InMed Archives - Green Market Report

William SumnerMay 11, 2018

InMed Pharmaceuticals (IN), a cannabinoid-based biopharmaceutical company, today reported its financial results for the company’s third quarter of the fiscal year 2018, which ended on March 31, 2018.

Most recently InMed commenced trading on the Toronto Stock Exchange on March 26, 2018 as well as upgraded to OTCQX from the OTCQB® Venture Market on May 4, 2018. Additionally the company continued to work on the development of its drugs INM-750 for the treatment of epidermolysis bullosa (EB) and INM-085 for the treatment of glaucoma.

InMed expects to discuss its clinical development plans for INM-750 with regulatory authorities in the second half of 2018. Recently a peer-reviewed study on INM-085 was published in Drug Delivery and Translational Research which showed promising results. The next step for the drug includes additional preclinical efficacy testing and advanced formulation development.

Despite these positive developments, the company’s losses continue to increase with a quarterly loss of $2.13 million, nearly double the losses from the same period in the previous year. ($1.24 million). During this most recent quarter, the company issued a total of 25,143,531 common shares, bringing the the total number of outstanding shares to 152,792,997.

Expenses related to research and development rose over the last year, from $0.17 million to $0.55 million. The increase in R&D spending was attributed to expense related to the advancement of INM-750 as a treatment for EB. General and administrative expenses, on the other hand, slightly decreased from $0.88 million to $0.81 million.

The company’s cash, cash equivalents and short-term investments were $13.88 million at the end of the quarter, compared to $6.71 million on June 30, 2017.

“During the third quarter of fiscal 2018, InMed continued to execute on its R&D and business strategy,” said InMed President and Chief Executive Officer, Eric A. Adams, in a statement. “InMed is making headway at establishing its leadership position as a fully-integrated cannabinoid pharmaceutical company; we are not only developing innovative therapies for the treatment of important diseases with high unmet medical needs, but are also leading the burgeoning cannabinoid sector with our first-in-class biosynthetic manufacturing technology.”

StaffMarch 23, 2018

Here are the day’s cannabis news briefs for March 23, 2018.

A spending bill passed by Congress early Friday contains language that renews restrictions on the use of federal funds to interfere with state medical marijuana programs. While the president made it sound like he wouldn’t sign the bill, the latest news is that he does intend on signing the legislation. The rider called the Rohrabacher-Blumenauer amendment will continue to prevent the Department of Justice from spending any money to go after medical marijuana patients and providers who comply with laws in states where medical marijuana is legal. The budget is good until September 30 and the rider would need to be renewed in the FY2019 spending bill. This language was originally approved in 2014 and has been included in every subsequent budget agreement.

What didn’t happen was a separate piece of legislation that would have protected recreational marijuana businesses. That was not approved by House Republicans to go to the floor for a vote.

InMed Pharmaceuticals Inc.

Biopharmaceutical company InMed Pharmaceuticals (IMLFF) that specializes in the research and development of novel, cannabinoid-based drug therapies announced that is has received final approval for the listing on the Toronto Stock Exchange.

Maricann Group Inc.

Maricann Group (MRRCF) announced that on March 20, 2018, it received an occupancy permit from Norfolk County for Phase One of its new grow facility in Langton, Ontario. The company is now ready to begin cultivation in its Canadian expansion subject to receipt of Health Canada approval. Phase One is expected to increase the Company’s annual growing capacity to 25,000 kg of dry cannabis flower per year. Phase One is the first 217,000 square feet of a planned 942,000 square foot facility.

Debra BorchardtMarch 2, 2018

InMed Pharmaceuticals

InMed Pharmaceuticals Inc. (IMLFF) announced that it has received conditional approval from the Toronto Stock Exchange to list its common shares on the TSX. Final approval of the listing on the TSX remains subject to InMed fulfilling certain customary listing conditions of the TSX on or before the TSX-imposed deadline of May 29, 2018. The shares will continue to trade under the symbol ‘IN’.

CannTrust Holdings

CannTrust Holdings Inc. announced that its shares will begin trading on the Toronto Stock Exchange on Monday, March 5, 2018. Shares will continue to trade with the symbol “TRST”. The common shares will be delisted from the CSE, effective close of trading on Friday, March 2, 2018. “Graduating to the TSX reflects the amazing progress we have made since listing on the CSE in August last year and represents yet another important milestone for CannTrust as we continue our successful journey as one of Canada’s leading cannabis companies,” said Eric Paul, Chief Executive Officer of CannTrust.

Abattis Bioceuticals Corp.

Abattis Bioceuticals Corp. (ATTBF) announced it has completed its acquisition of a 90% ownership interest in Gabriola Green Farms Inc. Gabriola is a British Columbia company that has applied to become a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations on Gabriola Island. The company said in a statement that Gabriola Island has a consistent temperature and humidity level, which makes it well suited to greenhouse growing. “We are excited to complete our acquisition of Gabriola. Gabriola’s anticipated LP will complete our suite of downstream offerings and be the highlight of our growth into a full-service cannabis company,” stated Rob Abenante, Abattis President, and CEO.

Cannabis Consortium Inc.

Bahamas Development Corporation (BDCI) subsidiary company Cannabis Consortium, Inc., has partnered with a group that will own a percentage of a Pre-ICO marijuana dispensary. Pre-ICO means medical dispensaries that were open before September 14, 2007. ICO refers to a Los Angeles city ordinance that prohibited new dispensaries from opening and kept the existing ones open if they registered with the city. The dispensary currently operates in an under 1,000 square foot and is relocating to an 8,000 square foot, facility. The new dispensary has current licenses for Retail, Manufacturing, and Cultivation.

Insys Therapeutics Inc.

Insys Therapeutics, Inc. (INSY), announced the initiation of Phase 3 clinical trial to study a cannabidiol oral solution for the treatment of infantile spasms, a rare type of pediatric epilepsy that occurs in very young children. “We need better treatments for infantile spasms, one of the more severe and dangerous seizure disorders of early childhood,” said Shaun Hussain, M.D., a pediatric neurologist at UCLA Mattel Children’s Hospital and director of its Infantile Spasms Project. “That’s why we’re excited about this pivotal study, which has the potential to reveal a new piece of the treatment puzzle for infantile spasms.” The stock jumped almost 5% on the news and was lately trading at $7.68.

William SumnerMarch 2, 2018

CannTrust Holdings Inc. (TRST), a licensed medical cannabis producer, announced today that is has been granted approval to commence trading on the Toronto Stock Exchange (TSX), effective March 5, 2018. Shares of the company will continue to trade under the symbol TRST.

Recently the company was awarded a Health Canada Sales License for the 250,000 square foot Phase 1 expansion of its 46 acre Niagara Region cannabis production facility.

As part of its listing on the TSX, the company will voluntarily delist itself from the Canadian Securities Exchange (CSE), effective by the close of trading on March 2, 2018.

“Graduating to the TSX reflects the amazing progress we have made since listing on the CSE in August last year and represents yet another important milestone for CannTrust as we continue our successful journey as one of Canada’s leading cannabis companies” said Eric Paul, Chief Executive Officer of CannTrust, in a statement.

InMed Gains Conditional Approval

In related news, InMed Pharmaceuticals Inc. (IN), a pre-clinical biopharmaceutical company specializing in cannabinoid-based medicines, announced today that it had been granted conditional approval to list its shares on the TSX.

“Graduating to the TSX is a significant accomplishment for InMed,” said Eric A. Adams, CEO and President of InMed, in a statement. “This milestone furthers our corporate goal of securing a leadership position in this high-growth sector. InMed is one of only a few pure-play cannabinoid biopharmaceutical companies to be trading on one of the world’s senior stock exchanges.”

Final approval of the listing remains dependent on the company fulfilling certain customary listing conditions by May 29, 2018. This would include a divestment in any assets held in the United States cannabis industry; where cannabis is still federally illegal. One company, Aphria Inc., has already begun to divest from the US market, and more are sure to follow as Canada prepares launch recreational cannabis sales later this year.

Like CannTrust, InMed will voluntarily delist its from the CSE once granted final approval. Shareholders will not have to change their stock certificates or take any further action.

StaffOctober 26, 2017

InMed Pharmaceuticals Inc. (IMLFF) announced on Wednesday, Oct. 24th that it has positive pre-clinical data results from a study co-sponsored by InMed (Dr. Sazzad Hossain, Chief Scientific Officer) and the University of British Columbia(laboratories of Profs. Ujendra Kumar and Vikramaditya Yadav).

The press release said, “The InMed-UBC study is the first ever to report hydrogel-mediated cannabinoid nanoparticle delivery to the eye, resulting in enhanced drug uptake via the cornea and lens.” This study is unique in that it is approaching the idea of ultimately using eye drops with a cannabidiol substance to treat glaucoma. The company said, “In this study, InMed’s proprietary hydrogel delivery method offers rheological characteristics permitting it to form a thin, uniform coating, a gel-like ‘lens’, over the cornea through blinking of the eyelid. This ‘lens’ holds the drug in place and allows for trans-corneal absorption of the drug, which can then diffuse within the eye to the retina. Total drug delivered using this hydrogel nanoparticle formulation was three-times higher than the control formulation.”

Without having access to the actual study, it’s hard to know if the claim is true. The study also doesn’t seem to state whether the cannabidiol drops are effective, just that the drug delivery is increased through this formula. Typical drug delivery through this method is 5% and the company said that in this study that increased three times.

On a positive note, these are preclinical results on INM 085 and are intended for Glaucoma treatment. This is the first study to report that a Biosynthesized Cannabinoid was manufactured, formulated specifically for a specific organ and targeted for delivery (nanoparticle hydrogel for drug delivery into the eye), that successfully resulted in direct drug uptake by the cornea and lens.

“This study offers the first tangible proof of our ability to successfully identify specific drug targets using our bioinformatic assessment tools, manufacture a cannabinoid using our proprietary biosynthesis process, load the drug into a patented, target specific formulation and deliver effective dose levels to a target tissue”, said Eric A. Adams, President & CEO InMed. “Studies like this, combined with our expanding patent portfolio, on-going research and renowned scientific team only validate further InMed’s capacity to be a full-scale cannabinoid drug development industry leader.”

The company sponsored research study was said to have been recently published in the peer-reviewed Journal of Controlled Release (JCR), entitled “A stimulus-responsive, in situ forming, the nanoparticle-laden hydrogel for ocular drug delivery”.

I think the main point here is not to get too excited that this means cannabis eye drops work and will help alleviate diseases like glaucoma. However, it is important to recognize that a novel approach could end up turning into something worthwhile if it gets beyond the preclinical stage.

Goodness Growth Earnings Benefit from Arizona Exit, Minnesota Market Changes

Kentucky Becomes 38th State to Legalize Medical Marijuana

In other news

Clever Leaves Ekes Past Expectations, Losses Rise

Auxly Cannabis Losses Double in 2022 Despite Efforts to Streamline

CSE to Create New Tier for Larger Companies – Many Cannabis

InMed Archives - Green Market Report

InMed Pharmaceuticals Reports Increased Losses in Third Quarter Financial Results

The Daily Hit: Today’s Cannabis Briefs

The Daily Hit: Today’s Cannabis Briefs

CannTrust, InMed Gain Approval To List On The TSX

InMed Gains Conditional Approval

InMed Announces Positive Eye Drop Study Results

Goodness Growth Earnings Benefit from Arizona Exit, Minnesota Market Changes

Kentucky Becomes 38th State to Legalize Medical Marijuana

Clever Leaves Ekes Past Expectations, Losses Rise

InMed Gains Conditional Approval

Get the latest cannabis news delivered right to your inbox

Choose Your News