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Pharma Tech Outlook | Monday, February 14, 2022
InMed Pharmaceuticals has entered the health and wellness industry with business-to-business sales of the rare cannabinoid cannabicitran.
FREMONT, CA: Cannabinoids have been of increasing importance in treating pain, nausea, and other medical applications. However, the medical application of cannabinoids is hindered by the low in planta abundances of nearly all of the dozens of identified cannabinoids. InMed Pharmaceuticals, a pioneer in the research, development, manufacturing, and commercialization of rare cannabinoids, has come up with business-to-business (B2B) sales of the rare cannabinoid cannabicitran (CBT) in the health and wellness sector. CBT is the first of a series of new products scheduled to launch in the first half of 2022.
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"We are delivering on our 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," states Shane Johnson SVP and General Manager of BayMedica. "The launch of CBT further demonstrates our ability to produce rare cannabinoids at a commercial scale, an achievement that very few companies have been able to accomplish. We are pleased with initial demand, and we expect to grow sales over the coming quarters as we continue to expand our product portfolio of rare cannabinoids."
BayMedica, an InMeds company, has received early purchase orders and is now commercializing the ultra-rare cannabinoid CBT. CBT is BayMedica's second rare cannabinoid launch; the company also provides CBC wholesale to the health and wellness industry. Additionally, commercial-scale cannabidivarin (CBDV) manufacturing has begun, with tetrahydrocannabivarin (THCV) production shortly after. The company anticipates producing approximately 100kg of CBDV and THCV in the coming months to address anticipated initial demand.
This growing market is projected to experience tremendous growth in the coming years as consumers become more aware of the potential benefits of cannabinoid-based products. According to a Grand View Research analysis published in December 2021, the retail market for rare cannabinoids is predicted to reach US$26 billion by 2028, growing at a compounded annual growth rate (CAGR) of more than 20 percent during the same time.
With the availability of these uncommon cannabinoids on a commercial scale, product producers and consumer brands can now provide different products to consumers in the health and wellness industry, including enhancing existing CBD-based products.
InMed is ideally positioned to capitalize on this fast-increasing business due to its versatility across numerous manufacturing processes and ability to scale up to meet market demand. The company's patented techniques ensure that rare cannabinoids are produced to the appropriate quality, consistency, and purity for each target market.
BayMedica synthesizes uncommon cannabinoids using innovative synthetic processes that ensure consistent quality and purity. Its products are manufactured following GMP standards for food, are bioidentical to naturally occurring substances, and are certified by third-party laboratories. Custom formulations of these cannabinoids are available for a range of consumer health and wellness uses, including supplements, nutraceuticals, cosmetics, and animal health.
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