performance against such institutions&#8217; respective investment guidelines and criteria, and failure to meet such criteria may
result in limited or no investment in our common shares by those institutions, which could materially adversely affect the trading price
of our common shares. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels
of volatility and market turmoil continue for a protracted period of time, our operations could be materially adversely impacted and the
trading price of our common shares may be materially adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Raising additional capital may cause dilution
to our existing shareholders, restrict our operations or require us to relinquish rights to our technologies or Product Candidates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may seek additional capital
through a combination of private and public equity offerings, debt financings, strategic partnerships and alliances and licensing arrangements.
To the extent that we raise additional capital through the sale of equity or convertible debt securities, existing ownership interests
will be diluted and the terms of such financings may include liquidation or other preferences that adversely affect the rights of existing
shareholders. Debt financings may be coupled with an equity component, such as warrants to purchase shares, which could also result in
dilution of our existing shareholders&#8217; ownership. The incurrence of indebtedness would result in increased fixed payment obligations
and could also result in certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our
ability to acquire or license intellectual property rights and other operating restrictions that could adversely impact our ability to
conduct our business and may result in liens being placed on our assets and intellectual property. If we were to default on such indebtedness,
we could lose such assets and intellectual property. If we raise additional funds through strategic partnerships and alliances and licensing
arrangements with third parties, we may have to relinquish valuable rights to our Product Candidates or grant licenses on terms that are
not favorable to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future offerings of debt or equity securities
may rank senior to common shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we decide to issue debt
or equity securities in the future ranking senior to our common shares or otherwise incur additional indebtedness, it is possible that
these securities or indebtedness will be governed by an indenture or other instrument containing covenants restricting our operating flexibility
and limiting our ability to pay dividends to shareholders. Additionally, any convertible or exchangeable securities that we issue in the
future may have rights, preferences and privileges, including with respect to dividends, more favorable than those of common shares and
may result in dilution to shareholders. Because our decision to issue debt or equity securities in any future offering or otherwise incur
indebtedness will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or
nature of our future offerings or financings, any of which could reduce the market price of our common shares and dilute their value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future sales of common shares by officers
and directors may negatively impact the market price for our common shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to compliance with
applicable securities laws, our directors and officers and their affiliates may sell some or all of their common shares in the future.
No prediction can be made as to the effect, if any, such future sales of common shares may have on the market price of the common shares
prevailing from time to time. However, the future sale of a substantial number of common shares by our directors and officers and their
affiliates, or the perception that such sales could occur, could adversely affect prevailing market prices for our common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We do not currently pay dividends on our
common shares and have no intention to pay dividends on our common shares for the foreseeable future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No dividends on our common
shares have been paid by us to date. We do not intend to declare or pay any cash dividends in the foreseeable future. Payment of any future
dividends will be at the discretion of our Board, after taking into account a multitude of factors appropriate in the circumstances, including
our operating results, financial condition and current and anticipated cash needs. In addition, the terms of any future debt or credit
facility may preclude us from paying any dividends unless certain consents are obtained and certain conditions are met.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are exposed to risks related to currency
exchange rates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold the majority
of our cash, cash equivalents and short-term investments in U.S. dollars which is our functional currency. A portion of our current operations
is conducted in Canadian dollars. Exchange rate fluctuations between other currencies and the U.S. dollar create risk in several ways,
including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 18; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>For as long as we are an &#8220;emerging
growth company&#8221; we intend to take advantage of reduced disclosure and governance requirements applicable to emerging growth companies,
which could result in our common shares being less attractive to investors and could make it more difficult for us to raise capital as
and when we need it.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an &#8220;emerging
growth company,&#8221; as defined in the JOBS Act, and we have taken advantage, and intend to continue to take advantage, of certain exemptions
from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but
not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements
of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors may find our common
shares less attractive because we rely on these exemptions, which could contribute to a less active trading market for our common shares
or volatility in our share price. In addition, we may be less attractive to investors and it may be difficult for us to raise additional
capital as and when we need it. Investors may be unable to compare our business with other companies in our industry if they believe that
our financial accounting is not as transparent as other companies in our industry. If we are unable to raise additional capital as and
when we need it, our financial condition and results of operations may be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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
reporting exemptions until we are no longer an emerging growth company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to maintain an effective system
of internal control over financial reporting in the future, we may not be able to accurately report our financial condition, results of
operations or cash flows, which may adversely affect investor confidence in us and, as a result, the value of our common shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be required, under
Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control
over financial reporting. This assessment includes disclosure of any material weaknesses identified by our management in our internal
control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial
reporting that results in more than a reasonable possibility that a material misstatement of annual or interim financial statements will
not be prevented or detected on a timely basis. Section 404 of the Sarbanes-Oxley Act also generally requires an attestation from our
independent registered public accounting firm on the effectiveness of our internal control over financial reporting. However, for as long
as we remain an emerging growth company as defined in the JOBS Act, we intend to take advantage of the exemption permitting us not to
comply with the independent registered public accounting firm attestation requirement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our compliance with Section
404 will require that we incur substantial accounting expense and expend significant management efforts. We may not be able to complete
our evaluation, testing and any required remediation in a timely fashion. During the evaluation and testing process, if we identify one
or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over
financial reporting is effective. We cannot assure you that there will not be material weaknesses or significant deficiencies in our internal
control over financial reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit
our ability to accurately report our financial condition, results of operations or cash flows. This may expose us, including individual
executives, to potential liability which could significantly affect our business. If we are unable to conclude that our internal control
over financial reporting is effective, or if our independent registered public accounting firm determines we have a material weakness
or significant deficiency in our internal control over financial reporting once that firm begins its audits of internal control over financial
reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our common
shares could decline, and we could be subject to sanctions or investigations by Nasdaq, the SEC, or other regulatory authorities. Failure
to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control
systems required of public companies, could also restrict our future access to the capital markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our disclosure controls and procedures may
not prevent or detect all errors or acts of fraud.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our disclosure controls and
procedures are designed to reasonably assure that information required to be disclosed by us in reports we file or submit under the Securities
Exchange Act of 1934 is accumulated and communicated to management, recorded, processed, summarized and reported within the time periods
specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and procedures,
no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system
are met.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These inherent limitations
include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized
override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements or insufficient disclosures
due to error or fraud may occur and not be detected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deficiencies in disclosure controls and
procedures and internal control over financial reporting could result in a material misstatement in our financial statements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We could be adversely affected
if there are deficiencies in our disclosure controls and procedures or in our internal controls over financial reporting. The design and
effectiveness of our disclosure controls and procedures and our internal controls over financial reporting may not prevent all errors,
misstatements or misrepresentations. Consistent with other entities in similar stages of development, we have a limited number of employees
currently in the accounting group, limiting our ability to provide for segregation of duties and secondary review. A lack of resources
in the accounting group could lead to material misstatements resulting from undetected errors occurring from an individual performing
primarily all areas of accounting with limited secondary review. Deficiencies in internal controls over financial reporting which may
occur could result in material misstatements of our results of operations, restatements of financial statements, other required remediations,
a decline in the price of our common shares, or otherwise materially adversely affect our business, reputation, results of operations,
financial condition or liquidity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>In connection with the audit of our financial
statements as of and for the years ended June 30, 2021 and 2020, material weaknesses in our internal control over financial reporting
were identified and we may identify additional material weaknesses in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the preparation
and audits of our financial statements as of and for the years ended June 30, 2021 and 2020<span style="font-size: 10pt">&#160;</span>,
material weaknesses (as defined under the Exchange Act and by the auditing standards of the U.S. Public Company Accounting Oversight Board,
or &#8220;PCAOB&#8221;), were identified in our internal control over financial reporting. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of our annual financial statements will not be prevented or detected on a timely basis. The identified material weaknesses arose from
a lack of resources in our finance function that resulted in an overstatement of the valuation of warrants issued as part of a financing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In light of the identified
material weaknesses, it is possible that, had we performed a formal assessment of our internal control over financial reporting or had
our independent registered public accounting firm performed an audit of our internal control over financial reporting in accordance with
PCAOB standards, additional control deficiencies may have been identified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have begun taking measures,
and plan to continue to take measures, to remediate these material weaknesses. However, the implementation of these measures may not fully
address these material weaknesses in our internal control over financial reporting, and, if so, we would not be able to conclude that
they have been fully remedied. Our failure to correct these material weaknesses or our failure to discover and address any other control
deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial
reporting requirements and make related regulatory filings on a timely basis. As a result, our business, financial condition, results
of operations and prospects, as well as the trading price of our common shares, may be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have incurred, and will continue to incur,
increased costs as a result of operating as a public company, and our management has been required, and will continue to be required,
to devote substantial time to new compliance initiatives.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a public company, we have
incurred and are continuing to incur significant legal, accounting and other expenses and these expenses may increase even more after
we are no longer an &#8220;emerging growth company.&#8221; We are subject to the reporting requirements of the Exchange Act and the rules
adopted, and to be adopted, by the SEC. Our management and other personnel devote a substantial amount of time to these compliance initiatives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, these rules and
regulations have substantially increased our legal and financial compliance costs and made some activities more time-consuming and costly.
The increased costs have increased our net loss. These rules and regulations may make it more difficult and more expensive for us to maintain
sufficient director&#8217;s and officer&#8217;s liability insurance coverage. We cannot predict or estimate the amount or timing of additional
costs we may continue to incur to respond to these requirements. The ongoing impact of these requirements could also make it more difficult
for us to attract and retain qualified persons to serve on our Board, our Board committees or as executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future sales and issuances of our common
shares or rights to purchase common shares pursuant to our equity incentive plan could result in additional dilution of the percentage
ownership of our shareholders and may cause our share price to fall.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that significant
additional capital will be needed in the future to continue our planned operations. To raise capital, we may sell substantial amounts
of common shares or securities convertible into or exchangeable for common shares. These future issuances of common shares or common share-related
securities, together with the exercise of outstanding options and any additional shares issued in connection with acquisitions, if any,
may result in material dilution to our investors. Such sales may also result in material dilution to our existing shareholders, and new
investors could gain rights, preferences and privileges senior to those of holders of our common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to our 2017 Amended
and Restated Stock Option Plan, and as amended at our Annual General Meeting in November 2020, our compensation committee is authorized
to grant equity-based incentive awards in the form of options to purchase common shares to our directors, executive officers and other
employees and service providers. As of June 1, 2022, there were 435,256 options to purchase
common shares available for future grant under our stock option plan. Future equity incentive grants under our stock option plan may result
in material dilution to our shareholders and may have an adverse effect on the market price of our common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provisions in our corporate charter documents
and certain Canadian laws could delay or deter a change of control.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provisions in our articles
and our by-laws, as well as certain provisions under the BCBCA and applicable Canadian securities laws, may discourage, delay or prevent
a merger, acquisition, tender offer or other change in control of us that some shareholders may consider favorable. In addition, because
our Board is responsible for appointing the members of our management team, these provisions may frustrate or prevent any attempts by
our shareholders to replace or remove our current management by making it more difficult for shareholders to replace members of our Board.
As well, our preferred shares are available for issuance from time to time at the discretion of our Board, without shareholder approval.
Our articles allow our Board, without shareholder approval, to determine the special rights to be attached to our preferred shares, and
such rights may be superior to those of our common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, limitations on
the ability to acquire and hold our common shares may be imposed by the Competition Act in Canada. This legislation permits the Commissioner
of Competition of Canada, or &#8220;Commissioner&#8221;, to review any acquisition of a significant interest in us. This legislation grants
the Commissioner jurisdiction to challenge such an acquisition before the Canadian Competition Tribunal if the Commissioner believes that
it would, or would be likely to, result in a substantial lessening or prevention of competition in any market in Canada. The Investment
Canada Act subjects an acquisition of control of a company by a non-Canadian to government review if the value of our assets, as calculated
pursuant to the legislation, exceeds a threshold amount. A reviewable acquisition may not proceed unless the relevant minister is satisfied
that the investment is likely to result in a net benefit to Canada. Any of the foregoing could prevent or delay a change of control and
may deprive or limit strategic opportunities for our shareholders to sell their shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts publish
inaccurate or unfavorable research about our business, our share price and trading volume may decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading market for our
common shares depends in part on the research and reports that securities or industry analysts publish about us or our business. If one
or more of the analysts who cover us downgrade our shares or publish inaccurate or unfavorable research about our business, our shares
price may decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for
our shares may decrease, which may cause our shares price and trading volume to decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are incorporated in Canada, with our
assets and officers primarily located in Canada, with the result that it may be difficult for investors to enforce judgments obtained
against us or some of our officers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a company organized
and existing under the laws of British Columbia, Canada. Many of our directors and officers and the experts named in this registration
statement are residents of Canada or otherwise reside outside the United States, and all or a substantial portion of their assets, and
a substantial portion of our assets, are located outside the United States. It may be difficult for holders of common shares who reside
in the United States to effect service within the United States upon those directors, officers and experts who are not residents of the
United States. It may also be difficult for holders of securities who reside in the United States to realize in the United States upon
judgments of courts of the United States predicated upon our civil liability and the civil liability of our directors, officers and experts
under the U.S. federal securities laws. Our Canadian counsel has advised us that there is doubt as to the enforceability in Canada against
us or against our directors, officers and experts who are not residents of the United States, in original actions or in actions for enforcement
of judgments of courts of the United States, of liabilities predicated solely upon U.S. federal or state securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Conversely, some of our directors
and officers reside outside Canada and some of our assets are also located outside Canada. Therefore, it may not be possible for you to
enforce in Canada against our assets or those directors and officers residing outside Canada, judgments obtained in Canadian courts based
upon the civil liability provisions of the Canadian securities laws or other laws of Canada.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus, including
the sections entitled &#8220;Prospectus Summary,&#8221; &#8220;Risk Factors,&#8221; &#8220;Management&#8217;s Discussion and Analysis
of Financial Condition and Results of Operations&#8221; and &#8220;Business,&#8221; contains forward-looking statements. We may, in some
cases, use words such as &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;could&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;,
&#8220;intend&#8221;, &#8220;may&#8221;, &#8220;plan&#8221;, &#8220;predict&#8221;, &#8220;project&#8221;, &#8220;will&#8221;, &#8220;would&#8221;,
and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements
contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements
in this prospectus include, but are not limited to, statements about:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22pt">&#160;</p><div>

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    <td style="text-align: justify">Our researching, developing, manufacturing and commercializing cannabinoid-based biopharmaceutical products will treat diseases with high unmet medical needs;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify">The continued optimization of the cannabinoid manufacturing approaches;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify">Our belief that our manufacturing approaches that we are developing are robust and effective and will result in high yields of cannabinoids and will be a significant improvement upon existing manufacturing platforms;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify">Our belief that that INM-755 offers specific advantages and will prove to provide the extensive relief symptomology with the added potential of addressing the underlying disease in EB;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify">The structure and timing of future INM-755 studies including that we will complete patient enrollment into our Phase II study in EB in 2022;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These forward-looking statements
reflect our management&#8217;s beliefs and views with respect to future events and are based on estimates and assumptions as of the date
of this prospectus and are subject to risks and uncertainties. We discuss many of these risks in greater detail under &#8220;Risk Factors.&#8221;
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 any forward-looking statements we may make.
Given these uncertainties, you should not place undue reliance on these forward-looking statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read this prospectus
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 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not receive any of
the proceeds from the sale of the common shares being offered for sale by the selling shareholder. However, upon (i) the cash exercise
of the pre-funded warrants, we will receive the exercise price of such warrants, for an aggregate of approximately $175 and (ii) the cash
exercise of the preferred investment options, we will receive the exercise price of such warrants, for an aggregate of approximately $4.3
million. We will bear all fees and expenses incident to our obligation to register the common shares. Brokerage fees, commissions and
similar expenses, if any, attributable to the sale of shares offered hereby will be borne by the applicable selling shareholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIVIDEND POLICY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PRINCIPAL SHAREHOLDERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><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 June 14, 2022 for:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">each person we believe beneficially holds more than 5% of our outstanding common shares;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><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 held by that person that are currently exercisable or that become exercisable
within 60 days of June 14, 2022. Percentage calculations assume, for each person and group, that all common shares that may be acquired
by such person or group pursuant to options currently exercisable or that become exercisable within 60 days of June 14, 2022 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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. We do not know of any arrangement, the operation of which may at a subsequent
date result in a change in control of us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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 Common<br/>
 Shares<br/>
 Beneficially<br/>
 Owned</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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Common<br/>
 Shares<br/>
 Beneficially<br/>
 Owned&#160;(%)*</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; width: 76%; text-align: left; padding-left: 0.125in">Armistice Capital Master Fund Ltd. (1) <br/>c/o Armistice Capital, LLC, 510 Madison Ave, 7th Floor, New York, NY 10022</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Bryan Baldasare (9)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.25in">All executive officers and directors as a group (10 persons)</td><td style="font-weight: bold">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">*</td>
    <td style="text-align: justify">Based on 16,266,687 common shares outstanding on June 14, 2022 after completion of the Private Placement.</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">**</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">(1)</td>
    <td style="text-align: justify">Armistice Capital Master Fund Ltd.&#8217;s beneficial ownership consists of (1) 1,107,514 common shares, (2) up to 505,137 common shares issuable underlying the pre-funded warrants issued in connection with the concurrent registered direct offering and private placement that closed on June 6, 2022.&#160;&#160;The ability to exercise warrants held by Armistice is subject to a beneficial ownership limitation that, at the time of initial issuance of the warrants, was capped at 4.99% beneficial ownership of the Company&#8217;s issued and outstanding common shares (post-exercise) for the common share warrants and 9.99% beneficial ownership for the Company&#8217;s pre-funded warrants. These beneficial ownership limitations may be adjusted up or down, subject to providing advanced notice to the Company, provided that any increases in beneficial ownership limitations only take effect upon 61 days advance notice. &#160;The shares are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the &#8220;Master Fund&#8221; or &#8220;selling shareholder&#8221;), and may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC (&#8220;Armistice Capital&#8221;), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. Armistice Capital and Steven Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">(2)</td>
    <td style="text-align: justify">Eric A. Adams&#8217; beneficial ownership consists of 59,003 common shares owned directly, 212,576 common shares issuable pursuant to presently exercisable options, and 14,935 common shares owned by his spouse. Mr. Adams disclaims beneficial ownership in the 14,935 common shares held by his spouse;</td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">(3)</td>
    <td style="text-align: justify">Adam Cutler&#8217;s beneficial ownership consists of 9,122 common shares issuable pursuant to presently exercisable options;</td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">(4)</td>
    <td style="text-align: justify">William J. Garner&#8217;s beneficial ownership consists of 9,122 common shares issuable pursuant to presently exercisable options and 3,788 common shares owned by his spouse. Mr. Garner disclaims beneficial ownership in the 3,788 common shares held by his spouse;</td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">(5)</td>
    <td style="text-align: justify">Andrew Hull&#8217;s beneficial ownership consists of 18,939 common shares owned directly and 9,122 common shares issuable pursuant to presently exercisable options;</td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">(6)</td>
    <td style="text-align: justify">Brenda Edwards&#8217; beneficial ownership currently consists of no common shares and no common shares issuable pursuant to presently exercisable options;</td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">(7)</td>
    <td style="text-align: justify">Janet Grove&#8217;s beneficial ownership consists of 1,950 common shares issuable pursuant to presently exercisable options;</td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">(8)</td>
    <td style="text-align: justify">Alexandra Mancini&#8217;s beneficial ownership consists of 6,059 common shares owned directly and 63,787 common shares issuable pursuant to presently exercisable options;</td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify">(9)</td><td style="text-align: justify">Bryan Baldasare&#8217;s beneficial ownership consists of
780 common shares issuable pursuant to presently exercisable options;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify">(10)</td><td style="text-align: justify">The beneficial ownership of all other executive officers
as a group (two individuals) consists of 1,803 common shares owned directly and 143,029 common shares issuable pursuant to presently
exercisable options.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="b_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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 common shares without par value and an unlimited number of preferred shares without par value. As of
the date of this registration statement, we had 16,266,687 common shares issued and outstanding and no preferred shares issued and outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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 Amended and Restated Articles (the &#8220;Articles&#8221;), which have been filed with the SEC as an exhibit to our
annual report on Form 10-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Common Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Certain Takeover Bid
Requirements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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&#8217;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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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 law in the provinces and territories of Canada.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Actions Requiring a
Special Majority</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Transfer Agent and Registrar</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The
transfer agent and registrar for our common shares is Computershare Investor Services Inc., 100 University Avenue, 9</span><sup>th</sup>
<span style="font-size: 10pt">Floor, Toronto, Ontario, Canada M5J 2Y1.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Reports to Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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, current reports on Form 8-K and amendments to those reports, proxy statements and
other information filed or furnished with the Securities and Exchange Commission pursuant to Section 13(a) or 15(d) of the Exchange Act.
We plan to furnish our shareholders with an annual report for each fiscal year beginning for the fiscal year ending June 30, 2021 containing
financial statements audited by our independent registered public accounting firm. You may read and copy (at prescribed rates) any such
reports, proxy statements and other information at the SEC&#8217;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. Our SEC filings will also
be available to you on the SEC&#8217;s website at .sec.gov. Our website address is www.inmedpharma.com. The information contained in or
accessible from 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Market Price of and Dividends
on the Our Common Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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 &#8220;INM&#8221; on the Nasdaq Capital Market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While there are no restrictions
on the payment of dividends, we have never declared nor paid any cash dividends on our common shares, and we presently have no intention
of paying any cash dividend in the foreseeable future. Our current policy is to retain earnings, if any, to finance the expansion of our
business. The future payment of dividends will depend on our results of operations, financial condition, capital expenditure plans and
other factors that we deem relevant and will be at the sole discretion of our Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of March 31, 2022, there were 3,878 holders
of record of our issued and outstanding common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 30; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PRIVATE PLACEMENT OF WARRANTS </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In concurrent private placements
to the same institutional investor on June 6, 2022, we issued to such investor (i) unregistered pre-funded warrants to purchase up to
1,748,250 common shares (the &#8220;Private Pre-Funded Warrants&#8221;), and (ii) unregistered preferred investment options to purchase
up to 5,827,506 common shares (the &#8220;Preferred Investment Options&#8221;). Each Private Pre-Funded Warrant is exercisable for one
common share at an exercise price of $0.0001 per share, is immediately exercisable and will not expire until fully exercised. Each Preferred
Investment Option is exercisable for one common share at an exercise price of $0.74 per share, is immediately exercisable and will expire
six and one-half years from the date of issuance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Private Pre-Funded Warrants,
the Private Preferred Investment Options and the common shares issuable upon the exercise of each such security were offered pursuant
to the exemptions provided in Section 4(a)(2) under the Securities Act of 1933, as amended, or the Securities Act, and Rule 506(b) promulgated
thereunder, and they were not offered pursuant to this prospectus supplement and the accompanying prospectus. None of the securities issued
in the concurrent private placements are or will be listed for trading on any national securities exchange. The Private Pre-Funded Warrants
and Preferred Investment Options were offered for an aggregate purchase price of approximately $1.5 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, the investors
in the private placements may exercise each of the Private Pre-Funded Warrant and the Preferred Investment Options and sell the common
shares issuable upon the exercise of such security only pursuant to an effective registration statement under the Securities Act covering
the resale of those shares, an exemption under Rule 144 under the Securities Act or another applicable exemption under the Securities
Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All purchasers are required
to be &#8220;accredited investors&#8221; as such term is defined in Rule 501(a) under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A holder of pre-funded warrants
or preferred investment options does not have the right to exercise any portion thereof if the holder, together with its affiliates, would
beneficially own in excess of 4.99% (or, at the election of a holder prior to the date of issuance, 9.99%) of the number of common shares
outstanding immediately after giving effect to such exercise; provided, however, that upon notice to the Company, the holder may increase
or decrease such beneficial ownership limitation, provided that in no event shall such beneficial ownership limitation exceed 9.99% and
any increase in the beneficial ownership limitation will not be effective until 61 days following notice of such increase from the holder
to us. In addition, the holders of the pre-funded warrants and preferred investment options have the right to participate in any rights
offering or distribution of assets together with our shareholders on an as-exercised basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exercise price and number
of our common shares issuable upon the exercise of each of the pre-funded warrants and preferred investment options are subject to adjustment
for stock splits, reverse splits, and similar capital transactions, as described in the warrants. Such securities are exercisable on a
&#8220;cashless&#8221; basis in certain circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a fundamental transaction
occurs, then the successor entity will succeed to, and be substituted for us, and may exercise every right and power that we may exercise
and will assume all of our obligations under the pre-funded warrants and the preferred investment options with the same effect as if such
successor entity had been named in such security itself. If our shareholders are given a choice as to the securities, cash or property
to be received in a fundamental transaction, then the holder shall be given the same choice as to the consideration it receives upon any
exercise of a pre-funded warrant or preferred investment option following such fundamental transaction. In addition, the holder will have
the right to require us to repurchase its pre-funded warrants or preferred investment options for cash in an amount equal to the value
of the remaining unexercised portion of the pre-funded warrants or preferred investment options based on the Black Scholes option pricing
formula. However, if the fundamental transaction is not within our control, including not approved by our board of directors, then the
holder will only be entitled to receive the same type or form of consideration (and in the same proportion), at the value per common share
in the fundamental transaction for each common shares underlying the unexercised portion of the pre-funded warrants or preferred investment
options, that is being offered and paid to our shareholder in connection with the fundamental transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of the concurrent
private placements, we have agreed to register for resale the common shares issuable upon exercise of the pre-funded warrants and preferred
investment options sold in the concurrent private placement.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SELLING SHAREHOLDER</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><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 issuable to the selling shareholder upon exercise of the warrants. For additional information regarding
the issuances of those common shares and warrants, see &#8220;<i>Private Placement of Warrants</i>&#8221; 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 the ownership of
the common shares and the warrants, the selling shareholder has not had any material relationship with us within the past three years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below lists the
selling shareholder and other information regarding the beneficial ownership of the common shares by the selling shareholder. The second
column lists the number of common shares beneficially owned by the selling shareholder, based on its ownership of the common shares and
warrants, as of June 14, 2022, assuming exercise of the warrants held by the selling shareholder on that date, without regard to any limitations
on exercises.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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 a registration rights agreement with the selling shareholder, this prospectus generally covers the resale of the sum of the maximum
number of common shares issuable to the selling shareholder upon exercise of the warrants described in the &#8220;<i>Private Placement
of Warrants</i>&#8221; described above, determined as if the outstanding warrants were exercised in full as of the trading day immediately
preceding the date this registration statement was initially filed with the SEC, each as of the trading day immediately preceding the
applicable date of determination and all subject to adjustment as provided in the registration right agreement, without regard to any
limitations on the exercise of the warrants. The fourth column assumes the sale of all of the shares offered by the selling shareholder
pursuant to this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of the warrants
and other warrants held by selling shareholder, a selling shareholder may not exercise any such warrants to the extent such exercise would
cause such selling shareholder, together with its affiliates and attribution parties, to beneficially own a number of common shares which
would exceed 4.99% or 9.99%, as applicable, of our then outstanding common shares following such exercise, excluding for purposes of such
determination common shares issuable upon exercise of such warrants which have not been exercised. The number of shares in the second
and fourth columns do not reflect this limitation. The selling shareholder may sell all, some or none of their shares in this offering.
See &#8220;<i>Plan of Distribution</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid"><b>Name of Selling Shareholder</b></td>
    <td style="padding-bottom: 1.75pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><b>Number of<br/>
Common Shares<br/>
Owned Prior to Offering</b></td>
    <td style="padding-bottom: 1.75pt">&#160;</td>
    <td style="padding-bottom: 1.75pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Maximum Number of Common Shares to<br/>
    be Sold Pursuant</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>to this Prospectus<sup>(1)</sup></b></p></td>
    <td style="padding-bottom: 1.75pt"><b>&#160;</b></td>
    <td style="padding-bottom: 1.75pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><b>Number of<br/>
Common<br/>
Shares<br/>
Owned <br/>
After<br/>
Offering <span style="font-size: 10pt"><sup>(1)</sup></span></b></td>
    <td style="padding-bottom: 1.75pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 64%; padding-left: 9.25pt; text-indent: -9pt">Armistice Capital Master Fund Ltd.<span style="font-size: 10pt"><sup>(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right">1,094,696</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right">7,575,756</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right">8,670,452</td>
    <td style="width: 1%">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify">(1)</td>
    <td style="text-align: justify">Consists of (i) 1,748,250 common shares issuable upon the exercise of pre-funded warrants issued in connection with the private placement closed on June 6, 2022, and (ii) 5,827,506 common shares issuable upon the exercise of preferred investment options issued in connection with the registered direct offering and the private placement closed on June 6, 2022, all of which are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the &#8220;Master Fund&#8221;), and may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC (&#8220;Armistice Capital&#8221;), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. Armistice Capital and Steven Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.&#160;&#160;The pre-funded warrants, preferred investment options and common warrants are subject to certain beneficial ownership limitations that preclude the Master Fund from exercising any portion of either to the extent that, following such exercise, the Master Fund&#8217;s ownership of the Company&#8217;s common shares would exceed the applicable ownership limitation (9.99% for the pre-funded warrants and 4.99% for the common warrants).&#160;&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify">(2)</td>
    <td style="text-align: justify">The shares are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the &#8220;Master Fund&#8221; or &#8220;selling shareholder&#8221;), and may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC (&#8220;Armistice Capital&#8221;), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. All of the shares of common stock are issuable only upon the exercise of certain warrants, which, as noted above, are subject to beneficial ownership limitations. Armistice Capital and Steven Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein. The address of the Master Fund is c/o Armistice Capital, LLC, 510 Madison Ave, 7th Floor, New York, NY 10022.</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PLAN OF DISTRIBUTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder (the
&#8220;<span style="text-decoration:underline">Selling Shareholder</span>&#8221;) of the securities and any of their pledgees, assignees and successors-in-interest may, from
time to time, sell any or all of their securities covered hereby on the principal Trading 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. The
Selling Shareholder may use any one or more of the following methods when selling securities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

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  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td>ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td style="text-align: justify">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;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td>purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td>an exchange distribution in accordance with the rules of the applicable exchange;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td>privately negotiated transactions;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td>settlement of short sales;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td style="text-align: justify">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;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td style="text-align: justify">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td>a combination of any such methods of sale; or</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td>any other method permitted pursuant to applicable law.</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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 or any other exemption from registration under the Securities Act of 1933, as amended (the &#8220;<span style="text-decoration:underline">Securities
Act</span>&#8221;), if available, rather than under this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In
connection with the sale of the securities or interests therein, the Selling Shareholder may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Shareholder may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Shareholder may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder and
any broker-dealers or agents that are involved in selling the securities may be deemed to be &#8220;underwriters&#8221; within the meaning
of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any
profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act. The Selling Shareholder has informed the Company that it does not have any written or oral agreement or understanding, directly or
indirectly, with any person to distribute the securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We agreed to keep this prospectus
effective until the earlier of (i) the date on which the securities may be resold by the Selling Shareholder without registration and
without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance
with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities
have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities
will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in
certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="b_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &#8220;incorporate
by reference&#8221; 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.
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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><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&#160;13(a), 13(c), 14 or 15(d)&#160;of the
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) (in each case, other than those documents or the portions of those documents
furnished and not filed with the SEC, including information furnished under Item 2.02 or Item 7.01 of Form 8-K and any corresponding information
furnished with respect to such Items under Item 9.01 or as an exhibit) prior to the termination of the offering covered by this prospectus
and any prospectus supplement:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td style="text-align: justify">the Company&#8217;s Annual Report on&#160;<a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021049679/f10k2021_inmedpharma.htm">Form 10-K</a>&#160;for the fiscal year ended June 30, 2021, filed with the SEC on September 24, 2021;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify">the Company&#8217;s Quarterly Report on&#160;Form 10-Q&#160;for the quarter ended <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021057944/f10q0921_inmedpharma.htm">September 30, 2021</a>, filed with the SEC on November 10, 2021, the quarter ended <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390022007611/f10q1221_inmedpharma.htm">December 31, 2021</a>, filed with the SEC on February 14, 2022 and the quarter ended <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390022026136/f10q0322_inmedpharma.htm">March 31, 2022</a>, filed with the SEC on May 13, 2022;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">the Company&#8217;s Current Reports on Form 8-K, filed with the SEC on&#160;<a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021051143/ea148280-8k_inmedphar.htm">October 1, 2021</a>,&#160;<a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021052654/ea148764-8k_inmedpharma.htm">October 13, 2021</a>,&#160;<a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021055028/ea149535-8k_inmedpharma.htm">October 28, 2021</a>,&#160;<a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021056413/ea149890-8k_inmedpharma.htm">November 3, 2021</a>,&#160;<a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021058042/ea150352-8k_inmedpharma.htm">November 10, 2021</a>,&#160;<a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021061496/ea151268-8k_inmedpharma.htm">November 23, 2021</a>,&#160;<a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021066114/ea152607-8k_inmedpharma.htm">December 20, 2021</a>,&#160;<a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390021066831/ea152864-8ka1_inmedphar.htm">December 22, 2021</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390022008887/ea156089-8k_inmedpharma.htm">February 23, 2022</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390022013457/ea157098-8k_inmedpharma.htm">March 18, 2022</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390022013976/ea157216-8k_inmedpharma.htm">March 22, 2022</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390022018705/ea158188-8k_inmedpharma.htm">April 7, 2022</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390022027887/ea160171-8k_inmedphar.htm">May 18, 2022</a> and <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1728328/000121390022031258/ea161175-8k_inmedphar.htm">June 6, 2022</a>&#160;(except, in each case, any information, including exhibits, furnished to the SEC pursuant Items 2.02 and 7.01);</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">the description of our common shares in our Registration Statement on <a href="http://www.sec.gov/Archives/edgar/data/1728328/000119312520285837/d72199d8a12b.htm">Form
    8-A</a>&#160;filed on November 5, 2020 and any subsequent amendment thereto filed for the purpose of updating such description.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained 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 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22pt">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LEGAL MATTERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><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 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPERTS</b><span style="font-size: 10pt">&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><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, 2021 and 2020, and for each of the years in the two-year period ended June 30,
2021 have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm,
incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. The audit report covering
the June 30, 2021 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><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22pt">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><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. The SEC maintains an internet website that contains reports and other information about
issuers, like us, that file electronically with the SEC. The address of that website is <span style="text-decoration:underline">www.sec.gov</span>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also maintain a website
at www.inmedpharma.com. Information contained in, or accessible through, our website is not a part of this prospectus, and the inclusion
of our website address in this prospectus is only as an inactive textual reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 36; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_001.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>7,575,756 Common Shares</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROSPECTUS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>June 21, 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 37 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 13. Other expenses of issuance and distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">399.77</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">FINRA filing fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Nasdaq listing fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Printing and engraving expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Accounting fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Blue Sky fees and expenses (including legal fees)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Transfer agent and registrar fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left">&#160;</td></tr>
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    <td>Miscellaneous</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold">Total</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> *</span></td><td style="text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">*</td>
    <td style="text-align: justify">These fees are calculated based on the number of issuances and amount of securities offered and accordingly cannot be estimated at this time.</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We are subject to the provisions of Part 5, Division
5 of the Business Corporations Act (British Columbia), or &#8220;BCBCA&#8221;. Under Section 160 of the BCBCA, we may, subject to Section
163 of the BCBCA:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify">1.</td>
    <td style="text-align: justify">indemnify an individual who:</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td style="text-align: justify">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 (collectively, an &#8220;eligible party&#8221;), against all eligible penalties to which the eligible party is or may be liable; and</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify">2.</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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 (a) has not been reimbursed for those expenses, and (b) 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><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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&#8217;s conduct in respect of which the proceeding was brought was lawful.</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify">order us to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify">order us to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-indent: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">is or was our director, alternate director, officer, employee or agent;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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; or</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">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.</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 15. Recent sales of unregistered securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In the three years preceding the filing of this
registration statement, without giving effect to the June 30, 2020 Share Consolidation, we have issued the following securities that were
not registered under the Securities Act of 1933:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td style="text-align: justify">On January 3, 2018, we completed a non-brokered private placement (&#8220;Jan-2018 Financing&#8221;) for 13,428,571 units (&#8220;Jan-2018 Units&#8221;), at a price of C$0.70 per Jan-2018 Unit for gross proceeds of C$9,400,000. Each Jan-2018 Unit consisted of one common share and one non-transferable share purchase warrant (a &#8220;Jan-2018 Warrant&#8221;). Each Jan-2018 Warrant was exercisable by the holder to acquire one additional common share at a price of C$1.25 for a period of eighteen (18) months expiring on July 3, 2019. Share issue costs from the sale of Jan-2018 Units of $1,200,847 is comprised of $496,040 in finders&#8217; fees, the non-cash fair value of $554,183 for 433,556 warrants (&#8220;January-2018 Agent Warrants&#8221;) issued to finders and $150,624 of other transaction costs. The January-2018 Agent Warrants have identical terms as the January-2018 Warrants described above. Of the $496,040 in finders&#8217; fees, $32,903 was settled on February 9, 2018 via the issuance of 35,718 common shares at the C$1.17 closing price on the date of issuance of these shares. The issuance of the securities was exempt from registration under the Securities Act as the securities were either issued outside the U.S. pursuant to Regulation S under the Securities Act or were issued to two U.S. purchasers pursuant to Regulation D under the Securities Act in that such sales did not involve a public offering. The finder&#8217;s fees paid in respect of sales to U.S. purchasers were paid to a registered broker-dealer.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td style="text-align: justify">On June 21, 2018, we completed a public offering in Canada (&#8220;June-2018 Financing&#8221;) of 16,611,244 units (&#8220;June-2018 Units&#8221;), at a price of C$0.90 per June-2018 Unit for gross proceeds of $11,232,247 (C$14,950,120). Each June-2018 Unit consists of one common share and one share purchase warrant (a &#8220;June-2018 Warrant&#8221;), or an aggregate of 16,611,244 full June-2018 Warrants. Each full June-2018 Warrant is exercisable by the holder to acquire one additional common share at a price of C$1.25 for a period of twenty-four (24) months expiring on June 21, 2020. The June-2018 Warrants trade on the TSX under the symbol &#8220;IN.WT&#8221;. The underwriter for this transaction was Eight Capital. Share issue costs from the sale of June-2018 Units of $1,499,625 is comprised of $748,128 in underwriter&#8217;s commission, the non-cash fair value of $415,626 for 1,106,397 warrants (&#8220;June-2018 Agent Warrants&#8221;) issued to the underwriter and $335,871 of other transaction costs. Each June-2018 Agent Warrant is exercisable in whole or in part at an exercise price of C$1.05 for a period of twenty-four (24) months expiring on June 21, 2020. The securities were exempt from registration under the Securities Act as they were issued outside the U.S. pursuant to Regulation S under the Securities Act. </td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px">&#9679;</td>
    <td style="text-align: justify">During the year ending June 30, 2018, we issued an aggregate 5,895,775 common shares pursuant to the exercise of 8,232,095 share purchase warrants at a weighted average exercise price of C$0.44 per share. Included in the total number of share purchase warrants exercised were 3,710,984 share purchase warrants, with a weighted average exercise price of C$0.19 each, that were exercised for cash and 4,521,111 share purchase warrants with an exercise price of C$0.65 each that, pursuant to the terms of a May 31, 2017 financing, were exercised on a net cashless basis, based on the five-day volume-weighted average trading price of our common shares on the stock exchange that our common shares were trading on at that time (either the TSX or CSE) ending on the date immediately preceding the date of exercise. The exercise of these 4,521,111 share purchase warrants resulted in the issuance of 2,184,791 common shares but, as they were exercised on a net cashless basis, no cash was received. The securities were exempt from registration under the Securities Act as they were either issued outside the U.S. pursuant to Regulation S under the Securities Act or were issued to a total of eight U.S. purchasers, upon exercise of investor or agent warrants issued in either the July-2016 Financing or May-2017 Financing, pursuant to Section 4(a)(2) of the Securities Act in that such sales did not involve a public offering.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">During the year ending June 30, 2018, we issued an aggregate 7,230,295 common shares pursuant to the exercise of 7,345,000 stock options at a weighted average exercise price of C$0.23 per share. Included in the total number of stock options exercised were 300,000 stock options with an exercise price of C$0.195 per share that, pursuant to the terms of a settlement agreement with the stock option holder, were exercised on a net cashless basis, based on the C$0.51 per common share closing price of our common shares on the CSE on the date immediately preceding the date of exercise. The exercise of these 300,000 stock options resulted in the issuance of 185,295 common shares. The securities were exempt from registration under the Securities Act as they were issued outside the U.S. pursuant to Regulation S under the Securities Act or pursuant to Rule 701 under the Securities Act, in that they were offered and sold either pursuant to written compensatory plans or pursuant to a written contract relating to compensation.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">During the year ending June 30, 2019, we issued an aggregate 7,564 common shares pursuant to the exercise of 35,000 share purchase warrants. The 35,000 share purchase warrants that were exercised had an exercise price of C$0.65 each and, pursuant to the terms of a May 31, 2017 financing, were exercised on a net cashless basis, based on the five-day volume-weighted average trading price of our common shares on the TSX ending on the date immediately preceding the date of exercise. The exercise of these 35,000 share purchase warrants resulted in the issuance of 7,564 common shares but, as they were exercised on a net cashless basis, no cash was received. The issuance of the securities was exempt from registration under the Securities Act as they were issued outside the U.S. pursuant to Regulation S under the Securities Act.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">During the year ending June 30, 2019, we issued an aggregate 1,425,000 common shares pursuant to the exercise of 1,425,000 stock options at a weighted average exercise price of C$0.14 per share. The issuance of the securities was exempt from registration under the Securities Act as they were issued outside the U.S. pursuant to Regulation S under the Securities Act.</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">On February 12, 2021, we closed the Private Placement with 11 accredited institutional investors for approximately $4.5 million of units. We issued 1,050,000 common shares and warrants exercisable for 690,000 common shares. The issuance was 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.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">On July 2, 2021, we closed the Private Placement with an accredited institutional investors for approximately $12 million of common shares and warrants. We issued 890,000 common shares and warrants exercisable for 7,182,654 common shares. The issuance was 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.</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify">&#9679;</td>
    <td style="text-align: justify">On June<span style="font-size: 10pt">&#160;</span>6, 2022, we closed a registered direct issuance
and sale of 4,079,256 of its common shares (or pre-funded warrants in lieu thereto), as well as a concurrent private placement to issue
and sell 1,748,250 common shares (or pre-funded warrants in lieu thereto), for a gross aggregate amount of US$5 million. In addition,
we issued to the investor in the offerings unregistered preferred investment options to purchase up to an aggregate of 5,827,506 common
shares. We also amended certain existing warrants to purchase up to an aggregate of 4,480,771 common shares of the Company that were
previously issued to the investor.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16. Exhibits and financial statement schedules</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Exhibits</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit&#160;No.</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 89%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Exhibit</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&#x5e;</span></td>
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    <td style="vertical-align: top; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390021052654/ea148764ex2-1_inmedpharma.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement and Plan of Reorganization, dated as of September 10, 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&#8217;s Form 8-K filed on October 13, 2021).</span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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  <tr>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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  <tr>
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  <tr>
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  <tr>
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</table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr>
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  <tr>
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    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390021036589/ea144036ex10-5_inmedpha.htm">Amended and Restated Executive Employment Agreement, dated March 1, 2021, between Alexandra Mancini and InMed Pharmaceuticals Inc. (incorporated by reference to Exhibit 10.5 to the Company&#8217;s Form S-1 filed on July 13, 2021).</a></span></td></tr>
  <tr>
    <td>&#160;</td>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: justify"><span 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 &#160;(incorporated by reference to Exhibit 10.10 to the Company&#8217;s Form 10-K filed on September 24, 2021).</a></span></td></tr>
  <tr>
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    <td style="vertical-align: top; text-align: justify"><span 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&#8217;s Form S-1 filed on June 19, 2020).</a></span></td></tr>
  <tr>
    <td>&#160;</td>
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    <td style="vertical-align: top; text-align: justify"><span 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&#160;&#160;(incorporated by reference to Exhibit 10.1 to the Company&#8217;s Form 8-K filed on March 22, 2022).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: justify"><span 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 H.C. Wainwright &amp; Co., LLC (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Form 8-K filed on April 7, 2022).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390021034785/ea143503ex10-1_inmedpharma.htm">Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed on June 29, 2021).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390022031258/ea161175ex10-1_inmedphar.htm">Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Form 8-K filed on June 6, 2022).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390022031258/ea161175ex10-2_inmedphar.htm">Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.2 to the Company&#8217;s Form 8-K filed on June 6, 2022).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390021007194/ea134769ex10-3_inmed.htm">Registration Rights Agreement, dated February 5, 2021, between InMed Pharmaceuticals Inc. and several purchasers hereto (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Current Report on Form 8-K filed on February 5, 2021).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390021034785/ea143503ex10-2_inmedpharma.htm">Form of Registration Rights Agreement dated June 28, 2021, between InMed Pharmaceuticals Inc. and several purchasers hereto (incorporated by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K filed on June 29, 2021).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390022031258/ea161175ex10-3_inmedphar.htm">Form of Registration Agreement (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Form 8-K filed on June 6, 2022).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1728328/000121390021049679/f10k2021ex21-1_inmedpharma.htm">Subsidiaries of InMed Pharmaceuticals Inc. (incorporated by reference to Exhibit 21.1 to the Company&#8217;s Form 10-K filed on September 24, 2021).</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="vertical-align: bottom">&#160;</td>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><a href="ea161783ex5-1_inmedpharma.htm"><span 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)</span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.3</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#s_001a">Powers of Attorney (included on signature page to this registration statement)</a></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><a href="ea161783ex-fee_inmedpharma.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</span></a></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">Filed therewith.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">Indicates exhibits that constitute management contracts or compensation plans or arrangements.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x5e;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">Portions of this exhibit have been omitted pursuant to Rule 601(b)(10) of Regulation S-K.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Financial Statement Schedules</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 43; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. Undertakings</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates
in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned registrant hereby undertakes that:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule
424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared
effective.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 44; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="s_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, InMed Pharmaceuticals Inc. has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in Vancouver, British Columbia, Canada, on June 21, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><b>INMED PHARMACEUTICALS INC.</b></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Eric A. Adams&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#160;</span></td>
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    A. Adams</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="s_001a"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>POWER
OF ATTORNEY</b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
person whose signature appears below constitutes and appoints Eric A. Adams and Andrew Hull, 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 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in
the capacities indicated and on June 21, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    Brenda Edwards</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
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As filed with the Securities and Exchange Commission
on June 21, 2022
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
82-2726719
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
InMed Pharmaceuticals Inc. Suite 310 -
815 W. Hastings Street, Vancouver, B.C.
V6C 1B4
Canada
(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, DC 20005
(888) 705-7274
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
Copies to:
Brian Fenske
Norton Rose Fulbright US LLP
1301 McKinney, Suite 5100
Houston, Texas 77010-3095
United States
(713) 651-5557
Trevor Zeyl
Norton Rose Fulbright Canada LLP
222 Bay Street, Suite 3000
Toronto, Ontario M5K 1E7
Canada
(416) 216-4726
Approximate date of commencement of proposed
sale to the public:
From time to time after the effective date of this registration statement, as determined by market and other
conditions.
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, a 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. A registration statement relating to the securities has been filed
with the Securities and Exchange Commission. The selling shareholder may not sell these securities 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.
SUBJECT TO COMPLETION,
DATED JUNE 21, 2022
PRELIMINARY PROSPECTUS
7,575,756 Common Shares
InMed Pharmaceuticals Inc.
This prospectus relates to the offering and resale
by the selling shareholder identified herein of up to 7,575,756 of our common shares. The common shares being offered by the selling
shareholder consist of the following common shares issued to the selling shareholder in our June 2022 private placement (the "
Private
Placement
"): (i) 1,748,250 common shares issuable upon the exercise of pre-funded warrants at an exercise price of $0.0001
per share and (ii) 5,827,506 common shares issuable upon the exercise of preferred investment options at an exercise price of $0.74 per
share. Please see "
Private Placement of Warrants
" beginning on page 26 of this prospectus.
We will not receive any proceeds from the sale
of common shares by the selling shareholder. However, upon (i) the cash exercise of the pre-funded warrants, we will receive the exercise
price of such warrants, for an aggregate of approximately $175, and (ii) the cash exercise of the preferred investment options, we will
receive the exercise price of such warrants, for an aggregate of approximately $4.3 million.
The selling shareholder may sell all or a portion
of the common shares beneficially owned by it and the common shares are offered hereby from time to time directly or through one or more
underwriters, broker-dealers or agents. Please see "
Plan Of Distribution
" on page 28 of this prospectus for more
information. For more information regarding the selling shareholder, see "
Selling Shareholder
" on page 27 of this
prospectus.
Our common shares are currently quoted under
the symbol "INM" on the Nasdaq Capital Market. We are an "emerging growth company" as defined by the Jumpstart
Our Business Startups Act of 2012 and, as such, we have elected to comply with certain reduced public company reporting requirements
for this prospectus and future filings.
Investing in our common shares involves a
high degree of risk. Please read "
Risk Factors
" beginning on page 12 of this prospectus.
We may amend or supplement this prospectus
from time to time by filing amendments or supplements as required. You should read the entire prospectus and any amendments or supplements
carefully 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.
Prospectus dated June 21, 2022
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS AND EXCHANGE RATES
ii
BUSINESS
1
RISK FACTORS
12
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
18
USE OF PROCEEDS
21
DIVIDEND POLICY
21
PRINCIPAL SHAREHOLDERS
22
DESCRIPTION OF COMMON SHARES
24
PRIVATE PLACEMENT OF WARRANTS
26
PLAN OF DISTRIBUTION
28
LEGAL MATTERS
31
EXPERTS
31
ADDITIONAL INFORMATION
31
INCORPORATION BY REFERENCE
30
i
ABOUT THIS PROSPECTUS AND EXCHANGE RATES
You should rely only on the
information contained in this prospectus or contained in any prospectus supplement or free writing prospectus filed with the Securities
and Exchange Commission (the "
SEC
"). Neither we nor the selling shareholder has authorized anyone to provide you with
additional information or information different from that contained in this prospectus filed with the SEC. The selling shareholder is
offering to sell, and seeking offers to buy, shares of our common shares only in jurisdictions where offers and sales are permitted.
The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of
this prospectus or of any sale of our common shares. Our business, financial condition, results of operations and prospects may have
changed since that date.
We obtained the industry,
market and competitive position data in this prospectus 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 in "Risk Factors," that could cause results to differ materially
from those expressed in these publications and reports.
For investors outside the
United States: Neither we nor the selling shareholder has 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 outside the
United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the
offering of the common shares and the distribution of this prospectus outside the United States.
This prospectus contains
references to our trademark and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names 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 will not assert, to the fullest extent under applicable law, our rights
or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies'
trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
Unless otherwise indicated,
references in this prospectus to "$", "dollars", "USD", "US$" or "United States
dollars" are to United States dollars. Canadian dollars are referred as "Canadian dollars" or "C$".
The high, low 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
Nine
Months Ended
March 31
2021
2020
2022
2021
High for period
C$
1.3616
C$
1.4496
C$
1.2942
C$
1.3616
Low for period
C$
1.2040
C$
1.2970
C$
1.2329
C$
1.2455
Rate at end of period
C$
1.2394
C$
1.3628
C$
1.2496
C$
1.2575
On March 31, 2022, the Bank
of Canada daily rate of exchange was US$1.00 = C$1.2575 or C$1.00 = US$0.7959.
On June 17, 2022, the Bank
of Canada daily rate of exchange was US$1.00 = C$1.3035 or C$1.00 = US$0.7672.
ii
PROSPECTUS SUMMARY
This summary highlights
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 prospectus and the information incorporated herein by reference to our other filings with the SEC. Investing in our securities involves
a high degree of risk. You should carefully consider the risks and uncertainties described below, 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 following
risks 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 "InMed," "InMed Pharmaceuticals," "we," "us,"
"our," "our company" and "our business" refer to InMed Pharmaceuticals Inc.
BUSINESS
Overview
We are a clinical stage pharmaceutical
company developing a pipeline of prescription-based products, including rare cannabinoids and novel cannabinoid analogs, targeting the
treatment of diseases with high unmet medical needs ("Product Candidates") as well as developing proprietary manufacturing
technologies to produce rare cannabinoids for sale in the health and wellness industry ("Products").
We are developing multiple
manufacturing approaches for synthesizing rare cannabinoids for potential use in pharmaceutical Product Candidates as well as serving
as a business to business (B2B) supplier to wholesalers and end-product manufacturers / marketers in the health and wellness sector.
This includes traditional approaches such as chemical synthesis and biosynthesis, as well as a proprietary, integrated manufacturing
approach called IntegraSyn
TM
. We are dedicated to delivering new therapeutic alternatives to patients and consumers who may
benefit from cannabinoid-based products. Our approach leverages on the several thousand years' history of health benefits attributed
to the Cannabis plant and brings this anecdotal information into the 21st century by applying tried, tested and true scientific approaches
to establish non-plant-derived (synthetically manufactured), individual cannabinoid compounds as Product Candidates in important market
segments including clinically proven, FDA-approved medicines and non-prescription, over-the-counter consumer products via B2B supply
relationships with wholesalers and end-product manufacturers. While our activities do not involve direct use of Cannabis nor extracts
from the plant, we note that the U.S. Food and Drug Administration ("FDA") has, to date, not approved any marketing application
for Cannabis for the treatment of any disease or condition and has approved only one Cannabis-derived and three Cannabis-related drug
products. Our ingredients are synthetically made and, therefore, we have no interaction with the Cannabis plant. We do not grow nor utilize
Cannabis nor its extracts in any of our Products or Product Candidates; our current pharmaceutical drug Product Candidates are applied
topically (not inhaled nor ingested); and, we do not utilize THC or CBD, the most common cannabinoid compounds that are typically extracted
from the Cannabis plant, in any of our Products or Product Candidates. The active pharmaceutical ingredient ("API") under
development for our initial two drug candidates, INM-755 for Epidermolysis bullosa ("EB") and INM-088 for glaucoma, is cannabinol
("CBN"). Additional uses of both INM-755 and INM-088 are being explored, as well as the application of additional rare cannabinoids
to treat diseases including but not limited to neurodegenerative diseases such as Alzheimer's, Parkinson's, and Huntington's.
1
This table summarizes the
status of our therapeutic drug development programs:
We
believe
we are positioned to develop multiple pharmaceutical Product Candidates in diseases which may benefit from medicines based on rare cannabinoid
compounds. Most currently approved cannabinoid therapies are based specifically on CBD and/or THC and are often delivered orally, which
has limitations and drawbacks, such as side effects (including the intoxicating effects of THC). Currently, we intend to deliver our
rare cannabinoid pharmaceutical drug candidates through various topical formulations (cream for dermatology, eye drops for ocular diseases)
as a way of enabling treatment of the specific disease at the site of disease while seeking to minimize systemic exposure and any related
unwanted systemic side effects, including any drug-drug interactions and any metabolism of the active pharmaceutical ingredient by the
liver. The cannabinoids sold through our B2B raw material supply business are integrated into various product formats by the companies
who then further commercializes such products. We plan to access rare cannabinoids via all non-extraction approaches, including chemical
synthesis, biosynthesis and our proprietary integrated IntegraSyn
TM
approach, thus negating any interaction with or exposure
to the Cannabis plant.
On October 13, 2021, we acquired
BayMedica Inc., now named BayMedica LLC ("BayMedica"). Upon closing of the transaction, BayMedica became a wholly-owned subsidiary
of InMed.
2
Our Drug Development Programs
Rationale for Use of CBN in Pharmaceutical
Drug Development
CBN is one of several rare
cannabinoids naturally produced in the
Cannabis
plant, albeit at significantly lower levels relative to the more commonly known
THC and CBD. Despite their common origin, different cannabinoids have been observed to have distinct physiological properties. We are
specifically exploring these unique effects of CBN, as well as other rare cannabinoids, and their therapeutic potential to treat disease.
Our extensive preclinical
testing has identified several unique properties of CBN that outperformed both THC and CBD in various disease-related assays and models.
CBN can act with higher potency when interacting with some receptor systems in the body, while acting with lower potency for others.
Physical and Chemical Properties
of Active Pharmaceutical Ingredient CBN
CBN is a stable, highly lipophilic cannabinoid
compound. It is insoluble in water, but soluble in organic solvents.
International Non-proprietary Name:
Cannabinol (abbreviated CBN)
International Union of Pure and Applied Chemistry Name:
6,6,9-trimethyl-3-pentyl-benzo[c]chromen-1-ol
Chemical Abstracts Service Registration Number:
521-35-7
United States Adopted Name:
Cannabinol
The molecular formula is C21H26O2 and the molecular
weight is 310.43 g/mol. CBN has no chiral centers.
Figure 1 Structural Formula of CBN
CBN occurs naturally as a trace component of
Cannabis
, or as a degradation product of D9-THC. However, our Product Candidates utilizing CBN contain highly purified synthetic
CBN, rather than a biological extract.
3
CBN as our Lead API
As the API in our lead therapeutic programs in
dermatology (INM-755) and ocular disease (INM-088), CBN has several compelling features, including:
●
A rare cannabinoid with unique physiological properties;
●
A natural compound, but designated as a new chemical entity,
or "NCE" for pharmaceutical development;
●
Found in trace amounts in the plant and impractical to extract;
and
●
Our preclinical studies show therapeutic potential for dermatology
and ocular diseases.
We believe that we offer a differentiated approach
to selecting and delivering rare cannabinoids vis-à-vis other current competitors, many of whom are exclusively focused on THC
and/or CBD as their therapeutic agents. We believe that rare cannabinoids in general, and CBN in particular, represent significant opportunities
to treat a wide spectrum of diseases with high unmet medical need. In our preclinical testing, CBN has demonstrated therapeutic potential
beyond CBD for several symptoms and disease-modifying effects for dermatological conditions and has demonstrated benefits beyond CBD
and THC for ocular diseases. We believe that a topical application of CBN may maximize the clinical benefit at the disease site (skin,
eye) while minimizing the systemic exposure and any corresponding adverse effects.
INM-755, our lead product candidate, is being
developed as a topical skin cream formulation containing CBN for the treatment of symptoms related to EB, a rare genetic skin disease
characterized by fragile skin that blisters easily from minimal friction that causes shearing of the skin layers. The blisters become
open wounds that do not heal well.
In addition to relief of symptoms, inflammation,
pain, and others, we believe INM-755 may impact the underlying disease by enhancing skin integrity in a subset of EB patients. We have
completed more than 30 preclinical pharmacology and toxicology studies to investigate the effects of CBN. Several of these nonclinical
studies explored the effect on important symptoms such as pain and inflammation. In in vitro pharmacology studies, CBN demonstrated activity
in reducing markers of prolonged inflammation. CBN upregulated expression of a type of keratin called keratin 15, or "K15",
which might lead to skin strengthening and reduced blister formation in EB simplex, or "EBS", patients with mutations in
another keratin called keratin 14, or "K14". The anti-inflammatory activity of CBN may be beneficial in healing chronic wounds
caused by prolonged inflammation. Following a review of our toxicology studies, a regulatory application to support our first Phase I
clinical study in healthy volunteers with INM-755 (755-101-HV) was submitted November 4, 2019 and approved December 6, 2019 in the Netherlands.
The initial Phase I clinical study evaluated the safety, tolerability, and pharmacokinetics of INM-755 cream in healthy volunteers with
normal, intact skin; the volunteers had cream applied once daily for a period of 14 days. All subjects in this first clinical trial completed
treatment and evaluations by March 27, 2020. A regulatory application was approved April 17, 2020, for a second Phase I clinical study
of healthy volunteers to test the local safety and tolerability of applying sterile INM-755 cream to small wounds once daily for 14 days.
As with the initial Phase I trial, the second trial (755-102-HV) was conducted with two different drug concentrations and a vehicle control.
Enrollment began in early July 2020 and the clinical trial completed treatment and evaluations at the end of September 2020. The safety
of INM-755 will continue to be assessed throughout its clinical development.
INM-755 cream was well tolerated in the two Phase
I clinical studies in healthy volunteers and, based upon this outcome, we advanced the product candidate into a Phase II clinical trial
in patients with EB (Study 755-201-EB). The 755-201-EB study is designed to enroll up to 20 patients using a within-patient design in
which matched index areas are randomized to INM-755 cream or vehicle (no drug) cream in a blinded manner. InMed will evaluate the safety
of INM-755 (cannabinol) cream and its preliminary efficacy in treating symptoms and wound healing over a 28-day treatment period, the
longest period supported by nonclinical toxicology. All four subtypes of inherited EB; EB Simplex, Dystrophic EB, Junctional EB, and
Kindler Syndrome are eligible for this study.
4
Regulatory applications to support this global
trial were filed for review by the National Competent Authorities and Ethics Committees in 8 countries for 13 clinical sites. Approvals
were obtained in all countries (Austria, France, Germany, Greece, Israel, Italy, Serbia, and Spain) as of March 2022. Enrollment and
patient treatment began in December 2021 and are expected to complete during the calendar year 2022.
INM-088 for Ocular Diseases
CBN is also the active pharmaceutical ingredient
in our second pharmaceutical drug candidate, INM-088, which is in preclinical studies as a potential treatment for glaucoma. Current
treatments for glaucoma primarily focus on decreasing fluid build-up in the eye. We are conducting preclinical studies to test INM-088's
ability to provide both neuroprotection and reduce intraocular pressure in the eye. We compared several cannabinoids, including CBD and
THC, to determine which cannabinoid was the best drug candidate for the treatment of glaucoma. Of all the cannabinoids examined in preclinical
studies, CBN demonstrated the most optimal neuroprotective effect. Notably, exposure of retinal neurons, called retinal ganglion cells
("RGCs") to increasing concentrations of several cannabinoids, including THC and CBD, resulted in dose dependent cytotoxicity,
or cell death, over time. Importantly, CBN-exposed RGCs demonstrated the lowest level of toxicity among the cannabinoids used in these
experiments. We also verified that CBN has an anti-apoptotic effect on differentiated RGCs when subjected to elevated hydrostatic pressure.
Furthermore, CBN also exhibited intraocular pressure
reduction capability. We selected a final delivery technology (MiDrops®, EyeCRO LLC) based on the extensive data collected from assessments
including solubility, drug delivery localization and sustained effect. We are in the planning and preparation phase for conducting IND-enabling
toxicology studies for INM-088 in ocular disease.
For all current and future pharmaceutical Product
Candidates we intend to submit new drug applications (NDAs) (or their international equivalents) in most major jurisdictions, including
the U.S. either alone or with development/commercial partners.
We are actively establishing a broad patent portfolio
to protect our commercial interests in utilizing CBN and other rare cannabinoids across these and other diseases. We have also filed
multiple patent applications for our integrated, biosynthesis-based manufacturing approach. If granted, these patents may confer meaningful
protection to the commercial potential for these technologies.
Our Strengths
We are the only clinical-stage
company with both multiple cannabinoid drug candidates, in multiple therapeutic categories, that also is currently supplying rare cannabinoids
to manufacturers in the health and wellness sector and that has internal expertise in multiple manufacturing approaches including chemical
synthesis, biosynthesis and a proprietary, integrated biosynthesis-based manufacturing approach, called IntegraSyn
TM
, to meet
the needs of the rapidly evolving markets for rare cannabinoids. Key strengths include:
Experienced executive
team and board of directors with proven track records.
One key critical success
factor in the field of pharmaceutical drug development is the experience and skill set of the individuals leading the company. We have
been successful in attracting and retaining executive and directors with extensive (20+ years) experience in all facets of the pharmaceutical
industry, including fundamental research and development, multiple manufacturing techniques, drug formulation, clinical trial execution,
regulatory approvals, pharmaceutical commercialization, company and capital formation, business development, legal, and corporate governance.
Our leadership team is well-poised to lead us through all facets of drug development and product commercialization, either internally
or externally via partnerships. It is this group of individuals that will help optimize our chances for success.
Multiple manufacturing
approaches.
The combined manufacturing
technologies from InMed and BayMedica provide us with a competitive advantage to utilize the most cost-efficient methodology (i.e. chemical
synthesis, biosynthesis, IntegraSyn
TM
) for the development and commercialization of new Products and Product Candidates and
provision of rare bio-identical cannabinoids or their analogs to a wide spectrum of markets.
5
Early mover status as
a B2B supplier of rare cannabinoids to the consumer health and wellness sector.
As demonstrated by the launch
of CBC into the health and wellness sector over two years ago, and with the subsequent launches of additional non-intoxicating rare cannabinoids
including CBDV, THCV, and CBT, the team at BayMedica has substantial expertise in the commercial manufacturing scale-up to produce rare
cannabinoids at large scale. This know-how is important to establishing an early-mover status and to maintain cost leadership with regards
to specific rare cannabinoids.
Leading experts in the
therapeutic potential of the rare cannabinoid CBN.
We have invested significant
time and effort in understanding the characteristics and therapeutic potential of our first rare cannabinoid drug candidate, CBN. As
such, we are positioning ourselves to be a world leader in the pharmaceutical development of this rare cannabinoid. We anticipate that
CBN will be the first of several such drug candidates.
Targeting medical applications
of rare cannabinoids to treat diseases with high unmet medical needs.
Significant investment in understanding the therapeutic
potential of CBN has provided us with important insight as to how best to develop this class of compounds for treating various diseases.
We intend to apply this know-how across several diseases that may benefit from cannabinoid-based medicines.
Diverse portfolio of patent
applications covering a spectrum of commercial opportunities.
Success in pharmaceutical markets often rests
with the strength of intellectual property, including patents, to protect our commercialization interests. We have filed several patents
on our novel findings and expect to continue to do so. The acquisition of BayMedica brought several additional new patent families to
enrichen our manufacturing as well as drug development opportunities.
Rare Cannabinoid Products in the Health
and Wellness Sector
We are a world leader in the
manufacturing and commercialization of rare cannabinoids including cannabichromene (CBC), cannabicitran (CBT), cannabidivarin (CBDV),
and tetrahydrocannabivarin (THCV) as a B2B supplier to wholesalers and end-product manufacturers / marketers in the health and wellness
sector. Since sales began at the end of 2019 for CBC, manufacturing has scaled to the several hundred kilograms level and the predecessor
company, BayMedica Inc., had cumulative revenues of $2.4 million for the 21-month period ending September 30, 2021. Since October 13,
2021, the date of acquisition, to March 31, 2022, BayMedica had revenues of approximately $0.57 million. We continue to leverage our existing
synthetic chemistry manufacturing capabilities to produce other non-intoxicating rare cannabinoids of high interest in the health and
wellness segment, such as recently launched CBDV and THCV. Over time, we will continue to improve margins on these and other products
by improving on manufacturing techniques, approaches and scale.
Our Business Strategy
Our goal is to develop a pipeline of prescription-based
Product Candidates targeting treatments for diseases with high unmet medical needs as well as to develop proprietary manufacturing technologies
to produce rare cannabinoid Products for sale in the health and wellness industry and to produce their novel analogs for our use in the
pharmaceutical industry, by pursuing the following:
●
Advance
INM-755 and INM-088 through preclinical and clinical development, thereby establishing important human proof-of-concept in multiple therapeutic
applications.
These activities are well underway, at various
stages, for both INM-755 for diseases of the skin and INM-088 for diseases of the eye. We have the internal capabilities to design and
execute, together with multiple external vendors, the preclinical data sets and clinical studies required to advance pharmaceutical drugs
towards regulatory submission.
6
● Expand
portfolio and revenues of rare cannabinoids into existing distribution network and to end-product manufacturers of specialty health and
wellness products.
● Develop
and produce novel cannabinoid analogs for use in our drug development program and/or licensing, partnering or sale to external companies.
These activities are well underway, at various
stages, for both INM-755 for diseases of the skin and INM-088 for diseases of the eye. Building upon preclinical data sets, we have the
internal capabilities to design and execute, together with multiple external vendors, the preclinical data sets and clinical studies
required to advance pharmaceutical drug candidates towards commercialization. We will continue to build out and sell a catalog of rare
cannabinoids to end-product manufacturers in the health and wellness sector as well as continue our internal development of novel cannabinoids
and their analogs.
●
Establishing
partnerships for our various technologies, at different stages of development, to expedite their path towards commercialization in a
resource-efficient manner.
We do not currently have an organization
for the sales, marketing and distribution of pharmaceutical products. With respect to the commercialization of each Product Candidate,
we may rely on either i) a "go-it-alone" commercialization effort; ii) out-licensing to third parties; or, iii) co-promotion
agreements with strategic collaborators for our Product Candidates. Any decision on a "go-it-alone" commercialization effort
versus out-licensing to third parties will depend on various factors including, but not limited to, the complexity, the expertise required
and related cost of building any such infrastructure for our Product Candidates. For INM-755 in EB, we could oversee the clinical trials,
given the relatively small patient sizes expected for such trials, and build the requisite internal commercialization infrastructure
to self-market the product to EB clinics, which are limited in number and provide direct access to the vast majority of EB patients.
For INM-088 in glaucoma, because of the potentially large number of clinical trial participants (possibly several thousand) and the extensive
sales effort required to reach a large number of prescribing physicians, we may consider exploring partnership opportunities early in
the development process.
●
Develop
multiple cost-efficient manufacturing processes for high quality rare cannabinoids as APIs for our core internal drug candidate pipeline,
for licensing opportunities of non-core drug candidates, as well as a source for rare cannabinoids in the health and wellness sector.
We are developing an integrative cannabinoid
synthesis approach designed to produce bio-identical, economical, pharmaceutical-grade cannabinoids in a cost-efficient manner, called
IntegraSyn
TM
. IntegraSyn
TM
is designed to offer superior yield, control, consistency and quality of rare cannabinoids
when compared to alternative methods. Additionally, we continue to develop cost-effective manufacturing techniques to supply rare cannabinoids
to end-product manufacturers and wholesalers in the health and wellness sector via our wholly-owned subsidiary BayMedica.
●
Continue
to invent, manufacture and research the potential of a wide array of rare cannabinoid analogs to treat diseases based on our significant
history in cannabinoid research and lead drug candidate identification.
Individual cannabinoids affect a range of
different receptors in the human body, including, but not limited to, known endocannabinoid receptors. As such, they are responsible
for a wide variety of pharmacological effects. However, due to the limited research into these varying effects, a full understanding
of the role of each cannabinoid compound remains elusive. As a company, we have been formally investigating the utility of cannabinoids
in treating disease for over 6 years.
We have numerous options for commercializing
our various technologies. At the core of our activities, we are a pharmaceutical drug development company and a developer and supplier
of rare, naturally occurring cannabinoids and their analogs that is focused on commercializing important cannabinoid-based medicines
to treat diseases with high unmet medical needs and, as a B2B supplier, selling rare cannabinoids to the health and wellness segments.
7
Risks
Related to Our Business
Our
ability to implement our business strategy is subject to numerous risks that you should be aware of before making an investment decision.
These risks are described more fully in the section entitled "Risk Factors" in this prospectus. These risks include, among
others:
●
Our
Products in the health and wellness sector may not meet our expectations in terms of launch timelines, sales, profit margins, or all
these criteria.
●
Our IntegraSyn
TM
or BayMedica yeast biosynthesis
    manufacturing approaches may prove unsuccessful in achieving yields and/or cost levels required to be economically competitive with
    alternative methods of manufacturing.
●
Our prospects depend on
    the success of our Product Candidates which are at early-stages of development with a statistically high probability of failure and
    are subject to lengthy, time-consuming and inherently unpredictable regulatory processes.
●
Our Products and Product
    Candidates contain compounds that may be classified as "controlled substances", the use of which may generate public
    controversy and restrict their development or commercialization.
●
The FDA or particular states
    may ultimately prohibit the sale of some or all dietary supplements or conventional foods containing cannabinoid ingredients and
    our downstream B2B customers may be required to submit a New Dietary Ingredient notification to the FDA, which may not be accepted
    without objection.
●
U.S. Regulatory Framework
    for (non-THC) Cannabinoid Related products is rapidly evolving and changes could delay or prevent commercialization and result in
    materially adverse effects on our business.
●
The COVID-19 coronavirus
    pandemic could adversely impact our business, including several key activities that are critical to our success.
●
The market prices for our
    common shares are volatile and will fluctuate.
●
Raising additional capital
    may cause dilution to our existing shareholders, restrict our operations or require us to relinquish rights to our technologies or
    Product Candidates.
●
If we fail to maintain
    an effective system of internal control over financial reporting in the future, we may not be able to accurately report our financial
    condition, results of operations or cash flows, which may adversely affect investor confidence in us and, as a result, the value
    of our common shares.
●
In connection with the
    audit of our financial statements as of and for the years ended June 30, 2021 and 2020, material weaknesses in our internal control
    over financial reporting were identified and we may identify additional material weaknesses in the future.
●
We have incurred, and will
    continue to incur, increased costs as a result of operating as a public company, and our management has been required, and will continue
    to be required, to devote substantial time to new compliance initiatives.
●
We have incurred significant
    losses since our inception, we anticipate that we will continue to incur losses in the future, we have had limited commercial revenue
    and we may never become profitable.
●
We may become subject to
    claims or become involved in lawsuits related to intellectual property.
●
We rely heavily on contract
    manufacturers over whom we have limited control and our existing collaboration agreements and any that we may enter into in the future
    may not be successful.
●
We are dependent upon our
    key personnel to achieve our business objectives.
●
Our insurance may be insufficient
    to cover losses that may occur as a result of our operations.
8
Corporate
Information
We
were originally incorporated in the Province of British Columbia, under the BCBCA, on May 19, 1981 and we have undergone a number of
corporate name and business sector changes since this incorporation, ultimately changing our name to "InMed Pharmaceuticals Inc."
on October 6, 2014 to signify our intent to specialize in cannabinoid pharmaceutical product development. Our principal executive offices
are located at Suite 310 – 815 W Hastings Street, Vancouver, BC, Canada, V6C 1B4 and our telephone number is +1-604-669-7207. Our
internet address is https://www.inmedpharma.com. The information contained in or accessible from 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.
Employees
and Human Capital
Our
management team is comprised of highly experienced pharmaceutical and biotechnology executives with successful track records in researching,
developing, gaining approval for and commercializing novel medicines to treat serious diseases. Each member of our management team has
over 20 to 30 years of industry experience, including our CEO, CFO, General Manager, and (Sr.) Vice Presidents of Clinical and Regulatory
Affairs, of Preclinical Research and Development, of Chemistry, Manufacturing and Controls, of Discovery Research, of Chemistry, of Synthetic
Biology, of Sales & Marketing and of Commercial Operations. Together, this team has covered the spectrum of pharmaceutical drug discovery,
preclinical research, formulation development, manufacturing, human clinical trials, regulatory submissions and approval, and global
commercialization. Additionally, the team has significant experience in company formation, capital raises, mergers/acquisitions, business
development, and sales and marketing in the pharmaceutical industry. Our Board is constituted by individuals with significant experience
in the pharmaceutical and biotechnology industries. As of June 1, 2022, including our management team, we had 19 full time employees
and we also utilize the services of several consultants. None of our employees are represented by a collective bargaining agreement,
nor have we experienced any work stoppage. We believe that our relations with our employees are good.
We
are committed to growing our business over the long-term. As a result of the competitive nature of the industry in which we operate,
employees have significant career mobility and as a result, the competition for experienced employees is great. The existence of this
competition, and the need for talented and experienced employees to realize our business objectives, underlies the design and implementation
of our compensation programs. At the same time, we seek to keep our approach to compensation simple and streamlined to reflect the still
relatively moderate size of our company. We have compensation, leave and benefits programs necessary to attract and retain the talented
and experienced employees necessary to develop our business including competitive salaries, stock options awards to permanent employees,
both upon initial hiring and annually thereafter, and pay annual bonuses to permanent employees based on the achievement of corporate
and/or personal objectives. We have developed an Employee Handbook that contains all corporate policies and guidelines for professional
behavior. Our policies and practices apply to all employees, regardless of title. These guidelines include our Code of Business Conduct
as well as our corporate disclosure, insider trading and whistle blower policies.
In
response to the COVID-19 pandemic, commencing in March 2020, we implemented a work-from-home mandate and ceased all non-essential business
travel. In the recent months, some employees have recommenced limited business travel and some have transitioned back to working on-site.
We continue to provide our employees with the option to work from home.
9
Implications
of Being an Emerging Growth Company
We
are an "emerging growth company," as defined by the Jumpstart Our Business Startups Act of 2012. 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;
●
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 for up to five years or such earlier time that we are no longer an emerging growth company. We
would cease to be an emerging growth company on the date that is the earliest of (i) the last day of the fiscal year in which we have
total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date
of the completion of the initial public offering; the date on which we have issued more than $1.0 billion in nonconvertible debt during
the previous three years; or (iii) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. 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.
Accordingly, the information contained herein may be different from the information you receive from other public companies in which
you hold stock.
We
have elected not to "opt out" of the exemption for the delayed adoption of certain accounting standards and, therefore, we
will adopt new or revised accounting standards at the time private companies adopt the new or revised accounting standard and will do
so until such time that we either (i) irrevocably elect to "opt out" of such extended transition period or (ii) no longer
qualify as an emerging growth company.
We
are also a "smaller reporting company," meaning that the market value of our common shares held by non-affiliates plus the
proposed aggregate amount of gross proceeds to us as a result of this offering is less than $700 million and our annual revenue was less
than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company after this offering
if either (i) the market value of our common shares held by non-affiliates is less than $250 million or (ii) our annual revenue was less
than $100 million during the most recently completed fiscal year and the market value of our common shares held by non-affiliates is
less than $700 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue
to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller
reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report
on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive
compensation.
10
The Offering
Securities Offered by the Selling Shareholder
7,575,756 common shares, comprising of the following common shares underlying the securities obtained in the Private Placement: (i) 1,748,250 common shares issuable upon the exercise of the pre-funded warrants and (ii) 5,827,506 common shares issuable upon the exercise of preferred investment options.
Description of Warrants
Each pre-funded warrant has an exercise price of $0.0001 per share, is immediately exercisable and may be exercised at any time until exercised in full. Each pre- preferred investment option has an exercise price of $0.74 per share, is immediately exercisable and may be exercised at any time until exercised in full.  For additional information regarding the pre-funded warrants and the preferred investments options, see "
Private Placement of Warrants".
Trading Market
Our common shares are currently quoted under the symbol "INM" on the Nasdaq Capital Market.
Common Shares Outstanding Before this Offering
16,266,687
(1)
Common Shares Outstanding After this Offering
23,842,443
(2)
Use of Proceeds
We will not receive any of the proceeds from the sale of common shares being offered for sale by the selling shareholder. However, upon the cash exercise of the warrants we will receive an aggregate amount of approximately $4.3 million. See "
Use of Proceeds
" for further information.
Plan of Distribution
The selling shareholder may sell all or a portion of the common shares beneficially owned by it and the common shares are offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. Registration of the common stock covered by this prospectus does not mean, however, that such shares necessarily will be offered or sold. See "
Plan of Distribution."
Risk Factors
Please read "
Risk Factors
" and other information included in this prospectus and the other information included or incorporated by reference for a discussion of factors you should carefully consider before deciding to invest in the securities offered in this prospectus.
(1)
The number of common shares outstanding
    before this offering is based on an aggregate of 16,266,687 shares outstanding as of June 14, 2022 and does not include:
●
6,421,896
common shares issuable upon the exercise of other outstanding warrants with a weighted average exercise price of $1.78 per
    share;
●
378,788 common shares issuable upon the
    exercise of the placement agent, H.C. Wainwright & Co., LLC, preferred investment options with a weighted average exercise price
    of $1.0725 per share; and
●
435,256
        common shares which are reserved for issuance under InMed Pharmaceuticals Inc. Amended 2017 Stock Option Plan, of which 1,408,887
        common shares are issuable upon exercise of outstanding options at an average exercise price of $4.15 per share.
●
2,454,214
common shares issuable upon exercise of outstanding pre-funded warrants issued in connection with the registered direct offering on June
6, 2022.
(2)
Assumes the exercise of (i) the pre-funded
    warrants held by the selling shareholder, and (ii) the preferred investment options held by the selling shareholder.
11
RISK FACTORS
Investing in our common
shares involves a high degree of risk. You should carefully consider each of the following risks and uncertainties described below, together
with the information under the heading "Risk Factors" on
page 12
of this prospectus,
in our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2021 and our most recent Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 2022, each of which are incorporated herein by reference, as updated or superseded by the risks
and uncertainties described under similar headings in the other documents that are filed after the date hereof and incorporated by reference
into this prospectus supplement and the accompanying prospectus, together with all of the other information contained or incorporated
by reference in this prospectus supplement and the accompanying 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. If any of the following risks actually
occurs, our business could be harmed. In that case, the trading price of our common shares could decline, and you may lose all or part
of your investment.
Risks Related to our Securities
The market prices for our common shares
are volatile and will fluctuate.
The market price for our common
shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond our control, including
the following: (i) actual or anticipated fluctuations in our quarterly financial results; (ii) recommendations by securities research
analysts; (iii) changes in the economic performance or market valuations of other issuers that investors deem comparable to ours; (iv)
addition or departure of our executive officers or members of our Board and other key personnel; (v) release or expiration of lock-up
or other transfer restrictions on outstanding common shares; (vi) sales or perceived sales of additional common shares; (vii) liquidity
of the common shares; (viii) significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments
by or involving us or our competitors; and (ix) news reports relating to trends, concerns, technological or competitive developments,
regulatory changes and other related issues in our industry or target markets. Financial markets often experience significant price and
volume fluctuations that affect the market prices of equity securities of public entities and that are, in many cases, unrelated to the
operating performance, underlying asset values or prospects of such entities. Accordingly, the market price of our common shares may decline
even if our operating results, underlying asset values or prospects have not changed. Additionally, these factors, as well as other related
factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. As well,
certain institutional investors may base their investment decisions on consideration of our environmental, governance and social practices
and performance against such institutions' respective investment guidelines and criteria, and failure to meet such criteria may
result in limited or no investment in our common shares by those institutions, which could materially adversely affect the trading price
of our common shares. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels
of volatility and market turmoil continue for a protracted period of time, our operations could be materially adversely impacted and the
trading price of our common shares may be materially adversely affected.
12
Raising additional capital may cause dilution
to our existing shareholders, restrict our operations or require us to relinquish rights to our technologies or Product Candidates.
We may seek additional capital
through a combination of private and public equity offerings, debt financings, strategic partnerships and alliances and licensing arrangements.
To the extent that we raise additional capital through the sale of equity or convertible debt securities, existing ownership interests
will be diluted and the terms of such financings may include liquidation or other preferences that adversely affect the rights of existing
shareholders. Debt financings may be coupled with an equity component, such as warrants to purchase shares, which could also result in
dilution of our existing shareholders' ownership. The incurrence of indebtedness would result in increased fixed payment obligations
and could also result in certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our
ability to acquire or license intellectual property rights and other operating restrictions that could adversely impact our ability to
conduct our business and may result in liens being placed on our assets and intellectual property. If we were to default on such indebtedness,
we could lose such assets and intellectual property. If we raise additional funds through strategic partnerships and alliances and licensing
arrangements with third parties, we may have to relinquish valuable rights to our Product Candidates or grant licenses on terms that are
not favorable to us.
Future offerings of debt or equity securities
may rank senior to common shares.
If we decide to issue debt
or equity securities in the future ranking senior to our common shares or otherwise incur additional indebtedness, it is possible that
these securities or indebtedness will be governed by an indenture or other instrument containing covenants restricting our operating flexibility
and limiting our ability to pay dividends to shareholders. Additionally, any convertible or exchangeable securities that we issue in the
future may have rights, preferences and privileges, including with respect to dividends, more favorable than those of common shares and
may result in dilution to shareholders. Because our decision to issue debt or equity securities in any future offering or otherwise incur
indebtedness will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or
nature of our future offerings or financings, any of which could reduce the market price of our common shares and dilute their value.
Future sales of common shares by officers
and directors may negatively impact the market price for our common shares.
Subject to compliance with
applicable securities laws, our directors and officers and their affiliates may sell some or all of their common shares in the future.
No prediction can be made as to the effect, if any, such future sales of common shares may have on the market price of the common shares
prevailing from time to time. However, the future sale of a substantial number of common shares by our directors and officers and their
affiliates, or the perception that such sales could occur, could adversely affect prevailing market prices for our common shares.
We do not currently pay dividends on our
common shares and have no intention to pay dividends on our common shares for the foreseeable future.
No dividends on our common
shares have been paid by us to date. We do not intend to declare or pay any cash dividends in the foreseeable future. Payment of any future
dividends will be at the discretion of our Board, after taking into account a multitude of factors appropriate in the circumstances, including
our operating results, financial condition and current and anticipated cash needs. In addition, the terms of any future debt or credit
facility may preclude us from paying any dividends unless certain consents are obtained and certain conditions are met.
We are exposed to risks related to currency
exchange rates.
We currently hold the majority
of our cash, cash equivalents and short-term investments in U.S. dollars which is our functional currency. A portion of our current operations
is conducted in Canadian dollars. Exchange rate fluctuations between other currencies and the U.S. dollar create risk in several ways,
including the following:
●
weakening of the U.S. dollar may decrease the value of our U.S. dollar cash, cash equivalents and short-term investments;
13
●
weakening of the U.S. dollar may increase the cost of operations and products/services sourced in Canada;
●
the exchange rates on non-U.S. dollar transactions and cash deposits can distort our financial results; and
●
commercial product pricing and profit margins are affected by currency fluctuations.
For as long as we are an "emerging
growth company" we intend to take advantage of reduced disclosure and governance requirements applicable to emerging growth companies,
which could result in our common shares being less attractive to investors and could make it more difficult for us to raise capital as
and when we need it.
We are an "emerging
growth company," as defined in the JOBS Act, and we have taken advantage, and intend to continue to take advantage, of certain exemptions
from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but
not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements
of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
approved.
Investors may find our common
shares less attractive because we rely on these exemptions, which could contribute to a less active trading market for our common shares
or volatility in our share price. In addition, we may be less attractive to investors and it may be difficult for us to raise additional
capital as and when we need it. Investors may be unable to compare our business with other companies in our industry if they believe that
our financial accounting is not as transparent as other companies in our industry. If we are unable to raise additional capital as and
when we need it, our financial condition and results of operations may be materially and adversely affected.
We may take advantage of these
reporting exemptions until we are no longer an emerging growth company.
If we fail to maintain an effective system
of internal control over financial reporting in the future, we may not be able to accurately report our financial condition, results of
operations or cash flows, which may adversely affect investor confidence in us and, as a result, the value of our common shares.
We will be required, under
Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control
over financial reporting. This assessment includes disclosure of any material weaknesses identified by our management in our internal
control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial
reporting that results in more than a reasonable possibility that a material misstatement of annual or interim financial statements will
not be prevented or detected on a timely basis. Section 404 of the Sarbanes-Oxley Act also generally requires an attestation from our
independent registered public accounting firm on the effectiveness of our internal control over financial reporting. However, for as long
as we remain an emerging growth company as defined in the JOBS Act, we intend to take advantage of the exemption permitting us not to
comply with the independent registered public accounting firm attestation requirement.
Our compliance with Section
404 will require that we incur substantial accounting expense and expend significant management efforts. We may not be able to complete
our evaluation, testing and any required remediation in a timely fashion. During the evaluation and testing process, if we identify one
or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over
financial reporting is effective. We cannot assure you that there will not be material weaknesses or significant deficiencies in our internal
control over financial reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit
our ability to accurately report our financial condition, results of operations or cash flows. This may expose us, including individual
executives, to potential liability which could significantly affect our business. If we are unable to conclude that our internal control
over financial reporting is effective, or if our independent registered public accounting firm determines we have a material weakness
or significant deficiency in our internal control over financial reporting once that firm begins its audits of internal control over financial
reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our common
shares could decline, and we could be subject to sanctions or investigations by Nasdaq, the SEC, or other regulatory authorities. Failure
to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control
systems required of public companies, could also restrict our future access to the capital markets.
14
Our disclosure controls and procedures may
not prevent or detect all errors or acts of fraud.
Our disclosure controls and
procedures are designed to reasonably assure that information required to be disclosed by us in reports we file or submit under the Securities
Exchange Act of 1934 is accumulated and communicated to management, recorded, processed, summarized and reported within the time periods
specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and procedures,
no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system
are met.
These inherent limitations
include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized
override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements or insufficient disclosures
due to error or fraud may occur and not be detected.
Deficiencies in disclosure controls and
procedures and internal control over financial reporting could result in a material misstatement in our financial statements.
We could be adversely affected
if there are deficiencies in our disclosure controls and procedures or in our internal controls over financial reporting. The design and
effectiveness of our disclosure controls and procedures and our internal controls over financial reporting may not prevent all errors,
misstatements or misrepresentations. Consistent with other entities in similar stages of development, we have a limited number of employees
currently in the accounting group, limiting our ability to provide for segregation of duties and secondary review. A lack of resources
in the accounting group could lead to material misstatements resulting from undetected errors occurring from an individual performing
primarily all areas of accounting with limited secondary review. Deficiencies in internal controls over financial reporting which may
occur could result in material misstatements of our results of operations, restatements of financial statements, other required remediations,
a decline in the price of our common shares, or otherwise materially adversely affect our business, reputation, results of operations,
financial condition or liquidity.
In connection with the audit of our financial
statements as of and for the years ended June 30, 2021 and 2020, material weaknesses in our internal control over financial reporting
were identified and we may identify additional material weaknesses in the future.
In connection with the preparation
and audits of our financial statements as of and for the years ended June 30, 2021 and 2020
,
material weaknesses (as defined under the Exchange Act and by the auditing standards of the U.S. Public Company Accounting Oversight Board,
or "PCAOB"), were identified in our internal control over financial reporting. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of our annual financial statements will not be prevented or detected on a timely basis. The identified material weaknesses arose from
a lack of resources in our finance function that resulted in an overstatement of the valuation of warrants issued as part of a financing.
In light of the identified
material weaknesses, it is possible that, had we performed a formal assessment of our internal control over financial reporting or had
our independent registered public accounting firm performed an audit of our internal control over financial reporting in accordance with
PCAOB standards, additional control deficiencies may have been identified.
We have begun taking measures,
and plan to continue to take measures, to remediate these material weaknesses. However, the implementation of these measures may not fully
address these material weaknesses in our internal control over financial reporting, and, if so, we would not be able to conclude that
they have been fully remedied. Our failure to correct these material weaknesses or our failure to discover and address any other control
deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial
reporting requirements and make related regulatory filings on a timely basis. As a result, our business, financial condition, results
of operations and prospects, as well as the trading price of our common shares, may be materially and adversely affected.
15
We have incurred, and will continue to incur,
increased costs as a result of operating as a public company, and our management has been required, and will continue to be required,
to devote substantial time to new compliance initiatives.
As a public company, we have
incurred and are continuing to incur significant legal, accounting and other expenses and these expenses may increase even more after
we are no longer an "emerging growth company." We are subject to the reporting requirements of the Exchange Act and the rules
adopted, and to be adopted, by the SEC. Our management and other personnel devote a substantial amount of time to these compliance initiatives.
Moreover, these rules and
regulations have substantially increased our legal and financial compliance costs and made some activities more time-consuming and costly.
The increased costs have increased our net loss. These rules and regulations may make it more difficult and more expensive for us to maintain
sufficient director's and officer's liability insurance coverage. We cannot predict or estimate the amount or timing of additional
costs we may continue to incur to respond to these requirements. The ongoing impact of these requirements could also make it more difficult
for us to attract and retain qualified persons to serve on our Board, our Board committees or as executive officers.
Future sales and issuances of our common
shares or rights to purchase common shares pursuant to our equity incentive plan could result in additional dilution of the percentage
ownership of our shareholders and may cause our share price to fall.
We expect that significant
additional capital will be needed in the future to continue our planned operations. To raise capital, we may sell substantial amounts
of common shares or securities convertible into or exchangeable for common shares. These future issuances of common shares or common share-related
securities, together with the exercise of outstanding options and any additional shares issued in connection with acquisitions, if any,
may result in material dilution to our investors. Such sales may also result in material dilution to our existing shareholders, and new
investors could gain rights, preferences and privileges senior to those of holders of our common shares.
Pursuant to our 2017 Amended
and Restated Stock Option Plan, and as amended at our Annual General Meeting in November 2020, our compensation committee is authorized
to grant equity-based incentive awards in the form of options to purchase common shares to our directors, executive officers and other
employees and service providers. As of June 1, 2022, there were 435,256 options to purchase
common shares available for future grant under our stock option plan. Future equity incentive grants under our stock option plan may result
in material dilution to our shareholders and may have an adverse effect on the market price of our common shares.
Provisions in our corporate charter documents
and certain Canadian laws could delay or deter a change of control.
Provisions in our articles
and our by-laws, as well as certain provisions under the BCBCA and applicable Canadian securities laws, may discourage, delay or prevent
a merger, acquisition, tender offer or other change in control of us that some shareholders may consider favorable. In addition, because
our Board is responsible for appointing the members of our management team, these provisions may frustrate or prevent any attempts by
our shareholders to replace or remove our current management by making it more difficult for shareholders to replace members of our Board.
As well, our preferred shares are available for issuance from time to time at the discretion of our Board, without shareholder approval.
Our articles allow our Board, without shareholder approval, to determine the special rights to be attached to our preferred shares, and
such rights may be superior to those of our common shares.
In addition, limitations on
the ability to acquire and hold our common shares may be imposed by the Competition Act in Canada. This legislation permits the Commissioner
of Competition of Canada, or "Commissioner", to review any acquisition of a significant interest in us. This legislation grants
the Commissioner jurisdiction to challenge such an acquisition before the Canadian Competition Tribunal if the Commissioner believes that
it would, or would be likely to, result in a substantial lessening or prevention of competition in any market in Canada. The Investment
Canada Act subjects an acquisition of control of a company by a non-Canadian to government review if the value of our assets, as calculated
pursuant to the legislation, exceeds a threshold amount. A reviewable acquisition may not proceed unless the relevant minister is satisfied
that the investment is likely to result in a net benefit to Canada. Any of the foregoing could prevent or delay a change of control and
may deprive or limit strategic opportunities for our shareholders to sell their shares.
16
If securities or industry analysts publish
inaccurate or unfavorable research about our business, our share price and trading volume may decline.
The trading market for our
common shares depends in part on the research and reports that securities or industry analysts publish about us or our business. If one
or more of the analysts who cover us downgrade our shares or publish inaccurate or unfavorable research about our business, our shares
price may decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for
our shares may decrease, which may cause our shares price and trading volume to decline.
We are incorporated in Canada, with our
assets and officers primarily located in Canada, with the result that it may be difficult for investors to enforce judgments obtained
against us or some of our officers.
We are a company organized
and existing under the laws of British Columbia, Canada. Many of our directors and officers and the experts named in this registration
statement are residents of Canada or otherwise reside outside the United States, and all or a substantial portion of their assets, and
a substantial portion of our assets, are located outside the United States. It may be difficult for holders of common shares who reside
in the United States to effect service within the United States upon those directors, officers and experts who are not residents of the
United States. It may also be difficult for holders of securities who reside in the United States to realize in the United States upon
judgments of courts of the United States predicated upon our civil liability and the civil liability of our directors, officers and experts
under the U.S. federal securities laws. Our Canadian counsel has advised us that there is doubt as to the enforceability in Canada against
us or against our directors, officers and experts who are not residents of the United States, in original actions or in actions for enforcement
of judgments of courts of the United States, of liabilities predicated solely upon U.S. federal or state securities laws.
Conversely, some of our directors
and officers reside outside Canada and some of our assets are also located outside Canada. Therefore, it may not be possible for you to
enforce in Canada against our assets or those directors and officers residing outside Canada, judgments obtained in Canadian courts based
upon the civil liability provisions of the Canadian securities laws or other laws of Canada.
17
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus, 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. We may, in some
cases, use words such as "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will", "would",
and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements
contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements
in this prospectus include, but are not limited to, statements about:
●
Our researching, developing, manufacturing and commercializing cannabinoid-based biopharmaceutical products will treat diseases with high unmet medical needs;
●
The continued optimization of the cannabinoid manufacturing approaches;
●
Our success in initiating discussions with potential partners for licensing various aspects of our Product Candidates;
●
Our ability to commercialize and, where required, register Product Candidates and Products in the United States and other jurisdictions;
●
Our ability to successfully access existing manufacturing capacity via leases with third-parties or to transfer our manufacturing processes to a contract manufacturing organizations;
●
Our belief that our manufacturing approaches that we are developing are robust and effective and will result in high yields of cannabinoids and will be a significant improvement upon existing manufacturing platforms;
●
Our belief that that INM-755 offers specific advantages and will prove to provide the extensive relief symptomology with the added potential of addressing the underlying disease in EB;
●
The structure and timing of future INM-755 studies including that we will complete patient enrollment into our Phase II study in EB in 2022;
●
Our ability of the IntegraSyn
TM
approach to introduce a revenue stream to us before the expected commercial approval of our therapeutic programs;
●
Our ability to successfully scale up our IntegraSyn
TM
or other cost-effective approaches so that it will be commercial-scale ready after Phase II clinical trials are completed, after which time we may no longer need to source APIs from API manufacturers;
●
The success of the key next steps in our manufacturing approach, including continuing efforts to diversify the number of cannabinoids produced, scaling-up the process to larger vessels and identifying external vendors to assist in the commercial scale-up of the process;
●
Our ability to potentially grow existing BayMedica sales revenues from existing and new cannabinoid Products;
●
Our ability to successfully make determinations as to which research and development programs to continue based on several strategic factors;
●
Our ability to monetize our IntegraSyn
TM
manufacturing approach to the broader pharmaceutical industry;
●
Our ability to take an opportunistic approach in the rapidly emerging sector of cannabinoid pharmaceutical development  and the sale of cannabinoids in the health and wellness sectors to maximize the return to investors/shareholders;
●
Successfully developing and launching new rare
    cannabinoids, including CBDV, THCV, CBT and others, to meet expected customer demand in 2022 and beyond;
18
●
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 CDMOs;
●
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 oversee clinical trials for INM-755 in EB and building the requisite internal commercialization infrastructure to self-market the product to EB clinics;
●
Our ability to find a partnership early in the development process for INM-088 in glaucoma;
●
Our IntegraSyn
TM
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;
●
Our ability to scale-up our IntegraSyn
TM
manufacturing approach to GMP batch size for pharmaceutical use;
●
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 ability to potentially earn revenue from our IntegraSyn
TM
approach by (i) becoming a supplier of APIs to the pharmaceutical industry and/or (ii) providing pharmaceutical-grade ingredients to the non-pharmaceutical market;
●
Our plans to work closely with regulatory authorities and clinical experts in developing the clinical program for INM-755;
●
Our ability to successfully prosecute patent applications;
●
Our ability to complete formulation development and scale-up, conduct additional preclinical studies, and initiate and complete IND/CTA-enabling toxicology studies in calendar 2023 for INM-088, and that such studies could be used to support Phase 1 human clinical trials in 2024;
●
INM-088 being a once-a-day or twice-a-day eye drop medication that will compete with treatment modalities in the medicines category, and with the potential of INM-088 assisting in reducing the high rate of non-adherence with current glaucoma therapies;
●
Our belief that with a novel delivery system, the reduction of IOP and/or providing neuroprotection in glaucoma patients by topical (eye drop) application of cannabinoids will hold significant promise as a new therapy;
●
The potential for any of our patent applications to provide intellectual property protection for us;
19
●
Our ability to secure insurance coverage for shipping and storage of Product Candidates, and clinical trial insurance;
●
Our ability to expand our insurance coverage to include the commercial sale of Products and Product Candidates;
●
Developing patentable New Chemical Entities ("NCE") 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 execute our business strategy;
●
Critical accounting estimates;
●
Management's assessment of future plans and operations;
●
The outlook of our business and the global economic and geopolitical conditions; and
●
The competitive environment in which we and our business units operate.
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 and are subject to risks and uncertainties. We discuss many of these risks in greater detail under "Risk Factors."
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 any forward-looking statements we may make.
Given these uncertainties, you should not place undue reliance on these forward-looking statements.
You should read this prospectus
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 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.
20
USE OF PROCEEDS
We will not receive any of
the proceeds from the sale of the common shares being offered for sale by the selling shareholder. However, upon (i) the cash exercise
of the pre-funded warrants, we will receive the exercise price of such warrants, for an aggregate of approximately $175 and (ii) the cash
exercise of the preferred investment options, we will receive the exercise price of such warrants, for an aggregate of approximately $4.3
million. We will bear all fees and expenses incident to our obligation to register the common shares. Brokerage fees, commissions and
similar expenses, if any, attributable to the sale of shares offered hereby will be borne by the applicable selling shareholder.
DIVIDEND POLICY
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 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.
21
PRINCIPAL SHAREHOLDERS
The table below sets forth
information known to us regarding the beneficial ownership of our common shares as of June 14, 2022 for:
●
each person we believe beneficially holds more than 5% of our outstanding common shares;
●
each of our directors and NEOs; and
●
all our directors and executive officers as a group.
The number of common shares
beneficially owned by a person includes shares subject to options held by that person that are currently exercisable or that become exercisable
within 60 days of June 14, 2022. Percentage calculations assume, for each person and group, that all common shares that may be acquired
by such person or group pursuant to options currently exercisable or that become exercisable within 60 days of June 14, 2022 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.
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. We do not know of any arrangement, the operation of which may at a subsequent
date result in a change in control of us.
Name and Address of Beneficial Owner
Number of
Common
Shares
Beneficially
Owned
Percentage of
Common
Shares
Beneficially
Owned (%)*
Five Percent Shareholders:
Armistice Capital Master Fund Ltd. (1)
c/o Armistice Capital, LLC, 510 Madison Ave, 7th Floor, New York, NY 10022
1,787,350
9.9
NEOs and Directors:
Eric A. Adams, MIBS (2)
271,579
1.6
Adam Cutler (3)
9,122
**
William J. Garner, MD (4)
9,122
**
Andrew Hull (5)
28,061
**
Brenda Edwards (6)
0
**
Janet Grove (7)
1,950
**
Alexandra Mancini (8)
69,846
**
Bryan Baldasare (9)
780
**
All other executive officers as a group (10)
144,832
**
All executive officers and directors as a group (10 persons)
535,292
**
*
Based on 16,266,687 common shares outstanding on June 14, 2022 after completion of the Private Placement.
**
Less than 1%
22
(1)
Armistice Capital Master Fund Ltd.'s beneficial ownership consists of (1) 1,107,514 common shares, (2) up to 505,137 common shares issuable underlying the pre-funded warrants issued in connection with the concurrent registered direct offering and private placement that closed on June 6, 2022.  The ability to exercise warrants held by Armistice is subject to a beneficial ownership limitation that, at the time of initial issuance of the warrants, was capped at 4.99% beneficial ownership of the Company's issued and outstanding common shares (post-exercise) for the common share warrants and 9.99% beneficial ownership for the Company's pre-funded warrants. These beneficial ownership limitations may be adjusted up or down, subject to providing advanced notice to the Company, provided that any increases in beneficial ownership limitations only take effect upon 61 days advance notice.  The shares are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the "Master Fund" or "selling shareholder"), and may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC ("Armistice Capital"), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. Armistice Capital and Steven Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.
(2)
Eric A. Adams' beneficial ownership consists of 59,003 common shares owned directly, 212,576 common shares issuable pursuant to presently exercisable options, and 14,935 common shares owned by his spouse. Mr. Adams disclaims beneficial ownership in the 14,935 common shares held by his spouse;
(3)
Adam Cutler's beneficial ownership consists of 9,122 common shares issuable pursuant to presently exercisable options;
(4)
William J. Garner's beneficial ownership consists of 9,122 common shares issuable pursuant to presently exercisable options and 3,788 common shares owned by his spouse. Mr. Garner disclaims beneficial ownership in the 3,788 common shares held by his spouse;
(5)
Andrew Hull's beneficial ownership consists of 18,939 common shares owned directly and 9,122 common shares issuable pursuant to presently exercisable options;
(6)
Brenda Edwards' beneficial ownership currently consists of no common shares and no common shares issuable pursuant to presently exercisable options;
(7)
Janet Grove's beneficial ownership consists of 1,950 common shares issuable pursuant to presently exercisable options;
(8)
Alexandra Mancini's beneficial ownership consists of 6,059 common shares owned directly and 63,787 common shares issuable pursuant to presently exercisable options;
(9)
Bryan Baldasare's beneficial ownership consists of
780 common shares issuable pursuant to presently exercisable options;
(10)
The beneficial ownership of all other executive officers
as a group (two individuals) consists of 1,803 common shares owned directly and 143,029 common shares issuable pursuant to presently
exercisable options.
23
DESCRIPTION OF SECURITIES
General
Our authorized share capital
consists of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. As of
the date of this registration statement, we had 16,266,687 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 Amended and Restated Articles (the "Articles"), which have been filed with the SEC as an exhibit to our
annual report on Form 10-K.
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 law in the provinces and territories of Canada.
24
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 Computershare Investor Services Inc., 100 University Avenue, 9
th
Floor, Toronto, Ontario, Canada M5J 2Y1.
Reports to Shareholders
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, current reports on Form 8-K and amendments to those reports, proxy statements and
other information filed or furnished with the Securities and Exchange Commission pursuant to Section 13(a) or 15(d) of the Exchange Act.
We plan to furnish our shareholders with an annual report for each fiscal year beginning for the fiscal year ending June 30, 2021 containing
financial statements audited by our independent registered public accounting firm. 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. Our SEC filings will also
be available to you on the SEC's website at .sec.gov. Our website address is www.inmedpharma.com. The information contained in or
accessible from 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.
Market Price of and Dividends
on the Our Common Shares
Our common shares are currently
quoted under the symbol "INM" on the Nasdaq Capital Market.
While there are no restrictions
on the payment of dividends, we have never declared nor paid any cash dividends on our common shares, and we presently have no intention
of paying any cash dividend in the foreseeable future. Our current policy is to retain earnings, if any, to finance the expansion of our
business. The future payment of dividends will depend on our results of operations, financial condition, capital expenditure plans and
other factors that we deem relevant and will be at the sole discretion of our Board.
Holders
As of March 31, 2022, there were 3,878 holders
of record of our issued and outstanding common shares.
25
PRIVATE PLACEMENT OF WARRANTS
In concurrent private placements
to the same institutional investor on June 6, 2022, we issued to such investor (i) unregistered pre-funded warrants to purchase up to
1,748,250 common shares (the "Private Pre-Funded Warrants"), and (ii) unregistered preferred investment options to purchase
up to 5,827,506 common shares (the "Preferred Investment Options"). Each Private Pre-Funded Warrant is exercisable for one
common share at an exercise price of $0.0001 per share, is immediately exercisable and will not expire until fully exercised. Each Preferred
Investment Option is exercisable for one common share at an exercise price of $0.74 per share, is immediately exercisable and will expire
six and one-half years from the date of issuance.
The Private Pre-Funded Warrants,
the Private Preferred Investment Options and the common shares issuable upon the exercise of each such security were offered pursuant
to the exemptions provided in Section 4(a)(2) under the Securities Act of 1933, as amended, or the Securities Act, and Rule 506(b) promulgated
thereunder, and they were not offered pursuant to this prospectus supplement and the accompanying prospectus. None of the securities issued
in the concurrent private placements are or will be listed for trading on any national securities exchange. The Private Pre-Funded Warrants
and Preferred Investment Options were offered for an aggregate purchase price of approximately $1.5 million.
Accordingly, the investors
in the private placements may exercise each of the Private Pre-Funded Warrant and the Preferred Investment Options and sell the common
shares issuable upon the exercise of such security only pursuant to an effective registration statement under the Securities Act covering
the resale of those shares, an exemption under Rule 144 under the Securities Act or another applicable exemption under the Securities
Act.
All purchasers are required
to be "accredited investors" as such term is defined in Rule 501(a) under the Securities Act.
A holder of pre-funded warrants
or preferred investment options does not have the right to exercise any portion thereof if the holder, together with its affiliates, would
beneficially own in excess of 4.99% (or, at the election of a holder prior to the date of issuance, 9.99%) of the number of common shares
outstanding immediately after giving effect to such exercise; provided, however, that upon notice to the Company, the holder may increase
or decrease such beneficial ownership limitation, provided that in no event shall such beneficial ownership limitation exceed 9.99% and
any increase in the beneficial ownership limitation will not be effective until 61 days following notice of such increase from the holder
to us. In addition, the holders of the pre-funded warrants and preferred investment options have the right to participate in any rights
offering or distribution of assets together with our shareholders on an as-exercised basis.
The exercise price and number
of our common shares issuable upon the exercise of each of the pre-funded warrants and preferred investment options are subject to adjustment
for stock splits, reverse splits, and similar capital transactions, as described in the warrants. Such securities are exercisable on a
"cashless" basis in certain circumstances.
If a fundamental transaction
occurs, then the successor entity will succeed to, and be substituted for us, and may exercise every right and power that we may exercise
and will assume all of our obligations under the pre-funded warrants and the preferred investment options with the same effect as if such
successor entity had been named in such security itself. If our shareholders are given a choice as to the securities, cash or property
to be received in a fundamental transaction, then the holder shall be given the same choice as to the consideration it receives upon any
exercise of a pre-funded warrant or preferred investment option following such fundamental transaction. In addition, the holder will have
the right to require us to repurchase its pre-funded warrants or preferred investment options for cash in an amount equal to the value
of the remaining unexercised portion of the pre-funded warrants or preferred investment options based on the Black Scholes option pricing
formula. However, if the fundamental transaction is not within our control, including not approved by our board of directors, then the
holder will only be entitled to receive the same type or form of consideration (and in the same proportion), at the value per common share
in the fundamental transaction for each common shares underlying the unexercised portion of the pre-funded warrants or preferred investment
options, that is being offered and paid to our shareholder in connection with the fundamental transaction.
As part of the concurrent
private placements, we have agreed to register for resale the common shares issuable upon exercise of the pre-funded warrants and preferred
investment options sold in the concurrent private placement.
26
SELLING SHAREHOLDER
The common shares being offered
by the selling shareholder are those issuable to the selling shareholder upon exercise of the warrants. For additional information regarding
the issuances of those common shares and warrants, see "
Private Placement of Warrants
" 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 the ownership of
the common shares and the warrants, 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 the common shares by the selling shareholder. The second
column lists the number of common shares beneficially owned by the selling shareholder, based on its ownership of the common shares and
warrants, as of June 14, 2022, assuming exercise of the warrants held by the selling shareholder on that date, without regard to any limitations
on exercises.
The third column lists the
common shares being offered by this prospectus by the selling shareholder.
In accordance with the terms
of a registration rights agreement with the selling shareholder, this prospectus generally covers the resale of the sum of the maximum
number of common shares issuable to the selling shareholder upon exercise of the warrants described in the "
Private Placement
of Warrants
" described above, determined as if the outstanding warrants were exercised in full as of the trading day immediately
preceding the date this registration statement was initially filed with the SEC, each as of the trading day immediately preceding the
applicable date of determination and all subject to adjustment as provided in the registration right agreement, without regard to any
limitations on the exercise of the warrants. The fourth column assumes the sale of all of the shares offered by the selling shareholder
pursuant to this prospectus.
Under the terms of the warrants
and other warrants held by selling shareholder, a selling shareholder may not exercise any such warrants to the extent such exercise would
cause such selling shareholder, together with its affiliates and attribution parties, to beneficially own a number of common shares which
would exceed 4.99% or 9.99%, as applicable, of our then outstanding common shares following such exercise, excluding for purposes of such
determination common shares issuable upon exercise of such warrants which have not been exercised. The number of shares in the second
and fourth columns do not reflect this limitation. The selling shareholder may sell all, some or none of their shares in this offering.
See "
Plan of Distribution
."
Name of Selling Shareholder
Number of
Common Shares
Owned Prior to Offering
Maximum Number of Common Shares to
be Sold Pursuant
to this Prospectus
(1)
Number of
Common
Shares
Owned
After
Offering
(1)
Armistice Capital Master Fund Ltd.
(2)
1,094,696
7,575,756
8,670,452
(1)
Consists of (i) 1,748,250 common shares issuable upon the exercise of pre-funded warrants issued in connection with the private placement closed on June 6, 2022, and (ii) 5,827,506 common shares issuable upon the exercise of preferred investment options issued in connection with the registered direct offering and the private placement closed on June 6, 2022, all of which are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the "Master Fund"), and may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC ("Armistice Capital"), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. Armistice Capital and Steven Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.  The pre-funded warrants, preferred investment options and common warrants are subject to certain beneficial ownership limitations that preclude the Master Fund from exercising any portion of either to the extent that, following such exercise, the Master Fund's ownership of the Company's common shares would exceed the applicable ownership limitation (9.99% for the pre-funded warrants and 4.99% for the common warrants).
(2)
The shares are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the "Master Fund" or "selling shareholder"), and may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC ("Armistice Capital"), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. All of the shares of common stock are issuable only upon the exercise of certain warrants, which, as noted above, are subject to beneficial ownership limitations. Armistice Capital and Steven Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein. The address of the Master Fund is c/o Armistice Capital, LLC, 510 Madison Ave, 7th Floor, New York, NY 10022.
27
PLAN OF DISTRIBUTION
The Selling Shareholder (the
"
Selling Shareholder
") of the securities and any of their pledgees, assignees and successors-in-interest may, from
time to time, sell any or all of their securities covered hereby on the principal Trading 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. The
Selling Shareholder may use any one or more of the following methods when selling securities:
●
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;
●
settlement of short sales;
●
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;
●
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
●
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 or any other exemption from registration under the Securities Act of 1933, as amended (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.
28
In
connection with the sale of the securities or interests therein, the Selling Shareholder may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Shareholder may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Shareholder may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The Selling Shareholder and
any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters" within the meaning
of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any
profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act. The Selling Shareholder has informed the Company that it does not have any written or oral agreement or understanding, directly or
indirectly, with any person to distribute the securities.
The Company is required to
pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed to indemnify
the Selling Shareholder against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.
We agreed to keep this prospectus
effective until the earlier of (i) the date on which the securities may be resold by the Selling Shareholder without registration and
without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance
with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities
have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities
will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in
certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.
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).
29
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows 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.
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 of 1934, as amended (the "Exchange Act") (in each case, other than those documents or the portions of those documents
furnished and not filed with the SEC, including information furnished under Item 2.02 or Item 7.01 of Form 8-K and any corresponding information
furnished with respect to such Items under Item 9.01 or as an exhibit) prior to the termination of the offering covered by this prospectus
and any prospectus supplement:
●
the Company's Annual Report on
Form 10-K
for the fiscal year ended June 30, 2021, filed with the SEC on September 24, 2021;
●
the Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2021
, filed with the SEC on November 10, 2021, the quarter ended
December 31, 2021
, filed with the SEC on February 14, 2022 and the quarter ended
March 31, 2022
, filed with the SEC on May 13, 2022;
●
the Company's Current Reports on Form 8-K, filed with the SEC on
October 1, 2021
,
October 13, 2021
,
October 28, 2021
,
November 3, 2021
,
November 10, 2021
,
November 23, 2021
,
December 20, 2021
,
December 22, 2021
,
February 23, 2022
,
March 18, 2022
,
March 22, 2022
,
April 7, 2022
,
May 18, 2022
and
June 6, 2022
(except, in each case, any information, including exhibits, furnished to the SEC pursuant Items 2.02 and 7.01);
●
the description of our common shares in our Registration Statement on
Form
    8-A
filed on November 5, 2020 and any subsequent amendment thereto filed for the purpose of updating such description.
Any statement contained 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 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.
30
LEGAL MATTERS
Norton Rose Fulbright US LLP,
which has acted as our 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, 2021 and 2020, and for each of the years in the two-year period ended June 30,
2021 have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm,
incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. The audit report covering
the June 30, 2021 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.
ADDITIONAL 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. The SEC maintains an internet website that contains reports 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. Information contained in, or accessible through, our website is not a part of this prospectus, and the inclusion
of our website address in this prospectus is only as an inactive textual reference.
31
7,575,756 Common Shares
PROSPECTUS
June 21, 2022
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
$
399.77
FINRA filing fee
*
Nasdaq listing fee
*
Printing and engraving expenses
*
Legal fees and expenses
*
Accounting fees and expenses
*
Blue Sky fees and expenses (including legal fees)
*
Transfer agent and registrar fees and expenses
*
Miscellaneous
*
Total
$
*
*
These fees are calculated based on the number of issuances and amount 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 Business Corporations Act (British Columbia), or "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 (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 (a) is or may be joined as a party, or (b) 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.
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 (a) has not been reimbursed for those expenses, and (b) 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.
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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.
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.
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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; or
●
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;
●
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 and our Chief Financial Officer, which requires us to indemnify them.
Item 15. Recent sales of unregistered securities
In the three years preceding the filing of this
registration statement, without giving effect to the June 30, 2020 Share Consolidation, we have issued the following securities that were
not registered under the Securities Act of 1933:
●
On January 3, 2018, we completed a non-brokered private placement ("Jan-2018 Financing") for 13,428,571 units ("Jan-2018 Units"), at a price of C$0.70 per Jan-2018 Unit for gross proceeds of C$9,400,000. Each Jan-2018 Unit consisted of one common share and one non-transferable share purchase warrant (a "Jan-2018 Warrant"). Each Jan-2018 Warrant was exercisable by the holder to acquire one additional common share at a price of C$1.25 for a period of eighteen (18) months expiring on July 3, 2019. Share issue costs from the sale of Jan-2018 Units of $1,200,847 is comprised of $496,040 in finders' fees, the non-cash fair value of $554,183 for 433,556 warrants ("January-2018 Agent Warrants") issued to finders and $150,624 of other transaction costs. The January-2018 Agent Warrants have identical terms as the January-2018 Warrants described above. Of the $496,040 in finders' fees, $32,903 was settled on February 9, 2018 via the issuance of 35,718 common shares at the C$1.17 closing price on the date of issuance of these shares. The issuance of the securities was exempt from registration under the Securities Act as the securities were either issued outside the U.S. pursuant to Regulation S under the Securities Act or were issued to two U.S. purchasers pursuant to Regulation D under the Securities Act in that such sales did not involve a public offering. The finder's fees paid in respect of sales to U.S. purchasers were paid to a registered broker-dealer.
●
On June 21, 2018, we completed a public offering in Canada ("June-2018 Financing") of 16,611,244 units ("June-2018 Units"), at a price of C$0.90 per June-2018 Unit for gross proceeds of $11,232,247 (C$14,950,120). Each June-2018 Unit consists of one common share and one share purchase warrant (a "June-2018 Warrant"), or an aggregate of 16,611,244 full June-2018 Warrants. Each full June-2018 Warrant is exercisable by the holder to acquire one additional common share at a price of C$1.25 for a period of twenty-four (24) months expiring on June 21, 2020. The June-2018 Warrants trade on the TSX under the symbol "IN.WT". The underwriter for this transaction was Eight Capital. Share issue costs from the sale of June-2018 Units of $1,499,625 is comprised of $748,128 in underwriter's commission, the non-cash fair value of $415,626 for 1,106,397 warrants ("June-2018 Agent Warrants") issued to the underwriter and $335,871 of other transaction costs. Each June-2018 Agent Warrant is exercisable in whole or in part at an exercise price of C$1.05 for a period of twenty-four (24) months expiring on June 21, 2020. The securities were exempt from registration under the Securities Act as they were issued outside the U.S. pursuant to Regulation S under the Securities Act.
●
During the year ending June 30, 2018, we issued an aggregate 5,895,775 common shares pursuant to the exercise of 8,232,095 share purchase warrants at a weighted average exercise price of C$0.44 per share. Included in the total number of share purchase warrants exercised were 3,710,984 share purchase warrants, with a weighted average exercise price of C$0.19 each, that were exercised for cash and 4,521,111 share purchase warrants with an exercise price of C$0.65 each that, pursuant to the terms of a May 31, 2017 financing, were exercised on a net cashless basis, based on the five-day volume-weighted average trading price of our common shares on the stock exchange that our common shares were trading on at that time (either the TSX or CSE) ending on the date immediately preceding the date of exercise. The exercise of these 4,521,111 share purchase warrants resulted in the issuance of 2,184,791 common shares but, as they were exercised on a net cashless basis, no cash was received. The securities were exempt from registration under the Securities Act as they were either issued outside the U.S. pursuant to Regulation S under the Securities Act or were issued to a total of eight U.S. purchasers, upon exercise of investor or agent warrants issued in either the July-2016 Financing or May-2017 Financing, pursuant to Section 4(a)(2) of the Securities Act in that such sales did not involve a public offering.
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●
During the year ending June 30, 2018, we issued an aggregate 7,230,295 common shares pursuant to the exercise of 7,345,000 stock options at a weighted average exercise price of C$0.23 per share. Included in the total number of stock options exercised were 300,000 stock options with an exercise price of C$0.195 per share that, pursuant to the terms of a settlement agreement with the stock option holder, were exercised on a net cashless basis, based on the C$0.51 per common share closing price of our common shares on the CSE on the date immediately preceding the date of exercise. The exercise of these 300,000 stock options resulted in the issuance of 185,295 common shares. The securities were exempt from registration under the Securities Act as they were issued outside the U.S. pursuant to Regulation S under the Securities Act or pursuant to Rule 701 under the Securities Act, in that they were offered and sold either pursuant to written compensatory plans or pursuant to a written contract relating to compensation.
●
During the year ending June 30, 2019, we issued an aggregate 7,564 common shares pursuant to the exercise of 35,000 share purchase warrants. The 35,000 share purchase warrants that were exercised had an exercise price of C$0.65 each and, pursuant to the terms of a May 31, 2017 financing, were exercised on a net cashless basis, based on the five-day volume-weighted average trading price of our common shares on the TSX ending on the date immediately preceding the date of exercise. The exercise of these 35,000 share purchase warrants resulted in the issuance of 7,564 common shares but, as they were exercised on a net cashless basis, no cash was received. The issuance of the securities was exempt from registration under the Securities Act as they were issued outside the U.S. pursuant to Regulation S under the Securities Act.
●
During the year ending June 30, 2019, we issued an aggregate 1,425,000 common shares pursuant to the exercise of 1,425,000 stock options at a weighted average exercise price of C$0.14 per share. The issuance of the securities was exempt from registration under the Securities Act as they were issued outside the U.S. pursuant to Regulation S under the Securities Act.
●
On February 12, 2021, we closed the Private Placement with 11 accredited institutional investors for approximately $4.5 million of units. We issued 1,050,000 common shares and warrants exercisable for 690,000 common shares. The issuance was 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 July 2, 2021, we closed the Private Placement with an accredited institutional investors for approximately $12 million of common shares and warrants. We issued 890,000 common shares and warrants exercisable for 7,182,654 common shares. The issuance was 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 June
6, 2022, we closed a registered direct issuance
and sale of 4,079,256 of its common shares (or pre-funded warrants in lieu thereto), as well as a concurrent private placement to issue
and sell 1,748,250 common shares (or pre-funded warrants in lieu thereto), for a gross aggregate amount of US$5 million. In addition,
we issued to the investor in the offerings unregistered preferred investment options to purchase up to an aggregate of 5,827,506 common
shares. We also amended certain existing warrants to purchase up to an aggregate of 4,480,771 common shares of the Company that were
previously issued to the investor.
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4
Item
16. Exhibits and financial statement schedules
(a)
Exhibits
Exhibit No.
Description of Exhibit
2.1^
Agreement and Plan of Reorganization, dated as of September 10, 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 Form 8-K filed 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 Form S-1 filed on June 19, 2020).
4.1
Form of Series A Warrant  (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on June 29, 2021).
4.2
Form of Pre-Funded Warrants (incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed on June 29, 2021).
4.3
Form of Series A Warrant (incorporated by reference to Exhibit 4.6 to the Company's Form 10-K filed on September 24, 2021).
4.4
Form of Series B Warrant (incorporated by reference to Exhibit 4.7 to the Company's Form 10-K filed on September 24, 2021).
4.5
Form of Pre-Funded Warrants (incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed on June 6, 2022).
4.6
Form of Pre-Funded Warrants (incorporated by reference to Exhibit 4.3 to the Company's Form 8-K filed on June 6, 2022).
4.7
Form of Preferred Investment Option (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on June 6, 2022).
4.8
Warrant Amendment Agreement (incorporated by reference to Exhibit 4.4 to the Company's Form 8-K filed on June 6, 2022).
4.9
Form of Specific Common Share Certificate (incorporated by reference to Exhibit 4.3 to the Company's Form S-1 filed on July 13, 2021).
4.10
Form of Common Shares Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on November 12, 2020).
4.11
Form of Common Shares Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on February 5, 2021).
5.1*
Opinion of Norton Rose Fulbright Canada LLP
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 Form S-8 filed 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 Form S-8 filed on March 5, 2021).
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10.3†
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 Form S-1 filed on July 13, 2021).
10.4†
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 Form S-1 filed on July 13, 2021).
10.5†
Amended and Restated Executive Employment Agreement, dated March 1, 2021, between Alexandra Mancini and InMed Pharmaceuticals Inc. (incorporated by reference to Exhibit 10.5 to the Company's Form S-1 filed on July 13, 2021).
10.6†
Amended and Restated Executive Employment Agreement, dated March 1, 2021, between Michael Woudenberg and InMed Pharmaceuticals Inc. (incorporated by reference to Exhibit 10.6 to the Company's Form S-1 filed on July 13, 2021).
10.7†
Form of InMed Pharmaceuticals Inc. Indemnification Agreement entered into with each member of the board of directors  (incorporated by reference to Exhibit 10.10 to the Company's Form 10-K filed on September 24, 2021).
10.8
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 Form S-1 filed on June 19, 2020).
10.9
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 Form 8-K filed on March 22, 2022).
10.10
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 Form 8-K filed on April 7, 2022).
10.11
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 29, 2021).
10.12
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 6, 2022).
10.13
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on June 6, 2022).
10.14
Registration Rights Agreement, dated February 5, 2021, between InMed Pharmaceuticals Inc. and several purchasers hereto (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 5, 2021).
10.15
Form of Registration Rights Agreement dated June 28, 2021, between InMed Pharmaceuticals Inc. and several purchasers hereto (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on June 29, 2021).
10.16
Form of Registration Agreement (incorporated by reference to Exhibit 10.3 to the Company's Form 8-K filed on June 6, 2022).
21.1
Subsidiaries of InMed Pharmaceuticals Inc. (incorporated by reference to Exhibit 21.1 to the Company's Form 10-K filed on September 24, 2021).
23.1*
Consent of KPMG LLP, independent registered public accounting firm
23.2*
Consent of Norton Rose Fulbright Canada LLP (included in opinion filed as Exhibit 5.1)
24.3
Powers of Attorney (included on signature page to this registration statement)
104*
Cover Page Interactive Data File (embedded within the Inline XBRL document)
107*
Filing Fee Table
*
Filed therewith.
†
Indicates exhibits that constitute management contracts or compensation plans or arrangements.
^
Portions of this exhibit have been omitted pursuant to Rule 601(b)(10) of Regulation S-K.
(b)
Financial Statement Schedules
None
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6
Item
17. Undertakings
The
undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates
in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.
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.
The
undersigned registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule
424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared
effective.
(2)
For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
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.
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SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, InMed Pharmaceuticals Inc. has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in Vancouver, British Columbia, Canada, on June 21, 2022.
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 Andrew Hull, 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 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, as amended, this registration statement has been signed by the following persons in
the capacities indicated and on June 21, 2022.
Signature
Title
/s/
    Eric A. Adams
President,
    Chief Executive Officer and Director
Eric
    A. Adams
(Principal
    Executive Officer)
/s/
    Brenda Edwards
Interim
    Chief Financial Officer
Brenda
    Edwards
(Principal
    Financial Officer and Principal Accounting Officer)
/s/
    William J. Garner
Director
William
    J. Garner
(Chairman
    of the Board of Directors)
/s/
    Janet Grove
Director
Janet
    Grove
/s/
    Adam Cutler
Director
Adam
    Cutler
/s/
    Andrew Hull
Director
Andrew
    Hull
/s/
    Bryan Baldasare
Director
Bryan
    Baldasare
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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 June 21, 2022.
Andrew
    Hull
/s/
    Andrew Hull
Authorized
    Representative
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