InMed Pharmaceuticals (INM) 10-K 23 Sep 22 2022 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2022	Sep. 23, 2022	Dec. 31, 2021
Document Information Line Items
Entity Registrant Name	INMED PHARMACEUTICALS INC.
Trading Symbol	INM
Document Type	10-K
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		908,761
Entity Public Float			$ 0
Amendment Flag	false
Entity Central Index Key	0001728328
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-39685
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1428279
Entity Address, Address Line One	Suite 310 – 815 W Hastings
Entity Address, Address Line Two	Vancouver
Entity Address, City or Town	B.C
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 1B4
City Area Code	(604)
Local Phone Number	669-7207
Title of 12(b) Security	Common Stock, no par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Auditor Name	KPMG LLP
Auditor Location	Vancouver, Canada
Auditor Firm ID	85

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Current
Cash and cash equivalents	$ 6,176,866	$ 7,363,126
Short-term investments	44,804	46,462
Accounts receivable	88,027	11,919
Inventories	2,490,854
Prepaids and other assets	797,225	956,762
Total current assets	9,597,776	8,378,269
Non-Current
Property, equipment and ROU assets, net	904,252	326,595
Intangible assets, net	2,108,915	1,061,697
Other assets	176,637	14,655
Total Assets	12,787,580	9,781,216
Current
Accounts payable and accrued liabilities	2,415,265	2,134,878
Current portion of lease obligations	404,276	80,483
Acquisition consideration payable	500,000
Total current liabilities	3,319,541	2,215,361
Non-current
Lease obligations	389,498	189,288
Total Liabilities	3,709,039	2,404,649
Shareholders' Equity
Common shares, no par value, unlimited authorized shares 650,667 (June 30, 2021 - 322,028) issued and outstanding	70,718,461	60,587,417
Additional paid-in capital	31,684,098	21,513,051
Accumulated deficit	(93,452,587)	(74,852,470)
Accumulated other comprehensive income	128,569	128,569
Total Shareholders' Equity	9,078,541	7,376,567
Total Liabilities and Shareholders' Equity	$ 12,787,580	$ 9,781,216

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	650,667	322,028
Common stock, shares outstanding	650,667	322,028

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Sales	$ 1,089,435
Cost of sales	545,889
Gross profit	543,546
Operating Expenses
Research and development and patents	7,282,615	5,338,084
General and administrative	6,867,030	4,479,333
Amortization and depreciation	185,657	120,866
Impairment of intangible assets and goodwill	3,472,593
Total operating expenses	17,807,895	9,938,283
Other Income (Expense)
Interest and other income	96,090	16,017
Finance expense		(360,350)
Unrealized gain on derivative warrants liability		242,628
Warrant modification expense	(1,314,307)
Foreign exchange loss	(117,551)	(163,101)
Net loss for the year	(18,600,117)	(10,203,089)
Other Comprehensive Gain
Foreign currency translation gain		430,443
Total comprehensive loss for the year	$ (18,600,117)	$ (9,772,646)
Net loss per share for the year
Net loss per share for the year Basic (in Dollars per share)	$ (33.17)	$ (37.96)
Weighted average outstanding common shares
Weighted average outstanding common shares Basic (in Shares)	560,829	268,793

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net loss per share for the year Diluted	$ (33.17)	$ (37.96)
Weighted average outstanding common shares Diluted	560,829	268,793

Consolidated Statements of Shar

Consolidated Statements of Shareholders’ Equity - USD ($)	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income - Foreign Exchange	Total
Balance at Jun. 30, 2020	$ 53,065,240	$ 17,764,333	$ (64,649,381)	$ (301,874)	$ 5,878,318
Balance (in Shares) at Jun. 30, 2020	208,828
Public offering	$ 6,052,000				6,052,000
Public offering (in Shares)	71,200
Private placement	$ 2,917,157	1,545,343			4,462,500
Private placement (in Shares)	42,000
Reclassification of warrants		1,763,980			1,763,980
Share issuance costs	(1,446,980)	(170,798)			(1,617,778)
Warrant modification expense
Loss and comprehensive income for the period			(10,203,089)	430,443	(9,772,646)
Share-based compensation		610,193			610,193
Balance at Jun. 30, 2021	$ 60,587,417	21,513,051	(74,852,470)	128,569	7,376,567
Balance (in Shares) at Jun. 30, 2021	322,028
Private placement	$ 1,459,051	10,540,635			11,999,686
Private placement (in Shares)	35,600
ATM offering, net of issuance costs	$ 146,533				146,533
ATM offering, net of issuance costs (in Shares)	10,759
Registered direct and private placement	$ 754,072	4,245,508			4,999,580
Registered direct and private placement (in Shares)	65,002
Share issuance costs	$ (375,220)	(2,506,795)			(2,882,015)
Agents' warrants		739,920			739,920
Agents' investment options		192,492			192,492
Exercise of pre-funded warrants	$ 4,283,969	(4,283,654)			315
Exercise of pre-funded warrants (in Shares)	125,853
Exercise of warrants	$ 769,260	(769,260)
Exercise of warrants (in Shares)	6,293
Acquisition of BayMedica	$ 3,013,500				3,013,500
Acquisition of BayMedica (in Shares)	82,000
Shares issued for consulting services	$ 79,879				79,879
Shares issued for consulting services (in Shares)	3,132
Warrant modification expense		1,314,307			1,314,307
Loss for the period			(18,600,117)		(18,600,117)
Share-based compensation		697,894			697,894
Balance at Jun. 30, 2022	$ 70,718,461	$ 31,684,098	$ (93,452,587)	$ 128,569	$ 9,078,541
Balance (in Shares) at Jun. 30, 2022	650,667

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net loss for the period	$ (18,600,117)	$ (10,203,089)
Items not requiring cash:
Amortization and depreciation	185,657	120,866
Share-based compensation	697,894	610,193
Shares issued for services	79,879
Amortization of right-of-use assets	326,133	107,828
Loss on disposal of assets	11,355	555
Interest income received on short-term investments	(115)	131
Unrealized gain on derivative warrants liability		(242,628)
Unrealized foreign exchange loss	1,770	(445)
Impairment of intangible assets and goodwill	3,472,593
Payments on lease obligations	(341,862)	(93,951)
Finance expense		360,350
Warrant modification expense	1,314,307
Changes in non-cash working capital:
Inventories	(2,003,732)
Prepaids and other assets	190,661	(823,172)
Other non-current assets	(61,432)	(14,161)
Accounts receivable	(40,008)	40,198
Accounts payable and accrued liabilities	(811,599)	346,685
Deferred revenue	(5,142)
Total cash used in operating activities	(15,583,758)	(9,790,640)
Investing Activities
Cash acquired from acquisition of BayMedica	91,566
Acquisition consideration payable	(300,457)
Purchase of property and equipment	(39,108)	(1,725)
Loan receivable	(425,000)
Total cash used in investing activities	(672,999)	(1,725)
Financing Activities
Shares issued for cash	17,146,114	12,472,500
Share issuance costs	(1,784,791)	(1,617,778)
Repayment of debt	(290,826)
Total cash provided by financing activities	15,070,497	10,854,722
Effects of foreign exchange on cash and cash equivalents		494,960
Increase (decrease) in cash during the period	(1,186,260)	1,557,317
Cash and cash equivalents beginning of the period	7,363,126	5,805,809
Cash and cash equivalents end of the period	$ 6,176,866	$ 7,363,126

Nature of Business and Going Co

Nature of Business and Going Concern	12 Months Ended
	Jun. 30, 2022
Corporate Information and Continuing Operations [Abstract]
NATURE OF BUSINESS AND GOING CONCERN	1. NATURE OF BUSINESS AND GOING CONCERN InMed Pharmaceuticals Inc. (“InMed” or the “Company”) was incorporated in the Province of British Columbia on May 19, 1981 under the Business Corporations Act The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) under the trading symbol “INM”. InMed’s corporate office and principal place of business is located at #310 – 815 West Hastings Street, Vancouver, B.C., Canada, V6C 1B4. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. Through June 30, 2022, the Company has funded its operations primarily with proceeds from the sale of common stock. The Company has incurred recurring losses and negative cash flows from operations since its inception, including net losses of $18.6 million and $10.2 million for the years ended June 30, 2022 and 2021, respectively. In addition, the Company had an accumulated deficit of $93.5 million as of June 30, 2022 (June 30, 2021 - $74.9 million). The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these consolidated financial statements, the Company expects its cash and cash equivalents of $6.2 million as of June 30, 2022, combined with the approximate $5.4 million of net proceeds from a private placement which closed on September 13, 2022 (see Note 20), will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of fiscal 2023, and possibly into the first quarter of fiscal 2024 (being the third calendar quarter of 2023), depending on the level and timing of realizing revenues from the sale of BayMedica inventory as well as the level and timing of the Company operating expenses. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. As a result of the recurring losses and requirement for cash in fiscal 2023 or the beginning of fiscal 2024, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company expects to continue to seek additional funding through equity financings, debt financings or other capital sources, including collaborations with other companies, government contracts or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing stockholders. These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its commitments, realize its assets and discharge its liabilities in the normal course. These consolidated financial statements do not reflect adjustments to the carrying values of assets and liabilities that would be necessary if the Company was unable to continue as a going concern and such adjustments could be material.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“US GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for financial information. Use of Estimates The preparation of financial statements in compliance with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date, and the corresponding revenues and expenses for the periods reported. It also requires management to exercise judgment in applying the Company’s accounting policies. In the future, actual experience may differ from these estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these consolidated financial statements are the estimated fair values of the assets acquired and liabilities assumed in acquisitions, the estimate of useful life of intangible assets, the application of the going concern assumption, the impairment assessment for long-lived assets, and determining the fair value of share-based payments and warrants. COVID-19 Impacts On March 11, 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The full extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, research and development costs and employee-related amounts, will depend on future developments that are evolving and highly uncertain, such as the duration and severity of outbreaks, including potential future waves or cycles, and the effectiveness of actions taken to contain and treat COVID-19. The Company considered the potential impact of COVID-19 when making certain estimates and judgments relating to the preparation of these consolidated financial statements. While there was no material impact to the Company’s consolidated financial statements as of and for the year ended June 30, 2022, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in a material impact to the Company’s consolidated financial statements in future reporting periods. Basis of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries, including subsidiaries: InMed Pharmaceutical Ltd., BayMedica, LLC, Biogen Sciences Inc., and Sweetnam Consulting Inc. A subsidiary is an entity that the Company controls, either directly or indirectly, where control is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company transactions and balances including unrealized income and expenses arising from intercompany transactions are eliminated in preparing these consolidated financial statements. Foreign Currency The functional currency of the Company and its subsidiaries is the U.S. Dollar. These consolidated financial statements are presented in U.S. Dollars. References to “$” and “US$” are to United States (“U.S.”) dollars and references to “C$” are to Canadian dollars. Business Combinations Business combinations are accounted for using the acquisition method. The fair value of total purchase consideration is allocated to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed, with the remaining amount being classified as goodwill. All assets, liabilities and contingent liabilities acquired or assumed in a business combination are recorded at their fair values at the date of acquisition. If the Company’s interest in the fair value of the acquiree’s net identifiable assets exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Transaction costs that are incurred in connection with a business combination, other than costs associated with the issuance of debt or equity securities, are expensed as incurred. Cash and Cash Equivalents Cash and cash equivalents include cash-on-hand, demand deposits with financial institutions and other short-term, highly liquid investments with original maturities of three months or less when acquired that are readily convertible to known amounts of cash and subject to an insignificant risk of change in value. Short-term Investments Short-term investments include fixed and variable rate guaranteed investment certificates, with terms greater than three months and less than twelve months. Guaranteed investment certificates are convertible to known amounts of cash and are subject to an insignificant risk of change in value. Accounts Receivable Accounts receivable are recorded at invoiced amounts, net of any allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. Expected credit losses on our accounts receivable were immaterial as at June 30, 2022 and 2021. Inventories Inventories are initially valued at weighted average cost and subsequently valued at the lower of weighted average cost and net realizable value. Costs included in inventories are the purchase price of goods and cost of services rendered, freight costs, warehousing costs, purchasing costs and production and labor costs related to manufacturing. In determining any valuation allowances, the Company reviews inventory for obsolete, redundant, and slow-moving goods. At June 30, 2022, no amounts had been charged to the valuation allowance. Deferred Financing Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred financing costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to shareholders’ equity generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred financing costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. As of June 30, 2022, $ Nil Property, Equipment and ROU Assets, Net Equipment and leasehold improvements are recorded at cost, less accumulated depreciation and accumulated impairment losses. The initial cost of equipment and leasehold improvements comprises their purchase price. The useful lives of equipment and leasehold improvements are reviewed at least once per year. Equipment and leasehold improvements are depreciated using the straight-line method based on their estimated useful lives as follows: ● Computer equipment – 30% per annum ● Leasehold improvements – lesser of initial lease term or useful life Equipment and leasehold improvements, acquired or disposed of during the year, are depreciated proportionately for the period they are in use. The right-of-use assets are initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received. The assets are amortized to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. In addition, the right-of-use assets are periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability (see Note 2 Lease (i)). Intangible Assets, Net Intangible assets are comprised of acquired intellectual property, which consists of certain patents and technical know-how. The intellectual property is recorded at cost and is amortized on a straight-line basis over an estimated useful life of 18 years net of any accumulated impairment losses. In-Process R&D In-process R&D (“IPR&D”) is classified as an indefinite-lived intangible asset and is not amortized. IPR&D becomes definite-lived upon the completion or abandonment of the associated research and development efforts. All research and development costs incurred subsequent to the acquisition of IPR&D are expensed as incurred. Indefinite-lived intangible assets are evaluated for impairment on an annual basis or more frequently if an indicator of impairment is present. Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or assets. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured as the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets classified as held for sale are reported at the lower of the carrying amount or fair value, less costs to sell. As of June 30, 2022, the Company determined that the long-lived assets of BayMedica were impaired (see Note 6) and no assets were held-for-sale. Goodwill The Company tests goodwill for potential impairment annually on June 30, or more frequently if an event or other circumstance indicates that the Company may not be able to recover the carrying amount of the net assets of the reporting unit. The Company’s operations consist of two operating and reportable segments, InMed Pharmaceuticals (the “InMed” segment) and BayMedica (the “BayMedica” segment). In evaluating goodwill for impairment, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If a Company bypasses the qualitative assessment, or if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company performs a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount (See Note 6) and records an impairment charge if the carrying value exceeds the fair value. Financial Assets and Liabilities Financial Assets Financial assets are initially recognized at fair value, plus transaction costs that are directly attributable to their acquisition or issue and subsequently carried at amortized cost, using the effective interest rate method, less any impairment losses. No financial assets are or elected to be carried at fair value through profit or loss or where changes in fair value are recognized in the consolidated statements of operations and comprehensive loss in other comprehensive loss. Short-term investments are subsequently recorded at cost plus accrued interest, which approximates fair value. Accounts receivable are reported at outstanding amounts, net of provisions for uncollectable amounts. Financial Liabilities Financial liabilities, including accounts payable and accrued liabilities, are initially recognized at fair value net of any transaction costs directly attributable to the issuance of the instrument and subsequently carried at amortized cost using the effective interest rate method. This ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated balance sheet. Interest expense in this context includes initial transaction costs and premiums payable on redemption, as well as any interest or coupon payable while the liability is outstanding. Financial Assets and Liabilities (cont’d) To determine the fair value of financial instruments, the Company uses the fair value hierarchy for inputs used to measure fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority). Level 1 – Unadjusted quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 – Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying value of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities, approximate their carrying values as at June 30, 2022 and 2021 due to their immediate or short-term maturities. Income Taxes The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, it recognizes deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company recognizes the deferred income tax effects of a change in tax rates in the period of the enactment. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that management believes is more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than fifty percent likely of being realized. The Company records interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Revenue Recognition The Company recognizes revenue when the Company satisfies the performance obligations under the terms of a contract and control of its products and services is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange for those products and services. ASC 606, Revenue from Contracts with Customers Revenue consists of manufacturing and distribution sales of bulk rare cannabinoids, which are generally recognized at a point in time. The Company recognizes revenue when control over the products have been transferred to the customer and the Company has a present right to payment. Sales and other taxes that are required to be remitted to regulatory authorities are recorded as liabilities and excluded from sales. Limited rights of return, for claims of damaged or non-compliant products, exist with the Company’s customers. The Company has elected the practical expedient that allows it to recognize the incremental costs of obtaining a contract as an expense, when incurred, if the amortization period of the asset that the Company otherwise would have recognized is one year or less. Revenues within the scope of ASC 606 do not include material amounts of variable consideration. Customer payments are generally due in advance of when control is transferred to the customer. The time between invoicing and when payment is due is not significant. Cost of Sales Cost of sales consist primarily of the purchase price of goods and cost of services rendered, freight costs, warehousing costs, and purchasing costs. Cost of sales also includes production and labor costs for the Company’s manufacturing business. Shipping and Handling The Company records freight billed to customers within Net sales. Shipping and handling costs associated with inbound freight and goods shipped to customers are recorded in cost of sales. Other shipping and handling costs, such as for quality assurance, are recorded in operating expenses. Earnings (Loss) Per Share Basic earnings (loss) per common share (“EPS”) is computed by dividing the net income or loss applicable to common shares of the Company by the weighted average number of common shares outstanding for the relevant period. Diluted earnings (loss) per common share (“Diluted EPS”) is computed by dividing the net income or loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding, if potentially dilutive instruments were converted. If the conversion of outstanding stock options and warrants into common share is anti-dilutive, then diluted EPS is not presented separately from EPS. Share-based Payments The fair value, at the grant date, of equity-classified share awards is charged to income or loss over the period for which the benefits of employees and others providing similar services are expected to be received. The vesting components of graded vesting employee awards are measured separately and expensed over the related tranche’s vesting period. The corresponding accrued entitlement is recorded in additional paid-in capital. The amount recognized as an expense is adjusted to reflect the number of share options that vest. The fair value of awards is calculated using the Black-Scholes option pricing model which considers the exercise price, current market price of the underlying shares, expected life of the award, risk-free interest rate, expected volatility and the dividend yield. Starting July 1, 2018, the Company accounts for non-employee awards under the guidance provided under ASU 2018-07 and uses an expected term to value non-employee options on an award-by-award basis. The expected term of the Company’s employee stock options is determined using the simplified method and the Company estimates the forfeitures on the grant date for options issued. The expected term of the Company’s non-employee stock options is the contractual term of the options granted and the Company estimates the forfeitures on the grant date for options issued. Research and Development Costs The Company conducts research and development programs and incurs costs related to these activities, including research and development personnel compensation, services provided by contract research organizations and lab supplies. Research and development costs are expensed in the periods in which they are incurred. Patents and Intellectual Property Costs The costs of filing for patents and of prosecuting and maintaining intellectual property rights are expensed as incurred due to the uncertainty surrounding the drug development process and the uncertainty of future benefits. Patents and intellectual property acquired from third parties for approved products or where there are alternative future uses are capitalized and amortized over the remaining life of the patent. Segment reporting The Company’s operations consist of two operating and reportable segments, the InMed segment and the BayMedica segment. The InMed segment is largely organized around the research and development of cannabinoid-based pharmaceuticals products and the BayMedica segment is largely organized around developing proprietary manufacturing technologies to produce rare cannabinoids for sale in the health and wellness industry (See Note 15). Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease liability is initially measured as the present value of future lease payments excluding payments made at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for all of its asset classes. The Company has elected to apply the practical expedient to exclude initial direct costs such as annual operating costs from the measurement of the right-of-use asset at the date of initial application. The Company has elected to apply the practical expedient not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The lease payments associated with these leases is recognized as an expense on a straight- line basis over the lease term. Recent Accounting Pronouncements Not Yet Adopted i) Fair Value Measurement In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 82):

Customer Concentration

Customer Concentration	12 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
CUSTOMER CONCENTRATION	3. CUSTOMER CONCENTRATION The Company had three customers during the year ended June 30, 2022, which individually generated 10% or more of the Company’s net sales. These customers accounted for 48% of the Company’s sales for the year ended June 30, 2022. As of June 30, 2022, these customers represented 0% of the Company’s outstanding accounts receivable.

Inventories

Inventories	12 Months Ended
	Jun. 30, 2022
Inventories [Abstract]
INVENTORIES	4. INVENTORIES Inventories consisted of the following: June 30, June 30, $ $ Raw materials 292,577 Work in process 1,724,851 - Finished goods 473,426 - Inventories 2,490,854 - During the year ended June 30, 2022, inventory expensed to cost of goods sold was $545,889 (2021 - $ Nil

Property, Equipment and Rou Ass

Property, Equipment and Rou Assets, Net	12 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, EQUIPMENT AND ROU ASSETS, NET	5. PROPERTY, EQUIPMENT AND ROU ASSETS, NET Property, equipment and ROU assets consisted of the following: June 30, June 30, $ $ Right of Use Assets (leases) 1,167,436 439,321 Equipment 212,877 66,888 Leasehold Improvements 40,409 42,986 Property and equipment 1,420,722 549,195 Less: accumulated depreciation and amortization (516,470 ) (222,600 ) Property, equipment and ROU assets, net 904,252 326,595 Depreciation expense on property, equipment and leasehold improvements for the year ended June 30, 2022, was $26,426 (2021 - $21,143). Amortization expense related to the right-of-use assets for the year ended June 30, 2022, was $289,594 (2021 - $76,165) and was recorded in general and administrative expenses.

Impairment of Intangible Assets

Impairment of Intangible Assets and Goodwill	12 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
IMPAIRMENT OF INTANGIBLE ASSETS AND GOODWILL	6. IMPAIRMENT OF INTANGIBLE ASSETS AND GOODWILL During the year ended June 30, 2022, the Company recorded goodwill of $2,023,039, definite lived intangible assets of $216,000, IPR&D of $1,249,000 and patents of $1,191,000 in connection with the acquisition of BayMedica, as described in Note 8. The Company performs an annual impairment test at the reporting unit level as of June 30 of each fiscal year. As of June 30, 2022, the Company qualitatively assessed whether it is more likely than not that the respective fair value of the Company’s BayMedica reporting unit was less than its carrying amount, including goodwill. For a variety of reasons, performance of the BayMedica segment has not materialized as expected. Contributing factors include but are not limited to: - market demand for launched compounds has not materialized as quickly as the Company anticipated; - recent overarching recessionary pressures have contributed to hesitation within the health and wellness (H&W) sector to invest in, and launch, new rare cannabinoid products; - in this nascent market, BayMedica’s perceived competitive advantages of certified, high purity and reliability and consistency of supply have not resonated with the industry’s current product manufacturers; and - additional downward pricing pressure for cannabinoids in the H&W sector. As a result of this sustained decline in performance compared to expectations and continuing market uncertainties, the Company determined that as of June 30, 2022, it was more likely than not that the carrying value of these acquired intangibles exceeded their estimated fair value. Accordingly, the Company performed an impairment analysis as of that date using the income method, the relieve from royalty method and the multi-period excess earnings method. This analysis required significant judgments, including the estimation of future revenues, royalties, licensing fees, costs, the probability of success in various phases of its development programs, potential post launch cash flows and discount rates. The Company recorded a goodwill and intangible asset impairment charge for the excess of the reporting unit’s carrying value over its fair value. The following table provides the Company’s goodwill, indefinite and definite lived intangible assets as of June 30, 2022 and 2021. There was no impairment of InMed long lived intangible assets as of June 30, 2022 and 2021. $ Goodwill Balance at July 1, 2021 - Acquired at October 13, 2021 2,023,039 Impairment losses (2,023,039 ) Balance at June 30, 2022 - Indefinite lived intangible assets IPR&D Balance at July 1, 2021 - Acquired at October 13, 2021 1,249,000 Impairment losses (1,249,000 ) Balance at June 30, 2022 - Definite lived intangible assets Trademark and Intellectual Property Balance at July 1, 2021 1,736,420 Acquired at October 13, 2021 216,000 Amortization (786,637 ) Impairment losses (200,554 ) Balance at June 30, 2022 965,229 Definite lived intangible assets Patents Balance at July 1, 2021 - Acquired at October 13, 2021 1,191,000 Amortization (47,314 ) Impairment losses - Balance at June 30, 2022 1,143,686 Intangible assets, net 2,108,915 For goodwill, the Company recognized an impairment charge of $2 million and $ Nil Nil Nil

Intangible Assets

Intangible Assets	12 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
INTANGIBLE ASSETS	7. INTANGIBLE ASSETS June 30, June 30, $ $ Intellectual property 1,736,420 1,736,420 Patents 1,191,000 - Intangible assets 2,927,420 1,736,420 Less: accumulated depreciation (818,505 ) (674,723 ) Intangible assets, net 2,108,915 1,061,697 Acquired intellectual property is recorded at cost and is amortized on a straight-line basis over 18 years. Acquired patents consist of patents related to the development of cannabinoid analogs. This intangible asset is being amortized over an estimated useful life of 18 years. As at June 30, 2022, the definite-lived intangible assets had a weighted average estimated remaining useful life of approximately 13 years. Amortization expense on intangible assets for the year ended June 30, 2022 was $159,228 (2021 - $99,723). The Company expects amortization expense to be incurred over the next five years as follows: $ 2022 161,477 2023 161,477 2024 161,477 2025 161,477 2026 161,477 807,385

Acquisition

Acquisition	12 Months Ended
	Jun. 30, 2022
Acquisition Abstract
ACQUISITION	8. ACQUISITION On October 13, 2021, the Company completed the acquisition of BayMedica, a private company based in the U.S. that specializes in the manufacturing and commercialization of rare cannabinoids. The Company acquired 100% of BayMedica in exchange for i) 82,000 common shares issued to BayMedica’s equity and convertible debt holders, subject to a six-month contractual hold period and ii) $1 million to be held in escrow, subject to reduction for certain post-closing adjustments or satisfaction of indemnification claims under the definitive agreement (the “BayMedica Agreement”) in the six- and twelve-month periods following the closing. Total consideration for the acquisition of BayMedica is summarized as follows: Purchase Price Estimated fair value of common shares issued 3,013,500 Cash 1,000,000 Less:Post-closing adjustments (199,543 ) Estimated fair value of consideration transferred 3,813,957 The 82,000 common shares were valued at $36.75, being the closing price of the Company’s common shares on Nasdaq on October 13, 2021. The cash component is subject to reduction for certain post-closing adjustments or satisfaction of indemnification claims and therefore is subject to further changes. Prior to the acquisition, the Company has a $425,000 loan receivable from BayMedica and BayMedica has an equal loan payable to the Company. As a result of the acquisition of BayMedica, the loan receivable and payable is effectively settled between the parties. In accordance with the acquisition method of accounting, the purchase price of BayMedica has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, estimates and other analyses. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income taxes purposes. The goodwill balance represents the assembled workforce acquired, the combined company’s expectations of the strategic opportunities available as a result of the acquisition, and other synergies that will be derived from the acquisition. The following table summarizes the final fair value of assets acquired and liabilities assumed as of the acquisition date: Purchase Price Allocation ($) Assets acquired: Cash and cash equivalents 91,566 Accounts receivable 36,100 Inventories 487,122 Prepaid expenses and deposits 131,674 Property and equipment 133,911 IPR&D 1,249,000 Patents 1,191,000 Trademark 216,000 Goodwill 2,023,039 Total assets acquired 5,559,412 Liabilities assumed: Accounts payable and accrued liabilities 1,024,487 Other short-term liabilities 598,245 Long-term debt 122,723 Total liabilities acquired 1,745,455 Estimated fair value of net assets acquired 3,813,957 Tangible assets and liabilities were valued at their respective carrying amounts as management believes that these amounts approximated their acquisition-date fair values. The Purchase Price allocation includes certain identifiable intangible assets with an estimated fair value of approximately $2,656,000. These intangible assets include trade secrets, product formulation knowledge, patents and trademarks. Acquired IPR&D are related identifiable intangible assets associated with cannabinoid manufacturing processes and includes knowhow and trade secrets. The multi-period excess earnings method was used to determine the fair value of these assets as at the date of acquisition. The acquired trademark represents the trade name ProDiol®. The fair value of the trademark was determined using the relief from royalty method. Acquired patents consist of patents related to the development of cannabinoid analogs, the fair value of which was determined using the income approach. This intangible asset is being amortized over an estimated useful life of 18 years. Following the acquisition date, the operating results of BayMedica have been included in the consolidated financial statements. For the period from the October 13, 2021 acquisition date through June 30, 2022, sales attributable to BayMedica were $1.1 million and operating losses attributable to BayMedica were $5.2 million. Acquisition-related expenses, which were comprised primarily of regulatory, financial advisory and legal fees, totaled $0.2 million for the year ended June 30, 2022 and were included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. The following table presents the pro forma consolidated results of the Company assuming the BayMedica acquisition had been completed on July 1, 2020: Year Ended June 30 2022 2021 $ $ Sales 1,365,755 1,904,013 Net loss (19,260,014 ) (10,705,494 )

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Jun. 30, 2022
Accounts Payable and Accrued Liabilities [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following: June 30, June 30, $ $ Trade payables 1,166,068 775,129 Accrued research and development expenses 839,638 309,901 Employee compensation, benefits and related accruals 139,120 880,207 Accrued general and administrative expenses 270,439 169,641 Accounts payable and accrued liabilities 2,415,265 2,134,878

Share Capital and Reserves

Share Capital and Reserves	12 Months Ended
	Jun. 30, 2022
Share Capital And Reserves [Abstract]
SHARE CAPITAL AND RESERVES	10. SHARE CAPITAL AND RESERVES On September 7, 2022, the Company effected a one-for-25 reverse stock split of its issued and outstanding common shares. Accordingly, all common share, stock option, per common share and warrant amounts for all periods presented in the consolidated financial statements and notes thereto have been adjusted retrospectively to reflect this reverse stock split. a) Authorized As at June 30, 2022, the Company’s authorized share structure consisted of: (i) an unlimited number of common shares without par value; and (ii) an unlimited number of preferred shares without par value. No preferred shares were issued and outstanding as at June 30, 2022 and 2021. The Company may issue preferred shares and may, at the time of issuance, determine the rights, preference and limitations pertaining to these shares. Holders of preferred shares may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding up of the Company before any payment is made to the holders of common shares. b) Common Shares During the year ended June 30, 2022, the Company completed the following: July 2021 Private Placement Offering: Transaction Description Number Issue Price Total Shares Issued 35,600 $ 74.325 $ 2,645,970 Pre-funded Warrants Issued 125,853 $ 74.3226 9,353,716 Gross Proceeds $ 11,999,686 Allocated to Additional Paid-in Capital (10,540,635 ) $ 1,459,051 Share Issuance Costs $ (247,336 ) On July 2, 2021, the Company closed a private placement of its common shares and issued an aggregate of 35,600 common shares and 125,853 pre-funded warrants, for gross proceeds of $11,999,686. The pre-funded warrants were determined to be common stock equivalents. Each common share and each pre-funded warrant were sold in the offering with a warrant to purchase a common share. Transaction costs were allocated proportionally between common shares and warrants with $247,336 allocated to common shares and the balance of $1,786,831 allocated to additional paid-in capital and recorded as a component of shareholders’ equity in the consolidated balance sheet. The 125,853 pre-funded warrants were fully exercised for 125,853 common shares during the year ended June 30, 2022, resulting in a $4,283,654 reclassification from additional paid-in capital to common shares. June 2022 Registered Direct and Private Placement Offerings: Transaction Description Number Issue Price Total Shares Issued 65,002 $ 21.450 $ 1,394,286 Pre-funded Warrants Issued 168,099 $' 21.4474 3,605,294 Gross Proceeds $ 4,999,580 Allocated to Additional Paid-in Capital (4,245,508 ) $ 754,072 Share Issuance Costs $ (127,884 ) On April 22, 2022, the Company issued 10,759 common shares under an at-the-market offering (“ATM”) for proceeds of $146,533, net of issuance costs. On June 6, 2022, the Company closed a registered direct offering and concurrent private placement of its common shares. In the registered direct offering, the Company issued an aggregate of 65,002 common shares and 98,169 pre-funded warrants, for gross proceeds of $3,500,002. In the concurrent private placement, the Company issued an aggregate of 69,930 pre-funded warrants for gross proceeds of $1,499,999. The pre-funded warrants were determined to be common stock equivalents. Each common stock and each pre-funded warrant were sold in the offerings with a preferred investment option to purchase a common share. Transaction costs were allocated proportionally between common shares and warrants with $127,884 allocated to common shares and the balance of $719,964 allocated to additional paid-in capital and recorded as a component of shareholders’ equity in the consolidated balance sheet. During the year ended June 30, 2022, in accordance with the BayMedica Agreement, the Company issued 82,000 common shares to BayMedica’s historical equity and convertible debt holders (See Note 8). In addition, the Company issued 78,312 common shares for consulting services. c) Share Purchase Warrants On November 16, 2020, 71,200 warrants were issued with an exercise price of $127.75 per share, were immediately exercisable upon issuance, and expire 6 years following the date of issuance. On June 6, 2022, the Company amended the warrants to re-price them to $18.50 per share with an expiry date of June 6, 2029. Accordingly, the Company has calculated the incremental fair value from the modification to be $119,555 and is recognized as a warrant modification expense in the statement of operations. On February 12, 2021, 27,720 warrants were issued with an exercise price of $121.25 per share, were exercisable 6 months following issuance, and expire 5.5 years following the date of issuance. On March 21, 2022, the Company amended the warrants to re-price them to $11.25 per share with an expiry date of March 31, 2023. Between March 21, 2022 and June 30, 2022, 15,606 of the warrants were exercised on a cashless basis resulting in the issuance of 6,293 common shares. On July 2, 2021, 161,453 warrants were issued with an exercise price of $71.20 per share, were immediately exercisable upon issuance, and expire 5 years following the date of issuance. The pre-funded and common warrants did not meet the criteria to be classified as a liability award and therefore were treated as an equity award and recorded as a component of shareholders’ equity in the consolidated balance sheet. On June 6, 2022, the Company amended the warrants to re-price them to $18.50 per share with an expiry date of June 6, 2029. Accordingly, the Company has calculated the incremental fair value from the modification to be $1,194,752 and is recognized as a warrant modification expense in the statement of operations. The following is a summary of changes in share purchase warrants from July 1, 2021 to June 30, 2022: Number Weighted Average Aggregate Intrinsic Value Balance as at June 30, 2021 98,920 $ 75,47 - Granted 161,453 $ 18.50 - Exercised (15,606 ) $ 11.25 125,611 Balance as at June 30, 2022 244,767 $ 41.99 - The total intrinsic value of warrants exercised during the year ended June 30, 2022 was $125,611 (2021 - $ Nil d) Agents’ Warrants On July 2, 2021, 12,109 warrants were issued for services with an exercise price of $92.9075 per share, were immediately exercisable upon issuance, and expire 5 years following the date of issuance. The agents’ warrants did not meet the criteria to be classified as a liability award and therefore were treated as an equity award and recorded as a component of shareholders’ equity in the consolidated balance sheet. The following is a summary of changes in agents’ warrants from July 1, 2021 to June 30, 2022: Number Weighted Average Aggregate Intrinsic Value Balance as at June 30, 2021 - -                     - Granted 12,109 $ 92.9075 - Balance as at June 30, 2022 12,109 $ 92.9075 - e) Preferred Investment Options On June 6, 2022, 233,100 preferred investment options were issued with an exercise price of $19.75 per share, were immediately exercisable upon issuance, and expire 6.5 years following the date of issuance. f) Agents’ Investment Options On June 6, 2022, 15,152 preferred investment options were issued for services with an exercise price of $26.8125 per share, were exercisable 4 months upon issuance, and expire 5 years following the date of issuance.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Jun. 30, 2022
Share-Based Payments [Abstract]
SHARE-BASED PAYMENTS	11. SHARE-BASED PAYMENTS a) Option Plan Details On March 24, 2017, and as amended on November 20, 2020, the Company’s shareholders approved: (i) the adoption of a new stock option plan (the “Plan”) pursuant to which the Board of Directors may, from time to time, in its discretion and in accordance with regulatory requirements, grant to directors, officers, employees and consultants of the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed twenty percent (20%) of the issued and outstanding common shares at the date the options are granted (on a non-diluted and rolling basis); and (ii) the application of the new stock option plan to all outstanding stock options of the Company that were granted prior to March 24, 2017 under the terms of the Company’s previous stock option plan. As at June 30, 2022, there were 18,163 (June 30, 2021 – 19,735) options available for future allocation pursuant to the terms of the Plan. The option price under each option shall not be less than the closing price on the day prior to the date of grant. All options vest upon terms as set by the Board of Directors, either over time, up to 36 months, or upon the achievement of certain corporate milestones. Stock options granted prior to May 2021 were granted with Canadian dollar exercise prices (United States dollar amounts for weighted average exercise prices and aggregate intrinsic value are calculated using prevailing rates as at June 30, 2022). Commencing in May 2021, stock options are granted with United States dollar exercise prices. The following is a summary of changes in outstanding options from July 1, 2021 to June 30, 2022: Number Weighted Average Exercise Price Balance as at June 30, 2021 36,472 215.35 Granted 31,160 34.20 Expired/Forfeited (12,029 ) 122.38 Balance as at June 30, 2022 55,603 128.59 June 30, 2022: Vested and exercisable 26,182 228.87 Unvested 29,421 39.35 b) Fair Value of Options Issued During the Period i) Weighted Average Fair Value at Grant Date of Options Granted: The weighted average fair value at grant date of options granted during the year ended June 30, 2022, was $21.04 per option (year ended June 30, 2021 - $49.03). Assumptions used for options granted during the year ended June 30, 2022 included a weighted average risk-free interest rate of 1.17% (year ended June 30, 2021 – 0.27%), weighted average expected life of 3.1 years calculated using the Simplified Method for directors, officers and employees and the contractual life for consultants, weighted average volatility factor of 97.15% (year ended June 30, 2021 – 105.88%), weighted average dividend yield of 0% (year ended June 30, 2021 – 0%) and a 5% forfeiture rate (year ended June 30, 2021 – 5%). ii) Expenses Arising from Share-based Payment Transactions: Total expenses arising from share-based payment transactions recognized during the year ended June 30, 2022, were $697,894 (2021 - $610,193). $419,075 was allocated to general and administrative expenses (2021 - $405,801) and the remaining $278,819 was allocated to research and development expenses (2021 - $204,392). Unrecognized compensation cost at June 30, 2022 related to unvested options was $292,959 which will be recognized over a weighted-average vesting period of 1.0 years.

Lease Obligations

Lease Obligations	12 Months Ended
	Jun. 30, 2022
Leases [Abstract]
LEASE OBLIGATIONS	12. LEASE OBLIGATIONS In conjunction with the acquisition of BayMedica (Note 8), the Company acquired an operating lease for a corporate office with a remaining term of 1.8 years as at June 30, 2022. On the date of acquisition of BayMedica, the Company recognized right-of-use assets of $728,115 and a lease liability of $825,427, utilizing the remaining term on acquisition and a 4.0% discount rate. The Company is committed to minimum lease payments as follows: Maturity Analysis June 30, Less than one year $ 431,169 One to five years 396,665 More than five years - Total undiscounted lease liabilities $ 827,834 (1) (1) Excludes estimated variable operating costs of $92,964 and $60,916 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Basic and Diluted Loss Per Shar

Basic and Diluted Loss Per Share	12 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
BASIC AND DILUTED LOSS PER SHARE	13. BASIC AND DILUTED LOSS PER SHARE Basic loss per share amounts are calculated by dividing the net loss for the period by the weighted average number of ordinary shares outstanding during the period. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. As the outstanding stock options and warrants are anti-dilutive, they are excluded from the weighted average number of common shares in the table below. Year Ended June 30, 2022 2021 $ $ Net loss for the period (18,600,117 ) (10,203,089 ) Basic and diluted loss per share (33.17 ) (37.96 ) Weighted average number of common shares - basic and diluted 560,829 268,793

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES The following is a reconciliation of income taxes calculated at the combined Canadian federal and provincial income statutory corporate tax rate of 27.0% (June 30, 2021 – 27.0%) to the tax expense: 2022 2021 $ $ Net loss before taxes (18,600,117 ) (10,203,089 ) Income tax expense (recovery) at the statutory rate (4,710,669 ) (2,754,834 ) Increase (reduction) in income taxes resulting from: Change in valuation allowance 4,112,045 4,109,545 State taxes (220,491 ) - Permanent differences 613,269 99,490 Foreign exchange differences 591,263 (1,074,000 ) Share issuance cost capitalized in equity (582,548 ) (390,685 ) Other 197,131 10,484 Income tax expense (recovery) - - Deferred tax assets and liabilities are as follows: 2022 2021 $ $ Non-capital losses 17,003,766 13,742,381 Property and equipment, net - 1,004 Financing costs 702,479 434,399 Accrued expenses 193,549 - Intangible assets, net 553,392 - Tax credits 248,254 - Lease liability 51,994 51,108 18,753,434 14,228,892 Intangible assets, net - (181,845 ) Property and equipment, net (16,546 ) - Lease obligations (55,260 ) (77,612 ) (71,806 ) (259,457 ) Net deferred tax asset 18,681,628 13,969,435 Valuation allowance (18,681,628 ) (13,969,435 ) - - A full valuation allowance has been applied against the net deferred tax assets because it is not more likely than not that future taxable income will be available against which the Company can utilize the benefits therefrom. As at June 30, 2022, the Company has non-capital loss carry-forwards of approximately $62,921,785 (June 30, 2021 - $50,897,706) available to offset future taxable income in Canada and the United States. These non-capital loss carryforwards begin to expire in 2026. The Company recognizes tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from any such position would be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. It is the Company’s policy to recognize interest and penalties accrued on any uncertain tax benefits as a component of income tax expense. There were no uncertain tax positions as of June 30, 2022 or 2021. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and Canada. With few exceptions, the Company is no longer subject to U.S. federal and state tax examinations for fiscal years prior to 2019. The Company is subject to taxation at the federal, state, and local levels in the United States and Canada.

Segment Information

Segment Information	12 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	15. SEGMENT INFORMATION As of the closing of the BayMedica acquisition, the Company aligned into two operating and reportable segments, the InMed segment and the BayMedica segment. The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, for making decisions and assessing performance as the source of the Company’s reportable segments. The CODM allocates resources and assesses the performance of each operating segment based on potential licensing opportunities, historical and potential future product sales, operating expenses, and operating income (loss) before interest and taxes. The Company has determined its reportable segments to be InMed and BayMedica based on the information used by the CODM. Other than cash, cash equivalents and short-term investments (“Unrestricted cash”) balances, the CODM does not regularly review asset information by reportable segment and therefore, the Company does not report asset information by reportable segment. The InMed segment is largely organized around the research and development of cannabinoid-based pharmaceuticals products and the BayMedica segment is largely organized around developing proprietary manufacturing technologies to produce rare cannabinoids for sale in the health and wellness industry. The following table presents information about the Company’s reportable segments for the year ended June 30, 2022 and 2021: Year Ended June 30, 2022 2021 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ Sales - 1,089,435 1,089,435 - - - Operating expenses 13,410,753 6,278,799 19,689,552 10,203,089 - 10,203,089 Net loss (13,410,753 ) (5,189,364 ) (18,600,117 ) (10,203,089 ) - (10,203,089 ) Unrestricted cash 5,984,622 192,244 6,176,866 7,363,126 - 7,363,126

Non-Cash Transactions

Non-Cash Transactions	12 Months Ended
	Jun. 30, 2022
Non-Cash Transactions [Abstract]
NON-CASH TRANSACTIONS	16. NON-CASH TRANSACTIONS Investing and financing activities that do not have a direct impact on cash flows are excluded from the statements of cash flows. During the year ended June 30, 2022, the following transactions were excluded from the statement of cash flows: i) On July 2, 2021, the Company issued warrants to its placement agent. The fair value of these warrants was $739,920 and was included in share issuance costs related to the July 2021 private placement. ii) On October 13, 2021, the Company issued 82,000 common shares to BayMedica’s equity and convertible debt holders, pursuant to the BayMedica Agreement. The estimated fair value of these common shares was $3,013,500 and was included in the total consideration for the acquisition of BayMedica (see Note 8). On acquisition of BayMedica, the loan receivable from BayMedica of $425,000 was settled (see Note 8). iii) On April 1, 2022, the Company issued 3,132 common shares for consulting services. iv) On June 6, 2022, the Company issued 15,152 preferred investment options to its placement agent. The fair value of these investment options was $192,491 and was included in share issuance costs related to the June 2022 registered direct and private placement offerings. v) 15,606 warrants were exercised on a cashless basis resulting in the issuance of 6,293 common shares. vi) As at June 30, 2022, the Company has unpaid financing costs of $26,587. During the year ended June 30, 2021, the following transaction was excluded from the statement of cash flows: i) As at June 30, 2021, the Company has unpaid financing costs of $164,812.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Pursuant to the terms of agreements with various contract research organizations, as at June 30, 2022, the Company is committed for contract research services and materials at a cost of approximately $2,910,529. A total of $2,149,619 of these expenditures are expected to occur in the twelve months following June 30, 2022 and the balance of $760,910 in the following twelve month period. Pursuant to the terms of agreements with various vendors, as at June 30, 2022, the Company is committed for contract materials and equipment at a cost of approximately $634,092, expected to occur in the twelve months following June 30, 2022. Pursuant to the terms of a May 31, 2017 Technology Assignment Agreement between the Company and the University of British Columbia (“UBC”), the Company is committed to pay royalties to UBC on certain licensing and royalty revenues received by the Company for biosynthesis of certain drug products that are covered by the agreement. To date, no payments have been required to be made. Pursuant to the terms of a December 13, 2018 Collaborative Research Agreement with UBC in which the Company owns all rights, title and interests in and to any intellectual property, in addition to funding research at UBC, the Company is committed to make a one-time payment upon filing of any PCT patent application arising from the research. To date, one such payment has been made to UBC. Pursuant to the terms of a November 1, 2018 Contribution Agreement with National Research Council Canada, as represented by its Industrial Research Assistance Program (NRC-IRAP), under certain circumstances contributions received, including the disposition of the underlying intellectual property developed in part with NRC-IRAP contributions, may become repayable. Short-term investments include guaranteed investment certificates with a face value of $44,676 (June 30, 2021 - $46,391) that are pledged as security for a corporate credit card. The Company has entered into certain agreements in the ordinary course of operations that may include indemnification provisions, which are common in such agreements. In some cases, the maximum amount of potential future indemnification is unlimited; however, the Company currently holds commercial general liability insurance. This insurance limits the Company’s liability and may enable the Company to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and it believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented. Pursuant to a technology licensing agreement, the Company is committed to issue, subject to regulatory approval, up to 700 warrants to purchase 700 common shares upon the achievement of certain milestones. The exercise price of the warrants will be equal to the five-day VWAP of the common shares prior to each milestone achievement and the warrants will be exercisable for a period of three years for issuance date. The Company entered into a patent license agreement with a third party (the “Licensor”) in an agreement dated February 15, 2021. The Company is required to make future royalty payments to Licensor based on net sales of licensed products, with minimum payments required starting in 2021. In December 2021, the Company amended the License Agreement including the deferral of the 2021 minimum payments to 2022. As at June 30, 2022, the Company has paid $300,000 for the minimum payments under the agreement. From time to time, the Company may be subject to various legal proceedings and claims related to matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.

Financial Risk Management

Financial Risk Management	12 Months Ended
	Jun. 30, 2022
Financial Risk Management [Abstract]
FINANCIAL RISK MANAGEMENT	18. FINANCIAL RISK MANAGEMENT The fair values of short-term investments, accounts receivable, and accounts payable and accrued liabilities approximate their carrying values because of the short-term nature of these instruments. Cash and cash equivalents are measured at fair value using Level 1 inputs. The Company measured its derivative warrant liabilities at fair value on a recurring basis using level 3 inputs. The following table summarizes the fair values and carrying values of the Company’s financial instruments at June 30, 2022 and 2021: June 30, 2022 Level 1 Level 2 Total Financial assets Cash and cash equivalents 6,176,866 - 6,176,866 Short-term investments - 44,804 44,804 Accounts receivable - 88,027 88,027 Total financial assets 6,176,866 132,831 6,309,697 Financial liabilities Accounts payable and accrued Liabilities - 2,415,265 2,415,265 Total financial liabilities - 2,415,265 2,415,265 June 30, 2021 Level 1 Level 2 Total Financial assets Cash and cash equivalents 7,363,126 - 7,363,126 Short-term investments - 46,462 46,462 Accounts receivable - 11,919 11,919 Total financial assets 7,363,126 58,381 7,421,507 Financial liabilities Accounts payable and accrued Liabilities - 2,134,878 2,134,878 Total financial liabilities - 2,134,878 2,134,878 a) Market Risk: Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of four types of risk: foreign currency risk, interest rate risk, commodity price risk and equity price risk. The Company does not currently have significant commodity price risk or equity price risk. Foreign Currency Risk Foreign currency risk is the risk that the future cash flows or fair value of the Company’s financial instruments that are denominated in a currency that is not the Company’s functional currency (U.S. dollar) will fluctuate due to changes in foreign exchange rates. Portions of the Company’s cash and cash equivalents and accounts payable and accrued liabilities are denominated in Canadian dollars. Accordingly, the Company is exposed to fluctuations in exchange rates, primarily against the Canadian dollar. As at June 30, 2022, the Company has a net excess of Canadian dollar denominated cash and cash equivalents in excess of Canadian dollar denominated accounts payable and accrued liabilities of C$2,052,109 which is equivalent to US$1,592,436 at the June 30, 2022 exchange rate. The Canadian dollar financial assets generally result from holding Canadian dollar cash to settle anticipated near-term accounts payable and accrued liabilities denominated in Canadian dollars. The Canadian dollar financial liabilities generally result from purchases of supplies and services from suppliers in Canada. Each change of 1% in the Canadian dollar in relation to the U.S. dollar results in a gain or loss, with a corresponding effect on cash flows, of $15,924 based on the June 30, 2022 net Canadian dollar assets (liabilities) position. During the year ended June 30, 2022, the Company recorded foreign exchange loss of $107,433 (2021 – gain of $80,713) related to Canadian dollars. Interest Rate Risk: Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. As at June 30, 2022, holdings of cash and cash equivalents of $5,087,615 (June 30, 2021 - $7,053,329) are subject to floating interest rates. The balance of the Company’s cash holdings of $1,089,251 (June 30, 2021 - $309,796) are non-interest bearing. As at June 30, 2022, the Company held variable rate guaranteed investment certificates, with one-year terms, of $44,676 (June 30, 2021 - $46,391). The Company’s current policy is to invest excess cash in guaranteed investment certificates or interest-bearing accounts of major Canadian chartered banks or credit unions with comparable credit ratings. The Company regularly monitors compliance to its cash management policy. b) Credit Risk: Credit risk is the risk of financial loss to the Company if a customer or a counter party to a financial instrument fails to meet its contractual obligations. Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and cash equivalents, short-term investments and loan receivable. Cash and cash equivalents and short-term investments are maintained with financial institutions of reputable credit and may be redeemed upon demand. In the normal course of business, the Company does not provide third party loans. The carrying amount of financial assets represents the maximum credit exposure. Credit risk exposure is limited through maintaining cash and cash equivalents and short-term investments with high-credit quality financial institutions and management considers this risk to be minimal for all cash and cash equivalents and short-term investments assets based on changes that are reasonably possible at each reporting date. c) Liquidity Risk: Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases. As at June 30, 2022, the Company has cash and cash equivalents and short-term investments of $6,221,670 (June 30, 2021 - $7,409,588), current liabilities of $3,181,316 (June 30, 2021 - $2,215,361) and a working capital surplus of $6,416,460 (June 30, 2021 - $6,162,908).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	19. RELATED PARTY TRANSACTIONS On February 11, 2022, the Board of Directors appointed Janet Grove as a director of the Company. Ms. Grove is a Partner of Norton Rose Fulbright Canada LLP (“NRF”). From February 11, 2022 to June 30, 2022, NRF rendered legal services in the amount of $345,935 (2021 - $ Nil

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS In July 2022, 69,930 of the June 2022 pre-funded warrants were exercised resulting in the issuance of 69,930 common shares. On September 7, 2022, the Company consolidated all of its issued and outstanding share capital on the basis of one post-consolidation share for each twenty-five pre-consolidation common shares of the Company in order to regain compliance with all of Nasdaq’s continued listing requirements. Accordingly, all common share, stock option, per common share and warrant amounts for all periods presented in the consolidated financial statements and notes thereto have been adjusted retrospectively to reflect this reverse stock split. On September 7, 2022, 22,920 of the June 2022 pre-funded warrants were exercised resulting in the issuance of 22,920 common shares. On September 13, 2022, the Company closed a $6.0 million private placement. Under the terms of the private placement, an aggregate of 691,245 common shares, or common share equivalents, and investment options to purchase up to an aggregate of 1,382,490 common shares, at an effective purchase price of $8.68 per common share and associated investment options. The warrants have an exercise price of $8.44 per share, are exercisable immediately and have a term of seven years. After deducting the placement agent fees, the Company received net proceeds of approximately $5.4 million.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“US GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for financial information.
Use of Estimates	Use of Estimates The preparation of financial statements in compliance with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date, and the corresponding revenues and expenses for the periods reported. It also requires management to exercise judgment in applying the Company’s accounting policies. In the future, actual experience may differ from these estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these consolidated financial statements are the estimated fair values of the assets acquired and liabilities assumed in acquisitions, the estimate of useful life of intangible assets, the application of the going concern assumption, the impairment assessment for long-lived assets, and determining the fair value of share-based payments and warrants.
COVID-19 Impacts	COVID-19 Impacts On March 11, 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The full extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, research and development costs and employee-related amounts, will depend on future developments that are evolving and highly uncertain, such as the duration and severity of outbreaks, including potential future waves or cycles, and the effectiveness of actions taken to contain and treat COVID-19. The Company considered the potential impact of COVID-19 when making certain estimates and judgments relating to the preparation of these consolidated financial statements. While there was no material impact to the Company’s consolidated financial statements as of and for the year ended June 30, 2022, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in a material impact to the Company’s consolidated financial statements in future reporting periods.
Basis of Consolidation	Basis of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries, including subsidiaries: InMed Pharmaceutical Ltd., BayMedica, LLC, Biogen Sciences Inc., and Sweetnam Consulting Inc. A subsidiary is an entity that the Company controls, either directly or indirectly, where control is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company transactions and balances including unrealized income and expenses arising from intercompany transactions are eliminated in preparing these consolidated financial statements.
Foreign Currency	Foreign Currency The functional currency of the Company and its subsidiaries is the U.S. Dollar. These consolidated financial statements are presented in U.S. Dollars. References to “$” and “US$” are to United States (“U.S.”) dollars and references to “C$” are to Canadian dollars.
Business Combinations	Business Combinations Business combinations are accounted for using the acquisition method. The fair value of total purchase consideration is allocated to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed, with the remaining amount being classified as goodwill. All assets, liabilities and contingent liabilities acquired or assumed in a business combination are recorded at their fair values at the date of acquisition. If the Company’s interest in the fair value of the acquiree’s net identifiable assets exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Transaction costs that are incurred in connection with a business combination, other than costs associated with the issuance of debt or equity securities, are expensed as incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash-on-hand, demand deposits with financial institutions and other short-term, highly liquid investments with original maturities of three months or less when acquired that are readily convertible to known amounts of cash and subject to an insignificant risk of change in value.
Short-term Investments	Short-term Investments Short-term investments include fixed and variable rate guaranteed investment certificates, with terms greater than three months and less than twelve months. Guaranteed investment certificates are convertible to known amounts of cash and are subject to an insignificant risk of change in value.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at invoiced amounts, net of any allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. Expected credit losses on our accounts receivable were immaterial as at June 30, 2022 and 2021.
Inventories	Inventories Inventories are initially valued at weighted average cost and subsequently valued at the lower of weighted average cost and net realizable value. Costs included in inventories are the purchase price of goods and cost of services rendered, freight costs, warehousing costs, purchasing costs and production and labor costs related to manufacturing. In determining any valuation allowances, the Company reviews inventory for obsolete, redundant, and slow-moving goods. At June 30, 2022, no amounts had been charged to the valuation allowance.
Deferred Financing Costs	Deferred Financing Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred financing costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to shareholders’ equity generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred financing costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. As of June 30, 2022, $ Nil
Property and Equipment, Net	Property, Equipment and ROU Assets, Net Equipment and leasehold improvements are recorded at cost, less accumulated depreciation and accumulated impairment losses. The initial cost of equipment and leasehold improvements comprises their purchase price. The useful lives of equipment and leasehold improvements are reviewed at least once per year. Equipment and leasehold improvements are depreciated using the straight-line method based on their estimated useful lives as follows: ● Computer equipment – 30% per annum ● Leasehold improvements – lesser of initial lease term or useful life Equipment and leasehold improvements, acquired or disposed of during the year, are depreciated proportionately for the period they are in use. The right-of-use assets are initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received. The assets are amortized to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. In addition, the right-of-use assets are periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability (see Note 2 Lease (i)).
Intangible Assets, Net	Intangible Assets, Net Intangible assets are comprised of acquired intellectual property, which consists of certain patents and technical know-how. The intellectual property is recorded at cost and is amortized on a straight-line basis over an estimated useful life of 18 years net of any accumulated impairment losses.
In-Process R&D	In-Process R&D In-process R&D (“IPR&D”) is classified as an indefinite-lived intangible asset and is not amortized. IPR&D becomes definite-lived upon the completion or abandonment of the associated research and development efforts. All research and development costs incurred subsequent to the acquisition of IPR&D are expensed as incurred. Indefinite-lived intangible assets are evaluated for impairment on an annual basis or more frequently if an indicator of impairment is present.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or assets. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured as the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets classified as held for sale are reported at the lower of the carrying amount or fair value, less costs to sell. As of June 30, 2022, the Company determined that the long-lived assets of BayMedica were impaired (see Note 6) and no assets were held-for-sale.
Goodwill	Goodwill The Company tests goodwill for potential impairment annually on June 30, or more frequently if an event or other circumstance indicates that the Company may not be able to recover the carrying amount of the net assets of the reporting unit. The Company’s operations consist of two operating and reportable segments, InMed Pharmaceuticals (the “InMed” segment) and BayMedica (the “BayMedica” segment). In evaluating goodwill for impairment, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If a Company bypasses the qualitative assessment, or if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company performs a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount (See Note 6) and records an impairment charge if the carrying value exceeds the fair value.
Financial Assets and Liabilities	Financial Assets and Liabilities Financial Assets Financial assets are initially recognized at fair value, plus transaction costs that are directly attributable to their acquisition or issue and subsequently carried at amortized cost, using the effective interest rate method, less any impairment losses. No financial assets are or elected to be carried at fair value through profit or loss or where changes in fair value are recognized in the consolidated statements of operations and comprehensive loss in other comprehensive loss. Short-term investments are subsequently recorded at cost plus accrued interest, which approximates fair value. Accounts receivable are reported at outstanding amounts, net of provisions for uncollectable amounts. Financial Liabilities Financial liabilities, including accounts payable and accrued liabilities, are initially recognized at fair value net of any transaction costs directly attributable to the issuance of the instrument and subsequently carried at amortized cost using the effective interest rate method. This ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated balance sheet. Interest expense in this context includes initial transaction costs and premiums payable on redemption, as well as any interest or coupon payable while the liability is outstanding. Financial Assets and Liabilities (cont’d) To determine the fair value of financial instruments, the Company uses the fair value hierarchy for inputs used to measure fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority). Level 1 – Unadjusted quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 – Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying value of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities, approximate their carrying values as at June 30, 2022 and 2021 due to their immediate or short-term maturities.
Income Taxes	Income Taxes The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, it recognizes deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company recognizes the deferred income tax effects of a change in tax rates in the period of the enactment. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that management believes is more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than fifty percent likely of being realized. The Company records interest related to unrecognized tax benefits in interest expense and penalties in operating expenses.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when the Company satisfies the performance obligations under the terms of a contract and control of its products and services is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange for those products and services. ASC 606, Revenue from Contracts with Customers Revenue consists of manufacturing and distribution sales of bulk rare cannabinoids, which are generally recognized at a point in time. The Company recognizes revenue when control over the products have been transferred to the customer and the Company has a present right to payment. Sales and other taxes that are required to be remitted to regulatory authorities are recorded as liabilities and excluded from sales. Limited rights of return, for claims of damaged or non-compliant products, exist with the Company’s customers. The Company has elected the practical expedient that allows it to recognize the incremental costs of obtaining a contract as an expense, when incurred, if the amortization period of the asset that the Company otherwise would have recognized is one year or less. Revenues within the scope of ASC 606 do not include material amounts of variable consideration. Customer payments are generally due in advance of when control is transferred to the customer. The time between invoicing and when payment is due is not significant.
Cost of Sales	Cost of Sales Cost of sales consist primarily of the purchase price of goods and cost of services rendered, freight costs, warehousing costs, and purchasing costs. Cost of sales also includes production and labor costs for the Company’s manufacturing business.
Shipping and Handling	Shipping and Handling The Company records freight billed to customers within Net sales. Shipping and handling costs associated with inbound freight and goods shipped to customers are recorded in cost of sales. Other shipping and handling costs, such as for quality assurance, are recorded in operating expenses.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per common share (“EPS”) is computed by dividing the net income or loss applicable to common shares of the Company by the weighted average number of common shares outstanding for the relevant period. Diluted earnings (loss) per common share (“Diluted EPS”) is computed by dividing the net income or loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding, if potentially dilutive instruments were converted. If the conversion of outstanding stock options and warrants into common share is anti-dilutive, then diluted EPS is not presented separately from EPS.
Share-based Payments	Share-based Payments The fair value, at the grant date, of equity-classified share awards is charged to income or loss over the period for which the benefits of employees and others providing similar services are expected to be received. The vesting components of graded vesting employee awards are measured separately and expensed over the related tranche’s vesting period. The corresponding accrued entitlement is recorded in additional paid-in capital. The amount recognized as an expense is adjusted to reflect the number of share options that vest. The fair value of awards is calculated using the Black-Scholes option pricing model which considers the exercise price, current market price of the underlying shares, expected life of the award, risk-free interest rate, expected volatility and the dividend yield. Starting July 1, 2018, the Company accounts for non-employee awards under the guidance provided under ASU 2018-07 and uses an expected term to value non-employee options on an award-by-award basis. The expected term of the Company’s employee stock options is determined using the simplified method and the Company estimates the forfeitures on the grant date for options issued. The expected term of the Company’s non-employee stock options is the contractual term of the options granted and the Company estimates the forfeitures on the grant date for options issued.
Research and Development Costs	Research and Development Costs The Company conducts research and development programs and incurs costs related to these activities, including research and development personnel compensation, services provided by contract research organizations and lab supplies. Research and development costs are expensed in the periods in which they are incurred.
Patents and Intellectual Property Costs	Patents and Intellectual Property Costs The costs of filing for patents and of prosecuting and maintaining intellectual property rights are expensed as incurred due to the uncertainty surrounding the drug development process and the uncertainty of future benefits. Patents and intellectual property acquired from third parties for approved products or where there are alternative future uses are capitalized and amortized over the remaining life of the patent.
Segment reporting	Segment reporting The Company’s operations consist of two operating and reportable segments, the InMed segment and the BayMedica segment. The InMed segment is largely organized around the research and development of cannabinoid-based pharmaceuticals products and the BayMedica segment is largely organized around developing proprietary manufacturing technologies to produce rare cannabinoids for sale in the health and wellness industry (See Note 15).
Leases	Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease liability is initially measured as the present value of future lease payments excluding payments made at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for all of its asset classes. The Company has elected to apply the practical expedient to exclude initial direct costs such as annual operating costs from the measurement of the right-of-use asset at the date of initial application. The Company has elected to apply the practical expedient not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The lease payments associated with these leases is recognized as an expense on a straight- line basis over the lease term.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted i) Fair Value Measurement In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 82):

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Jun. 30, 2022
Inventories [Abstract]
Schedule of inventories	June 30, June 30, $ $ Raw materials 292,577 Work in process 1,724,851 - Finished goods 473,426 - Inventories 2,490,854 -

Property, Equipment and Rou A_2

Property, Equipment and Rou Assets, Net (Tables)	12 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of property, equipment and right of use assets	June 30, June 30, $ $ Right of Use Assets (leases) 1,167,436 439,321 Equipment 212,877 66,888 Leasehold Improvements 40,409 42,986 Property and equipment 1,420,722 549,195 Less: accumulated depreciation and amortization (516,470 ) (222,600 ) Property, equipment and ROU assets, net 904,252 326,595

Impairment of Intangible Asse_2

Impairment of Intangible Assets and Goodwill (Tables)	12 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
Schedule of intangible assets	$ Goodwill Balance at July 1, 2021 - Acquired at October 13, 2021 2,023,039 Impairment losses (2,023,039 ) Balance at June 30, 2022 - Indefinite lived intangible assets IPR&D Balance at July 1, 2021 - Acquired at October 13, 2021 1,249,000 Impairment losses (1,249,000 ) Balance at June 30, 2022 - Definite lived intangible assets Trademark and Intellectual Property Balance at July 1, 2021 1,736,420 Acquired at October 13, 2021 216,000 Amortization (786,637 ) Impairment losses (200,554 ) Balance at June 30, 2022 965,229 Definite lived intangible assets Patents Balance at July 1, 2021 - Acquired at October 13, 2021 1,191,000 Amortization (47,314 ) Impairment losses - Balance at June 30, 2022 1,143,686 Intangible assets, net 2,108,915

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
Schedule of intangible assets	June 30, June 30, $ $ Intellectual property 1,736,420 1,736,420 Patents 1,191,000 - Intangible assets 2,927,420 1,736,420 Less: accumulated depreciation (818,505 ) (674,723 ) Intangible assets, net 2,108,915 1,061,697
Schedule of amortization expense	$ 2022 161,477 2023 161,477 2024 161,477 2025 161,477 2026 161,477 807,385

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Jun. 30, 2022
Acquisition Abstract
Schedule of total consideration	Purchase Price Estimated fair value of common shares issued 3,013,500 Cash 1,000,000 Less:Post-closing adjustments (199,543 ) Estimated fair value of consideration transferred 3,813,957
Schedule of fair value of assets acquired and liabilities	Purchase Price Allocation ($) Assets acquired: Cash and cash equivalents 91,566 Accounts receivable 36,100 Inventories 487,122 Prepaid expenses and deposits 131,674 Property and equipment 133,911 IPR&D 1,249,000 Patents 1,191,000 Trademark 216,000 Goodwill 2,023,039 Total assets acquired 5,559,412 Liabilities assumed: Accounts payable and accrued liabilities 1,024,487 Other short-term liabilities 598,245 Long-term debt 122,723 Total liabilities acquired 1,745,455 Estimated fair value of net assets acquired 3,813,957
Schedule of pro forma consolidated results	Year Ended June 30 2022 2021 $ $ Sales 1,365,755 1,904,013 Net loss (19,260,014 ) (10,705,494 )

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Jun. 30, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of accounts payable and accrued liabilities	June 30, June 30, $ $ Trade payables 1,166,068 775,129 Accrued research and development expenses 839,638 309,901 Employee compensation, benefits and related accruals 139,120 880,207 Accrued general and administrative expenses 270,439 169,641 Accounts payable and accrued liabilities 2,415,265 2,134,878

Share Capital and Reserves (Tab

Share Capital and Reserves (Tables)	12 Months Ended
	Jun. 30, 2022
Share Capital And Reserves [Abstract]
Schedule of private placement offering	Transaction Description Number Issue Price Total Shares Issued 35,600 $ 74.325 $ 2,645,970 Pre-funded Warrants Issued 125,853 $ 74.3226 9,353,716 Gross Proceeds $ 11,999,686 Allocated to Additional Paid-in Capital (10,540,635 ) $ 1,459,051 Share Issuance Costs $ (247,336 ) Transaction Description Number Issue Price Total Shares Issued 65,002 $ 21.450 $ 1,394,286 Pre-funded Warrants Issued 168,099 $' 21.4474 3,605,294 Gross Proceeds $ 4,999,580 Allocated to Additional Paid-in Capital (4,245,508 ) $ 754,072 Share Issuance Costs $ (127,884 )
Schedule of changes in share purchase warrants	Number Weighted Average Aggregate Intrinsic Value Balance as at June 30, 2021 98,920 $ 75,47 - Granted 161,453 $ 18.50 - Exercised (15,606 ) $ 11.25 125,611 Balance as at June 30, 2022 244,767 $ 41.99 -
Schedule of changes in agents warrants	Number Weighted Average Aggregate Intrinsic Value Balance as at June 30, 2021 - -                     - Granted 12,109 $ 92.9075 - Balance as at June 30, 2022 12,109 $ 92.9075 -

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Jun. 30, 2022
Share-Based Payments [Abstract]
Schedule of outstanding options	Number Weighted Average Exercise Price Balance as at June 30, 2021 36,472 215.35 Granted 31,160 34.20 Expired/Forfeited (12,029 ) 122.38 Balance as at June 30, 2022 55,603 128.59 June 30, 2022: Vested and exercisable 26,182 228.87 Unvested 29,421 39.35

Lease Obligations (Tables)

Lease Obligations (Tables)	12 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of minimum lease payments	Maturity Analysis June 30, Less than one year $ 431,169 One to five years 396,665 More than five years - Total undiscounted lease liabilities $ 827,834 (1)

Basic and Diluted Loss Per Sh_2

Basic and Diluted Loss Per Share (Tables)	12 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of weighted average number of common shares	Year Ended June 30, 2022 2021 $ $ Net loss for the period (18,600,117 ) (10,203,089 ) Basic and diluted loss per share (33.17 ) (37.96 ) Weighted average number of common shares - basic and diluted 560,829 268,793

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of a reconciliation of income taxes	2022 2021 $ $ Net loss before taxes (18,600,117 ) (10,203,089 ) Income tax expense (recovery) at the statutory rate (4,710,669 ) (2,754,834 ) Increase (reduction) in income taxes resulting from: Change in valuation allowance 4,112,045 4,109,545 State taxes (220,491 ) - Permanent differences 613,269 99,490 Foreign exchange differences 591,263 (1,074,000 ) Share issuance cost capitalized in equity (582,548 ) (390,685 ) Other 197,131 10,484 Income tax expense (recovery) - -
Schedule of deferred tax assets and liabilities	2022 2021 $ $ Non-capital losses 17,003,766 13,742,381 Property and equipment, net - 1,004 Financing costs 702,479 434,399 Accrued expenses 193,549 - Intangible assets, net 553,392 - Tax credits 248,254 - Lease liability 51,994 51,108 18,753,434 14,228,892 Intangible assets, net - (181,845 ) Property and equipment, net (16,546 ) - Lease obligations (55,260 ) (77,612 ) (71,806 ) (259,457 ) Net deferred tax asset 18,681,628 13,969,435 Valuation allowance (18,681,628 ) (13,969,435 ) - -

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of reportable segments	Year Ended June 30, 2022 2021 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ Sales - 1,089,435 1,089,435 - - - Operating expenses 13,410,753 6,278,799 19,689,552 10,203,089 - 10,203,089 Net loss (13,410,753 ) (5,189,364 ) (18,600,117 ) (10,203,089 ) - (10,203,089 ) Unrestricted cash 5,984,622 192,244 6,176,866 7,363,126 - 7,363,126

Financial Risk Management (Tabl

Financial Risk Management (Tables)	12 Months Ended
	Jun. 30, 2022
Financial Risk Management [Abstract]
Schedule of fair value and carrying values of the company	June 30, 2022 Level 1 Level 2 Total Financial assets Cash and cash equivalents 6,176,866 - 6,176,866 Short-term investments - 44,804 44,804 Accounts receivable - 88,027 88,027 Total financial assets 6,176,866 132,831 6,309,697 Financial liabilities Accounts payable and accrued Liabilities - 2,415,265 2,415,265 Total financial liabilities - 2,415,265 2,415,265 June 30, 2021 Level 1 Level 2 Total Financial assets Cash and cash equivalents 7,363,126 - 7,363,126 Short-term investments - 46,462 46,462 Accounts receivable - 11,919 11,919 Total financial assets 7,363,126 58,381 7,421,507 Financial liabilities Accounts payable and accrued Liabilities - 2,134,878 2,134,878 Total financial liabilities - 2,134,878 2,134,878

Nature of Business and Going _2

Nature of Business and Going Concern (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Net losses	$ 18.6	$ 10.2
Accumulated deficit	93.5	$ 74.9
Cash and cash equivalents	6.2
Net proceeds from private placement	$ 5.4

Significant Accounting Polici_2

Significant Accounting Policies (Details)	12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Accounting Policies [Abstract]
Deferred financing costs		$ 112,074
Straight-line method percentage per annum	30%
Estimated useful life	18 years
Number of operating segments	2
Income tax positions, description	Recognized income tax positions are measured at the largest amount that is greater than fifty percent likely of being realized.
Lease term	12 years

Customer Concentration (Details

Customer Concentration (Details)	12 Months Ended
	Jun. 30, 2022
Customer Concentration (Details) [Line Items]
Net sales description	The Company had three customers during the year ended June 30, 2022, which individually generated 10% or more of the Company’s net sales.
Customer One [Member] | Sales [Member]
Customer Concentration (Details) [Line Items]
Concentration percentage	48%
Customer One [Member] | Accounts Receivable [Member]
Customer Concentration (Details) [Line Items]
Concentration percentage	0%

Inventories (Details)

Inventories (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Inventories [Abstract]
Inventory expensed to cost of goods sold	$ 545,889

Inventories (Details) - Schedul

Inventories (Details) - Schedule of inventories - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Inventories Abstract
Raw materials	$ 292,577
Work in process	1,724,851
Finished goods	473,426
Inventories	$ 2,490,854

Property, Equipment and Rou A_3

Property, Equipment and Rou Assets, Net (Details) - Schedule of property, equipment and right of use assets - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,420,722	$ 549,195
Less: accumulated depreciation and amortization	(516,470)	(222,600)
Property, equipment and ROU assets, net	904,252	326,595
Right of Use Asset (leases) [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,167,436	439,321
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	212,877	66,888
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 40,409	$ 42,986

Impairment of Intangible Asse_3

Impairment of Intangible Assets and Goodwill (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Impairment of Intangible Assets and Goodwill (Details) [Line Items]
Goodwill	$ 2,023,039
Definite lived intangible assets	216,000
Impairment charge	2
Impairment charge	1.2
Acquired in-process research and development expense	0.2
IPR&D [Member]
Impairment of Intangible Assets and Goodwill (Details) [Line Items]
Definite lived intangible assets	1,249,000
Patents [Member]
Impairment of Intangible Assets and Goodwill (Details) [Line Items]
Definite lived intangible assets	$ 1,191,000

Impairment of Intangible Asse_4

Impairment of Intangible Assets and Goodwill (Details) - Schedule of intangible assets	12 Months Ended
	Jun. 30, 2022 USD ($)
Impairment of Intangible Assets and Goodwill (Details) - Schedule of intangible assets [Line Items]
Intangible assets, net	$ 2,108,915
Goodwill [Member]
Impairment of Intangible Assets and Goodwill (Details) - Schedule of intangible assets [Line Items]
Balance as of beginning
Acquired at October 13, 2022	2,023,039
Impairment losses	(2,023,039)
Balance as of ending
IPR&D [Member]
Impairment of Intangible Assets and Goodwill (Details) - Schedule of intangible assets [Line Items]
Balance as of beginning
Acquired at October 13, 2022	1,249,000
Impairment losses	(1,249,000)
Balance as of ending
Trademark and Intellectual Property [Member]
Impairment of Intangible Assets and Goodwill (Details) - Schedule of intangible assets [Line Items]
Balance as of beginning	1,736,420
Acquired at October 13, 2022	216,000
Amortization	(786,637)
Impairment losses	(200,554)
Balance as of ending	965,229
Patents [Member]
Impairment of Intangible Assets and Goodwill (Details) - Schedule of intangible assets [Line Items]
Balance as of beginning
Acquired at October 13, 2022	1,191,000
Amortization	(47,314)
Impairment losses
Balance as of ending	$ 1,143,686

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Intangible Assets [Abstract]
Straight-line basis	18 years
Estimated useful life	18 years
Weighted average estimated remaining useful life	13 years
Amortization expense on intangible assets (in Dollars)	$ 159,228	$ 99,723

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of intangible assets - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Intangible Assets Abstract
Intellectual property	$ 1,736,420	$ 1,736,420
Patents	1,191,000
Intangible assets	2,927,420	1,736,420
Less: accumulated depreciation	(818,505)	(674,723)
Intangible assets, net	$ 2,108,915	$ 1,061,697

Intangible Assets (Details) -_2

Intangible Assets (Details) - Schedule of amortization expense	Jun. 30, 2022 USD ($)
Schedule Of Amortization Expense Abstract
2022	$ 161,477
2023	161,477
2024	161,477
2025	161,477
2026	161,477
Total	$ 807,385

Acquisition (Details)

Acquisition (Details) - USD ($)		12 Months Ended
	Oct. 13, 2021	Jun. 30, 2022	Jun. 30, 2021
Acquisition (Details) [Line Items]
Common shares (in Shares)		82,000
Price per share (in Dollars per share)		$ 36.75
Loans receivable		$ 425,000
Intangible assets estimated fair value		$ 2,656,000
Estimated useful life		18 years
Operating losses		$ (18,600,117)	$ (10,203,089)
Revenues		1,089,435
Legal fees		$ 200,000
Cannabinoid [Member]
Acquisition (Details) [Line Items]
Estimated useful life		18 years
BayMedica [Member]
Acquisition (Details) [Line Items]
Operating losses		$ 1,100,000
Revenues		$ 5,200,000
Acquisition [Member]
Acquisition (Details) [Line Items]
Description of business acquisition	The Company acquired 100% of BayMedica in exchange for i) 82,000 common shares issued to BayMedica’s equity and convertible debt holders, subject to a six-month contractual hold period and ii) $1 million to be held in escrow, subject to reduction for certain post-closing adjustments or satisfaction of indemnification claims under the definitive agreement (the “BayMedica Agreement”) in the six- and twelve-month periods following the closing.
Acquisition percentage	100%

Acquisition (Details) - Schedul

Acquisition (Details) - Schedule of total consideration - Purchase Price Consideration [Member]	12 Months Ended
	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Estimated fair value of common shares issued	$ 3,013,500
cash	1,000,000
Less:Post-closing adjustments	(199,543)
Estimated fair value of consideration transferred	$ 3,813,957

Acquisition (Details) - Sched_2

Acquisition (Details) - Schedule of fair value of assets acquired and liabilities - Purchase Price Consideration [Member]	Jun. 30, 2022 USD ($)
Acquisition (Details) - Schedule of fair value of assets acquired and liabilities [Line Items]
Cash and cash equivalents	$ 91,566
Accounts receivable	36,100
Inventories	487,122
Prepaid expenses and deposits	131,674
Property and equipment	133,911
IPR&D	1,249,000
Patents	1,191,000
Trademark	216,000
Goodwill	2,023,039
Total assets acquired	5,559,412
Liabilities assumed:
Accounts payable and accrued liabilities	1,024,487
Other short-term liabilities	598,245
Long-term debt	122,723
Total liabilities acquired	1,745,455
Estimated fair value of net assets acquired	$ 3,813,957

Acquisition (Details) - Sched_3

Acquisition (Details) - Schedule of pro forma consolidated results - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Pro Forma Consolidated Results Abstract
Sales	$ 1,365,755	$ 1,904,013
Net loss	$ (19,260,014)	$ (10,705,494)

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - Schedule of accounts payable and accrued liabilities - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Accounts Payable And Accrued Liabilities Abstract
Trade payables	$ 1,166,068	$ 775,129
Accrued research and development expenses	839,638	309,901
Employee compensation, benefits and related accruals	139,120	880,207
Accrued general and administrative expenses	270,439	169,641
Accounts payable and accrued liabilities	$ 2,415,265	$ 2,134,878

Share Capital and Reserves (Det

Share Capital and Reserves (Details) - USD ($)							12 Months Ended
	Jun. 06, 2022	Apr. 22, 2022	Mar. 21, 2022	Jul. 02, 2021	Feb. 12, 2021	Nov. 16, 2020	Jun. 30, 2022	Jun. 30, 2021
Share Capital and Reserves (Details) [Line Items]
Common shares issued	65,002			35,600
Pre-funded warrants	98,169			125,853
Gross proceeds from warrants (in Dollars)	$ 3,500,002			$ 11,999,686
Transaction costs allocated to common shares (in Dollars)	127,884			247,336
Transaction costs allocated to additional paid-in capital (in Dollars)	$ 719,964			$ 1,786,831
Exercised common shares description							The 125,853 pre-funded warrants were fully exercised for 125,853 common shares during the year ended June 30, 2022, resulting in a $4,283,654 reclassification from additional paid-in capital to common shares.
Common shares issued							650,667	322,028
Warrant issue				161,453	27,720	71,200
Exercise price per share (in Dollars per share)	$ 18.5		$ 11.25	$ 71.2	$ 121.25	$ 127.75
Expire term				5 years	6 months	6 years
Warrant expiry date	Jun. 06, 2029		Mar. 31, 2023
Warrants modification expense (in Dollars)	$ 119,555			$ 1,194,752
Warrants expiry term					5 years 6 months
Warrants issued			15,606
Issuance of common shares issued			6,293
Warrants to re-price (in Dollars per share)				$ 18.5
Intrinsic value of warrants exercised (in Dollars)							$ 125,611
Warrant [Member]
Share Capital and Reserves (Details) [Line Items]
Exercise price per share (in Dollars per share)				$ 92.9075
Expire term				5 years
Warrants issued				12,109
Preferred Investment Options [Member]
Share Capital and Reserves (Details) [Line Items]
Exercise price per share (in Dollars per share)	$ 19.75
Expire term	6 years 6 months
Warrants issued	233,100
Agents’ Investment Options [Member]
Share Capital and Reserves (Details) [Line Items]
Exercise price per share (in Dollars per share)	$ 26.8125
Expire term	5 years
Warrants issued	15,152
Options exercisable	4 months
Private Placement [Member]
Share Capital and Reserves (Details) [Line Items]
Gross proceeds from warrants (in Dollars)	$ 1,499,999
Pre-funded warrants (in Dollars)	$ 69,930
BayMedica Agreement [Member]
Share Capital and Reserves (Details) [Line Items]
Common shares issued							82,000
Common shares consulting services							78,312
ATM [Member]
Share Capital and Reserves (Details) [Line Items]
Common shares		10,759
Net issuance costs (in Dollars)		$ 146,533

Share Capital and Reserves (D_2

Share Capital and Reserves (Details) - Schedule of private placement offering - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share Capital and Reserves (Details) - Schedule of private placement offering [Line Items]
Total	$ 754,072	$ 1,459,051
Shares Issued [Member]
Share Capital and Reserves (Details) - Schedule of private placement offering [Line Items]
Number (in Shares)	65,002	35,600
Issue Price (in Dollars per share)	$ 21.45	$ 74.325
Total	$ 1,394,286	$ 2,645,970
Pre-funded Warrants Issued [Member]
Share Capital and Reserves (Details) - Schedule of private placement offering [Line Items]
Number (in Shares)	168,099	125,853
Issue Price (in Dollars per share)	$ 21.4474	$ 74.3226
Total	$ 3,605,294	$ 9,353,716
Gross Proceeds [Member]
Share Capital and Reserves (Details) - Schedule of private placement offering [Line Items]
Total	4,999,580	11,999,686
Allocated to Additional Paid-in Capital [Member]
Share Capital and Reserves (Details) - Schedule of private placement offering [Line Items]
Total	(4,245,508)	(10,540,635)
Share issuance costs [Member]
Share Capital and Reserves (Details) - Schedule of private placement offering [Line Items]
Total	$ (127,884)	$ (247,336)

Share Capital and Reserves (D_3

Share Capital and Reserves (Details) - Schedule of changes in share purchase warrants - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share Capital and Reserves (Details) - Schedule of changes in share purchase warrants [Line Items]
Number of Exercised	(15,606)
Weighted Average Share Price, Exercised	11.25
Aggregate Intrinsic Value, Exercised (in Dollars)	$ 125,611
Share purchase warrants [Member]
Share Capital and Reserves (Details) - Schedule of changes in share purchase warrants [Line Items]
Number of Beginning balance	98,920
Weighted Average Share Price, Beginning balance (in Dollars per share)	$ 7,547
Aggregate Intrinsic Value, Beginning balance (in Dollars)
Number of Granted	161,453
Weighted Average Share Price, Granted (in Dollars per share)	$ 18.5
Aggregate Intrinsic Value, Granted (in Dollars)
Number of Ending balance	244,767
Weighted Average Share Price, Ending balance (in Dollars per share)	$ 41.99
Aggregate Intrinsic Value, Ending balance (in Dollars)

Share Capital and Reserves (D_4

Share Capital and Reserves (Details) - Schedule of changes in agents warrants - Agents' Warrants [Member]	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Share Capital and Reserves (Details) - Schedule of changes in agents warrants [Line Items]
Number of Beginning Balance | shares
Weighted Average Share Price, Beginning Balance | $ / shares
Aggregate Intrinsic Value, Beginning Balance | $
Granted | shares	12,109
Weighted Average Share Price, Granted | $ / shares	$ 92.9075
Aggregate Intrinsic Value, Granted | $
Number of Ending Balance | shares	12,109
Weighted Average Share Price, Ending Balance | $ / shares	$ 92.9075
Aggregate Intrinsic Value, Ending Balance | $

Share-Based Payments (Details)

Share-Based Payments (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 24, 2017	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payments (Details) [Line Items]
Issued and outstanding, percentage	20%
Options shares (in Shares)		18,163	19,735
Weighted average fair value at grant date of options granted (in Dollars per share)		$ 21.04	$ 49.03
Weighted average risk-free interest rate		1.17%	0.27%
Weighted average expected life		3 years 1 month 6 days
Weighted average volatility rate		97.15%	105.88%
Weighted average dividend yield		0%	0%
Weighted average forfeiture rate		5%	5%
Share-based payment transactions (in Dollars)		$ 697,894	$ 610,193
Unvested options (in Dollars)		$ 292,959
Weighted-average vesting period		1 year
General and Administrative Expenses [Member]
Share-Based Payments (Details) [Line Items]
Share-based payment transactions (in Dollars)		$ 419,075	405,801
Research and Development Expenses [Member]
Share-Based Payments (Details) [Line Items]
Share-based payment transactions (in Dollars)		$ 278,819	$ 204,392

Share-Based Payments (Details)

Share-Based Payments (Details) - Schedule of outstanding options	12 Months Ended
	Jun. 30, 2022 $ / shares shares
Schedule Of Outstanding Options Abstract
Number of Beginning balance	36,472
Weighted Average Exercise Price, Beginning balance (in Dollars per share) | $ / shares	$ 215.35
Number of Granted	31,160
Weighted Average Exercise Price, Granted (in Dollars per share) | $ / shares	$ 34.2
Number of Expired/Forfeited	(12,029)
Weighted Average Exercise Price, Expired/Forfeited (in Dollars per share) | $ / shares	$ 122.38
Number of Ending balance	55,603
Weighted Average Exercise Price, Ending balance	128.59
June 30, 2022:
Number of Vested and exercisable	26,182
Weighted Average Exercise Price, Vested and exercisable (in Dollars per share) | $ / shares	$ 228.87
Number of Unvested	29,421
Weighted Average Exercise Price, Unvested (in Dollars per share) | $ / shares	$ 39.35

Lease Obligations (Details)

Lease Obligations (Details) - USD ($)	1 Months Ended		12 Months Ended
	Aug. 31, 2024	Apr. 30, 2024	Jun. 30, 2022
Lease Obligations (Details) [Line Items]
Remaining term			1 year 9 months 18 days
Operating lease right-of-use assets			$ 728,115
Lease liability			$ 825,427
Discount rate			4%
Forecast [Member]
Lease Obligations (Details) [Line Items]
Variable operating costs		$ 92,964
Estimated variable operating costs	$ 60,916

Lease Obligations (Details) - S

Lease Obligations (Details) - Schedule of minimum lease payments	Jun. 30, 2022 USD ($)
Schedule Of Minimum Lease Payments Abstract
Less than one year	$ 431,169
One to five years	396,665
More than five years
Total undiscounted lease liabilities	$ 827,834	[1]
[1]Excludes estimated variable operating costs of $92,964 and $60,916 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Basic and Diluted Loss Per Sh_3

Basic and Diluted Loss Per Share (Details) - Schedule of weighted average number of common shares - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Weighted Average Number Of Common Shares Abstract
Net loss for the period	$ (18,600,117)	$ (10,203,089)
Basic and diluted loss per share	$ (33.17)	$ (37.96)
Weighted average number of common shares - basic and diluted	560,829	268,793

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income statutory corporate tax rate	27%	27%
Non-capital loss carry-forwards (in Dollars)	$ 62,921,785	$ 50,897,706
Recognized tax benefits percentage	50%

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of a reconciliation of income taxes - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Schedule Of AReconciliation Of Income Taxes Abstract
Net loss before taxes	$ (18,600,117)	$ (10,203,089)
Income tax expense (recovery) at the statutory rate	(4,710,669)	(2,754,834)
Increase (reduction) in income taxes resulting from:
Change in valuation allowance	4,112,045	4,109,545
State taxes	(220,491)
Permanent differences	613,269	99,490
Foreign exchange differences	591,263	(1,074,000)
Share issuance cost capitalized in equity	(582,548)	(390,685)
Other	197,131	10,484
Income tax expense (recovery)

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Deferred Tax Assets And Liabilities Abstract
Non-capital losses	$ 17,003,766	$ 13,742,381
Property and equipment, net		1,004
Financing costs	702,479	434,399
Accrued expenses	193,549
Intangible assets, net	553,392
Tax credits	248,254
Lease liability	51,994	51,108
Deferred tax assets and liabilities, gross	18,753,434	14,228,892
Intangible assets, net		(181,845)
Property and equipment, net	(16,546)
Lease obligations	(55,260)	(77,612)
Deferred tax assets and liabilities, net	(71,806)	(259,457)
Net deferred tax asset	18,681,628	13,969,435
Valuation allowance	(18,681,628)	(13,969,435)
Net deferred tax asset, net

Segment Information (Details) -

Segment Information (Details) - Schedule of reportable segments - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Sales	$ 1,089,435
Operating expenses	19,689,552	10,203,089
Net loss	(18,600,117)	(10,203,089)
Unrestricted cash	6,176,866	7,363,126
InMed [Member]
Segment Reporting Information [Line Items]
Sales
Operating expenses	13,410,753	10,203,089
Net loss	(13,410,753)	(10,203,089)
Unrestricted cash	5,984,622	7,363,126
BayMedica [Member]
Segment Reporting Information [Line Items]
Sales	1,089,435
Operating expenses	6,278,799
Net loss	(5,189,364)
Unrestricted cash	$ 192,244

Non-Cash Transactions (Details)

Non-Cash Transactions (Details) - USD ($)	Jul. 02, 2021	Jun. 30, 2022	Jun. 06, 2022	Apr. 01, 2022	Oct. 13, 2021	Jun. 30, 2021
Non-Cash Transactions (Details) [Line Items]
Fair value of warrants issued to placement agent	$ 739,920
Common shares issued (in Shares)				3,132
Preferred shares issued options (in Shares)			15,152
Fair value investment		$ 192,491
Exercised warrants (in Shares)		15,606
Issuance of common shares (in Shares)		6,293
Unpaid financing costs		$ 26,587				$ 164,812
BayMedica Inc. [Member]
Non-Cash Transactions (Details) [Line Items]
Common shares issued (in Shares)					82,000
Estimated fair value common shares					$ 3,013,500
Loan receivable					$ 425,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Materials cost	$ 2,910,529
Expenditure amount	2,149,619
Balance of expenditure	760,910
Materials and equipment cost	634,092
Guaranteed investment face value	$ 44,676	$ 46,391
Warrants to purchase (in Shares)	700
Common shares (in Shares)	700
Issuance date	3 years
Agreement payments paid	$ 300,000

Financial Risk Management (Deta

Financial Risk Management (Details)	12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 CAD ($)
Financial Risk Management (Details) [Line Items]
Accounts payable and accrued liabilities	$ 1,592,436		$ 2,052,109
Foreign exchange gain (loss)	107,433	$ 80,713
Cash and cash equivalents subject to floating interest rates	5,087,615	7,053,329
Non-interest bearing	1,089,251	309,796
Guaranteed investment	44,676	46,391
Cash and cash equivalents and short-term investments	6,221,670	7,409,588
Current liabilities	3,181,316	2,215,361
Working capital surplus	$ 6,416,460	$ 6,162,908
U.S. Dollar [Member]
Financial Risk Management (Details) [Line Items]
Foreign currency risk, percentage	1%
Effect on gain or loss	$ 15,924

Financial Risk Management (De_2

Financial Risk Management (Details) - Schedule of fair value and carrying values of the company - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 6,176,866	$ 7,363,126
Short-term investments	44,804	46,462
Accounts receivable	88,027	11,919
Total financial assets	6,309,697	7,421,507
Accounts payable and accrued Liabilities	2,415,265	2,134,878
Total financial liabilities	2,415,265	2,134,878
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	6,176,866	7,363,126
Short-term investments
Accounts receivable
Total financial assets	6,176,866	7,363,126
Accounts payable and accrued Liabilities
Total financial liabilities
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents
Short-term investments	44,804	46,462
Accounts receivable	88,027	11,919
Total financial assets	132,831	58,381
Accounts payable and accrued Liabilities	2,415,265	2,134,878
Total financial liabilities	$ 2,415,265	$ 2,134,878

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	5 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Legal services	$ 345,935

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Sep. 13, 2022	Sep. 07, 2022	Jul. 31, 2022
Subsequent Events (Details) [Line Items]
Warrants exercised		22,920	69,930
Common shares		22,920	69,930
Private placement (in Dollars)	$ 6
Price per share (in Dollars per share)	$ 8.68
Exercise price per share (in Dollars per share)	$ 8.44
Exercisable term	7 years
Net proceeds (in Dollars)	$ 5.4
Private Placement [Member]
Subsequent Events (Details) [Line Items]
Common shares	691,245
Investment Options [Member]
Subsequent Events (Details) [Line Items]
Common shares	1,382,490