InMed Pharmaceuticals - THCV launch expands rare cannabinoids portfolio

InMed Pharmaceuticals has announced the launch of tetrahydrocannabivarin (d9-THCV) into B2B sales for the health and wellness industry. This marks the latest addition to its growing commercial footprint in high-value rare cannabinoids. Unlike tetrahydrocannabinol (THC), THCV is non-psychoactive and has shown indications of potential activity in combating obesity, diabetes, anxiety, Alzheimer’s disease and epilepsy. The launch and commercialization will be supported by InMed’s recently announced private placement, raising gross proceeds of $5m, potentially extending its cash runway into CY23. We adjust our valuation to account for the recent share offering and cash received to $85m (base, $4.1/share) versus our prior $80m (base, $5.6/share).