The global cannabis market increased exponentially after the pandemic hit, and is anticipated to continue its upward trend over the next few years. The market was valued at $20.47 billion in 2020, reporting a growth rate of 50.92% that year. The sector reached $28.66 billion in 2021 and is anticipated to hit $197.74 billion in 2028, expanding at a CAGR of 32.04% (https://ibn.fm/2o10w). The market growth is paired with an increased demand for rare cannabinoids, with research showing that the biosynthesis of rare cannabinoids is projected to reach $25 billion in 2025 and up to $40 billion by 2040 (https://ibn.fm/jBXUs).
The problem faced by companies looking to work with rare cannabinoids on an industrial scale is the lack of efficient biosynthetic production methods that can ensure purity and consistency at high levels of production. Many companies find small-scale processing efficient for maintaining purity and consistency, but InMed Pharmaceuticals (NASDAQ: INM), which sees the potential of rare cannabinoids, is looking to scale up their production to commercial levels, and advanced biosynthetic production methods are necessary to ensure purity and consistency at such levels.
InMed is a clinical-stage company that is currently developing a pipeline of cannabinoid-based pharmaceutical drug candidates to treat several diseases with high, unmet medical needs. The company’s focus is on rare cannabinoids, many of which have variants that are not yet available in commercial-size quantities, such as cannabidivarin – CBDV and tetrahydrocannabivarin – THCV.
The acquisition of Bay Medica in October 2021 has provided an advantage for InMed in the rare cannabinoid biosynthesis industry. Bay Medica is a private U.S. firm specializing in the manufacturing and commercialization of rare cannabinoids for the health and wellness sector and now operates as a subsidiary of InMed. Bay Medica is comprised of a team of key scientists and professionals from large-scale producers, which gives InMed the unique opportunity to use the technology to scale up the rare cannabinoid synthesis production.
In a January news release, Shane Johnson, SVP and General Manager of Bay Medica, said the company was delivering on its objective to launch additional rare cannabinoids in early 2022 in response to inbound demand. “By midyear, we expect to have at least four rare cannabinoids available for the health and wellness markets, positioning us as a leading large-scale supplier of high-quality rare cannabinoids in these sectors,” Johnson explained.
Evidence suggests that rare cannabinoids may produce exceptional therapeutic value. One of the rare cannabinoids that InMed has been working with is cannabinol (“CBN”). CBN is the active pharmaceutical ingredient (“API”) in two lead programs being pursued by the company for ocular and dermatological diseases. The company’s most advanced compound currently pursued is INM-755, a CBN topical cream under clinical development for treating epidermolysis bullosa (“EB”), a severe genetic skin disorder. InMed is also developing INM-088, an ocular CBN formulation researched for glaucoma treatment. INM-755 commenced a Phase 2 EB study across 13 sites in eight European countries in 2021.
For more information, visit the company’s website at www.InMedPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://ibn.fm/INM
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