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Letter to Shareholders

Annual Letter to Shareholders 2021

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InMed Pharmaceuticals’ Voluntary Delisting from TSX

What is a voluntary delisting?
A voluntary delisting occurs when a company willingly decides to remove its shares from a securities exchange.
Why has InMed made the decision to voluntarily delist from the TSX?
InMed became a dual-listed company in November 2020 when it began trading its shares on Nasdaq under the symbol “INM” and, since then, approximately 86% of the daily share trading volume occurs on Nasdaq. InMed is voluntarily delisting from the TSX because it believes the limited trading volume of its common shares on the TSX no longer justifies the expense and administrative complexity of maintaining a dual listing.
The substantial savings in exchange fees, legal fees, and managerial time and effort to monitor a dual listing can be redirected into scientific programs, further advancing the business of the Company. InMed’s Nasdaq listing will continue to provide shareholders with the same accessibility to trade the Company’s common shares.
What will happen to the common shares that were traded on TSX after InMed’s voluntary delisting from the TSX?
When InMed’s voluntary delisting from the TSX becomes effective after the closing of trading on May 7, 2021, InMed’s common shares will no longer be traded on the TSX. InMed’s shares will then be traded exclusively on the Nasdaq exchange.
What do I need to do if I am a holder of InMed common shares that were traded on the TSX?
If you are a holder of InMed common shares that were traded on the TSX, you are encouraged to contact your broker(s) to verify how to trade your common shares on Nasdaq in the future.
Will I retain the same number of common shares once the voluntary delisting from the TSX occurs?
Yes, you will retain the same number of shares. If you own 100 shares of “IN” on the TSX today, this will automatically transfer to be 100 shares of “INM” on the Nasdaq. The Nasdaq shares will be quoted in US dollars.
How do I buy or sell common shares of InMed?
InMed’s common shares can be purchased and sold on the Nasdaq exchange under the symbol “INM”.  The majority of brokers in Canada maintain ready access to Nasdaq and can execute your investment instructions accordingly.
What if my broker cannot trade on Nasdaq?
Nasdaq is a global electronic marketplace for buying and trading securities and includes the world’s foremost technology and biotech giants.  Most brokers in Canada, including discount and online brokers, have the ability to buy and sell securities listed on Nasdaq.
I purchased InMed shares in Canadian dollars. Will these shares now be valued in US dollars?
Your common shares will trade on Nasdaq in US dollars. The value of your common shares may be converted into Canadian dollars by your broker if your account is denominated in Canadian dollars. We recommend that you contact your broker to confirm how this will be managed.
Does the delisting impact the trading of InMed’s common shares on Nasdaq?
No. InMed’s common shares will continue to be listed and traded on Nasdaq under the trading symbol “INM.”
Will InMed’s transfer agent, CUSIP number or ticker symbol change?
InMed’s transfer agent and CUSIP number will not change.  InMed’s common shares will continue to be traded on Nasdaq under the trading symbol “INM” but not on the TSX under “IN.”
How does the Nasdaq Listing benefit me as a shareholder?
A Nasdaq listing means your future shares are traded on a global platform, with greater access to a global institutional and retail investor base. The increased share volume brings with it added liquidity to your investment.