BayMedica, a rare cannabinoids supplier for the health and wellness sector acquired by InMed Pharmaceuticals (NASDAQ: INM) in 2021, is scaling up its manufacturing process to meet growing demand. That includes optimizing its supply chain, increasing production, and continuing its research on rare cannabinoids to expand its product portfolio to unlock more of their potential benefits and create a consistent high-quality supply. As manufacturers learn more about these potential benefits and uses, BayMedica has seen its revenue increase notably in the first half of the year. InMed released unaudited revenues in July showing 123% growth for Q4, fiscal 2023. This comes on the heels of 120% growth in BayMedica’s third-quarter revenue and 46% growth in its second quarter. Here’s what is driving BayMedica’s growth and what that means for InMed.
BayMedica Posts Consistent Growth As Rare Cannabinoids Gain Market Share
While THC and CBD are more well-known, there are more than 100 rare cannabinoids found in cannabis. These interact with the human endocannabinoid system which is involved in almost every aspect of body's functioning and plays an important role in maintaining homeostasis. BayMedica specializes in supplying bioidentical versions of some of those …