Document:

Exhibit 4.7

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH
THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

 

THE HOLDER OF THIS SECURITY SHALL NOT TRADE THE
SECURITY BEFORE THE INITIAL EXERCISE DATE SET FORTH BELOW.

 

FORM OF SERIES B COMMON SHARES PURCHASE WARRANT

 

INMED PHARMACEUTICALS INC.

 

	Warrant Shares: _______	 	Initial Issuance Date: ______, 2021
	 	 	 
	 	 	Initial Exercise Date: ______, 20221

 

THIS SERIES B COMMON SHARES PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date set forth above (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) ____________2
(the “Termination Date”)
but not thereafter, to subscribe for and purchase from InMed Pharmaceuticals Inc., a company incorporated under the laws of the Province
of British Columbia (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant
Shares”) of common shares of the Company (the “Common Shares”). The purchase price of one share of Common
Shares under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined here and elsewhere in the Warrant, the following terms have the meanings indicated in this Section
1. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Agreement and Plan of
Reorganization, dated [_], 2021, among the Company, InMed LLC, BayMedica, Inc., the stockholder representative listed therein and
stockholders listed on the signature pages thereto (the “Merger Agreement”).

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Shares”
means the common shares in the capital of the Company, without par value, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and

regulations promulgated thereunder.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.

 

“Trading Day”
means a day on which the Common Shares is traded on a Trading Market.

 

 

		1	
Insert the date that is six (6) months plus one day after the Initial Issuance Date.

		2	
Insert the date that is the fifth (5th) year anniversary of the Initial Issuance Date, provided that, if such date is not
a Trading Day, insert the immediately following Trading Day.

 

    

     

    

 

“Trading Market”
means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the Toronto Stock Exchange, or the
New York Stock Exchange (or any successors to any of the foregoing).

 

“Transfer Agent”
means Computershare Investor Services Inc., with offices located at 510 Burrard Street, 3rd Floor, Vancouver, B.C., Canada
V6C 3B9 and any successor transfer agent of the Company.

 

Section 2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy
or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”).
Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined
below) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified
in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within five (5) Business Days of the date on which the final Notice of Exercise
is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal
to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading
Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason
of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares
available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

b) Exercise
Price. The exercise price per share of Common Shares under this Warrant shall be [2 times Share Price], subject to adjustment hereunder
(the “Exercise Price”).

 

c) Cashless
Exercise. This Warrant may not be exercised, in whole or in part, by means of a “cashless exercise” except after the Company
has delivered to the Holder a Call Exercise Notice (as defined below). If the Company delivers to the Holder a Call Exercise Notice, then
the Holder shall be entitled to elect to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

 

	 	(A)	=	 as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1)
both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant
to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of
Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise as of the time of the Holder’s execution of the applicable Notice of Exercise if such
Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter
(including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof
or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such
Trading Day;

 

	 	(B)	=	 the Exercise
Price of this Warrant, as adjusted hereunder; and

 

	 	(X)	=	 the number
of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were
by means of a cash exercise rather than a cashless exercise.

 

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“Bid Price” means, for
any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted
on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market
on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The
Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per
share of the Common Shares so reported, or (d) in all other cases, the fair market value of a share of Common Shares as determined by
an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date)
on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are
not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The Pink Open Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent Bid Price per share of the Common
Shares so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected
in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.

 

If Warrant Shares are issued in such a cashless
exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take
on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares
being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this
Section 2(c).

 

d) Mechanics
of Exercise.

 

i. Delivery of
Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in
such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale
of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to
which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date
that is the later of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day
after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery
of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is
received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period following delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that is a participant in the
FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement
Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.

 

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ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv. No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

v. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant Shares, and such Warrant Shares shall be issued in the name of the
Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that
Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto,
the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent
fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established
clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vi. Closing of
Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

Section 3. Certain
Adjustments.

 

a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Shares or any other equity or equity equivalent securities payable in
Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of shares of the Common
Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and
of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares
issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date
for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after
the effective date in the case of a subdivision, combination or re-classification.

 

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b) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as
a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender
or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding Common Shares (not including any Common Shares held by the other Person or other Persons making or party to, or
associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then this Warrant shall automatically be cancelled and the Holder shall receive,
for each Warrant Share that would have been issuable immediately prior to the occurrence of such Fundamental Transaction the same per
share consideration receivable as a result of such Fundamental Transaction by a holder of a Common Share less the Exercise Price upon
execution and delivery of the same documentation as is required of a holder of Common Shares; provided, however, that if the Exercise
Price is greater than the value of per share consideration the Holder would receive in the Fundamental Transaction then this Warrant shall
automatically terminate. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice with respect to such Fundamental Transaction.

 

c) Company’s
Right to Purchase. At any time on and after the third anniversary date of the Initial Issuance Date, the Company shall have the right
(the “Call Right”), but not the obligation, to cause the Holder to sell all of its remaining unexercised portion of
this Warrant to the Company at the Call Purchase Price (defined below). If the Company desires to exercise its Call Right, the Company
shall deliver to the Holder by email and either first class mail or overnight delivery service a written, unconditional and irrevocable
notice (the “Call Exercise Notice”) exercising the Call Right to the address of the Holder in the Warrant Register.
Unless this Warrant has been fully exercised prior to such date, the purchase and sale of the Call Right shall close twenty (20) Trading
Days after the date the Call Exercise Notice is sent to the Holder, and on such closing date the Company shall pay the purchase price
to the Holder in immediately available funds by wire or other electronic funds transfer in accordance with instructions provided by the
Holder at least three Trading Days prior to the closing date, or if no such instructions are provided, by check sent on the closing date
by overnight delivery to the Holder’s then current address set forth in the Warrant Register (as defined below). The purchase price
for the Warrant Shares pursuant to the Call Right shall be the average VWAP for the twenty (20) consecutive Trading Days prior to the
date of the Call Exercise Notice less the Exercise Price. Notwithstanding the foregoing, the Call Right can only be exercised if the
Common Shares’ average VWAP for the twenty (20) consecutive Trading Days prior to the date of the Call Exercise Notice is equal
to or greater than three (3) times the Exercise Price.

 

d) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of
the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

 

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e) Notice to
Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall
authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock
of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Shares, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) is a party, any
sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its
last email address as it shall appear upon the Warrant Register of the Company, at least 5 calendar days prior to the applicable record
or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares
of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their shares of the Common Shares
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K or otherwise make public disclosure of such information. The Holder shall remain
entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

Section 4. Transferability
of Warrant.

 

a) Transfer
Restrictions. This Warrant may not be transferred in any manner prior to exercise without the prior consent of the Company.

 

b) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

 

c) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state
securities law, except pursuant to sales registered or exempted under the Securities Act.

 

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Section 5. Miscellaneous.

 

a) No Rights
as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise”
pursuant to Section 2(c) or to receive cash payments pursuant to Section 3(b) or Section 3(c) herein, in no event shall the Company
be required to net cash settle an exercise of this Warrant.

 

b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the
Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if
mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in
lieu of such Warrant or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number
of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the
necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from the Trading Market
or any public regulatory body or bodies having jurisdiction thereof, as applicable.

 

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e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of
the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper or is an inconvenient venue for such proceeding. Notwithstanding the foregoing, the foregoing provisions will
not apply to any claims arising under the Securities Act or the Exchange Act, or any claim in which exclusive jurisdiction is vested
in a court or forum other than the state or federal courts of the City of New York, Borough of Manhattan or for which these courts
do not have subject matter jurisdiction. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to
enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other
party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and
prosecution of such action or proceeding.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder or Company shall
operate as a waiver of such right or otherwise prejudice the Holder’s or Company’s rights, powers or remedies.

 

h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier
service, addressed to the Company, at 310-815 W Hastings St., Vancouver, BC, Canada V6C 1B4, Attention: Chief Financial Officer, facsimile
number: +1 (778) 945-6800, email address: warrants@inmedpharma.com, or such other facsimile number, email address or address as the Company
may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the
Company hereunder shall be in writing and delivered personally, by or e-mail, or sent by a nationally recognized overnight courier service
addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication
or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New
York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via
facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or
later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.
To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

    - 8 -

    

    

 

i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
the Holder or the beneficial owner of this Warrant, on the other hand.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature Page Follows)

 

    - 9 -

    

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	INMED PHARMACEUTICALS INC.
	 	 	 
	 	By:	 
	 	 	Name:             
	 	 	Title:

 

    - 10 -

    

    

 

 

 

NOTICE OF EXERCISE

 

TO: INMED
PHARMACEUTICALS INC.

 

(1) The undersigned hereby elects
to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form
of (check applicable box):

 

 ☐ in lawful money of the
United States; or

 

☐ if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant
with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3) Please issue said Warrant
Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

 

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

 

Name of Authorized Signatory: ___________________________________________________________________

 

Title of Authorized Signatory: ____________________________________________________________________

 

Date: ________________________________________________________________________________________

 

    - 11 -

    

    

 

ASSIGNMENT FORM

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	
	 	 	(Please Print)
	Address:	 	 
	 	 	
	 	 	(Please Print)
	Phone Number:	 	
	 	 	 
	Email Address:	 	
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature:_____________________	 	 
	 	 	 
	Holder’s Address:______________________	 	 

 

 

- 12 -Exhibit 10.10

 

INDEMNITY
AGREEMENT

 

This
AGREEMENT is made effective as of the 12th day of December 2019

 

BETWEEN:

 

INMED
PHARMACEUTICALS INC., a British Columbia company having a principal place of business at Suite 310 – 815 West Hastings St.,
Vancouver, British Columbia, V6C 1B4, Canada

 

(the
“Company”)

 

AND:

 

[●],
a Director of the Company having an address at [●]

 

(the
“Indemnitee”)

 

WHEREAS,
it is essential to the Company to retain and attract as Directors and Officers the most capable persons available;

 

AND
WHEREAS, the Indemnitee has been asked to serve as a Director;

 

AND
WHEREAS, it is the express policy of the Company to indemnify its Directors and certain of its Officers so as to provide them with the
maximum possible protection permitted by law;

 

AND
WHEREAS, the Indemnitee may not be willing to serve as a Director without adequate protection, and the Company desires the Indemnitee
to serve in such capacity;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Definitions.
                                            In this Agreement, except as otherwise expressly provided:

 

		(a)	the
                                            phrase “decided in a Proceeding” shall mean a decision by a court, arbitrator(s),
                                            administrative tribunal, regulatory authority or other entity, having the requisite legal
                                            authority to make such a decision, which decision has become final and from which no appeal
                                            or other review proceeding is permissible.

 

		(b)	the
                                            terms “Director” and “Officer” include:

 

		(i)	the
                                            Indemnitee's service as a director or officer of the Company;

 

		(ii)	the
                                            Indemnitee's service as a director or officer of another corporation:

 

		(A)	at
                                            a time when the corporation is or was an affiliate of the Company as defined in the Business
                                            Corporations Act (British Columbia), as amended from time to time, or any successor legislation;
                                            or

 

		(B)	at
                                            the request of the Company; and

 

     

    

    

 

		(iii)	the
                                            Indemnitee's service in a position equivalent to that of a director or officer of a partnership,
                                            trust, joint venture or other unincorporated entity, at the request of the Company.

 

		(c)	the
                                            term “Expenses” include costs, charges and expenses, including legal and other
                                            fees, and any expenses of establishing a right to indemnification under this Agreement, but
                                            does not include judgements, penalties, fines, statutory liabilities or amounts paid in settlement
                                            of a Proceeding;

 

		(d)	the
                                            term “Indemnitee” includes his or hers or her heirs and personal or other legal
                                            representatives;

 

		(e)	the
                                            term “Liability” includes a judgement, penalty or fine awarded or imposed in,
                                            or an amount paid in settlement of, a Proceeding, including any liability which is or may
                                            be imposed upon the Indemnitee by statute, rule or regulation; and

 

		(f)	the
                                            term “Proceeding” includes but is not limited to, any action, suit or proceeding,
                                            whether current, threatened, pending or completed and whether brought by or in the right
                                            of the Company or otherwise and whether of a civil, criminal, administrative or investigative
                                            nature in which the Indemnitee, by reason of being or having been a Director or Officer or
                                            legal counsel to the Company:

 

		(i)	is
                                            or may be joined as a party; or

 

		(ii)	is
                                            or may be liable for, or in respect of, a Liability or Expenses related to such action, suit
                                            or proceeding.

 

		2.	Indemnity
                                            of Director or Officer. Subject only to the limitations set forth in Section 3, the
                                            Company shall indemnify the Indemnitee against any Liability to which the Indemnitee is or
                                            may be liable and shall pay the Expenses actually and reasonably incurred by the Indemnitee
                                            because of any claim or claims made against him or her in a Proceeding by reason of the fact
                                            that he or she is or was a Director and/or Officer to the Company. This Agreement is to be
                                            interpreted broadly and purposively so as to provide the Indemnitee with the broadest possible
                                            entitlement to the advancement of Expenses and to indemnification, except as prohibited by
                                            law. This Agreement is intended to protect the Indemnitee to the fullest extent permitted
                                            by the Act and, in the event that the Act is amended to permit a broader scope of Indemnification,
                                            the provisions of this Agreement shall be deemed to be amended concurrently so as to provide
                                            such broader indemnification.

 

		3.	Limitations
                                            on Indemnity. The Company shall not be obligated under this Agreement to indemnify
                                            the Indemnitee against any Liability or pay any Expenses of the Indemnitee:

 

		(a)	if
                                            the Company is prohibited by applicable law from making such payments as finally decided
                                            in a Proceeding;

 

		(b)	if
                                            such payments have been paid to, or on behalf of, the Indemnitee under an insurance policy,
                                            except in respect of any excess beyond the amount paid under such insurance;

 

		(c)	for
                                            which payments the Indemnitee is indemnified by the Company otherwise than pursuant to this
                                            Agreement; or

 

		(d)	resulting
                                            from a claim decided in a Proceeding adversely to the Indemnitee based upon or attributable
                                            to the Indemnitee gaining in fact any personal profit or advantage to which he or she or
                                            she was not legally entitled, including any profits made from the purchase or sale by the
                                            Indemnitee of securities of the Company.

 

    - 2 -

    

    

 

		4.	Advance
                                            Payment of Expenses. Expenses incurred by the Indemnitee in defending a claim against
                                            him or her in a Proceeding shall be paid by the Company as incurred and in advance of the
                                            final disposition of such Proceeding; provided, however, that Expenses of defence need not
                                            be paid as incurred and in advance where a court of competent jurisdiction has decided that
                                            the Indemnitee is not entitled to be indemnified pursuant to this Agreement or otherwise.
                                            If any payment by the Company under this Indemnity Agreement would be prohibited unless approved
                                            by a court, or if there shall be a disagreement between the Company and any Indemnitee as
                                            to whether or not an indemnification under this Indemnity Agreement would be prohibited unless
                                            approved by the court, the Company, at its own expense and in good faith, will promptly take
                                            proceedings to obtain that approval or such other appropriate determination. The Company
                                            shall indemnify the Indemnitees for the amount of all costs incurred by any or all of them
                                            in obtaining any court approval contemplated by this paragraph 4, including without limitation
                                            all legal fees and disbursements. In any judicial proceeding commenced pursuant to this paragraph
                                            4, the Company shall have the burden of proving that Indemnitees are not entitled to advance
                                            payment of Expenses. The Indemnitee hereby agrees and undertakes to repay such amounts advanced
                                            if it shall be decided in a Proceeding that he or she is not entitled to be indemnified by
                                            the Company pursuant to this Agreement or otherwise.

 

		5.	Enforcement.
                                            If a claim under this Agreement is not paid by the Company, or on its behalf, within thirty
                                            days after a written claim has been received by the Company, the Indemnitee may at any time
                                            thereafter bring suit against the Company to recover the unpaid amount of the claim and if
                                            successful in whole or in part, the Indemnitee shall also be entitled to be paid the Expenses
                                            of prosecuting such claim.

 

		6.	Settlement
                                            by the Indemnitee. The Indemnitee has the right to appoint and instruct independent
                                            counsel to act on his or her behalf with respect to a Proceeding, without the involvement
                                            of the Company or any other indemnitee, subject to the following:

 

		(a)	the
                                            Company will be entitled to associate in the defence of the Indemnitee, if or to the extent
                                            that there is no material conflict of interest between the Indemnitee and the Company or
                                            another eligible party (including a conflict of interest as to the Indemnitee’s entitlement
                                            to the advancement of Expenses or to indemnification);

 

		(b)	if
                                            the Company or another indemnitee is a party to the Proceeding, the Indemnitee will accept
                                            common representation in the Proceeding with the Company or such other Eligible Party, unless
                                            and to the extent there exists a material conflict of interest among them (including a conflict
                                            of interest as to the Indemnitee’s entitlement to the advancement of Expenses or to
                                            indemnification);

 

		(c)	if
                                            the Indemnitee declines common representation in circumstances where it is authorized under
                                            subsection (b), the Indemnitee will be responsible for the Expenses of his or her representation
                                            to the extent they exceed a reasonably allocated share of the expenses that probably would
                                            have been incurred had the Indemnitee accepted common representation, and will not be entitled
                                            to the advancement of such Expenses; and

 

    - 3 -

    

    

 

		(d)	The
                                            Indemnitee may settle, as against him or herself, a Proceeding, acting reasonably and in
                                            good faith toward the Company, without the permission of the Company, provided that (i) the
                                            Indemnitee provides the Company with written notice of the terms of a proposed settlement
                                            prior to entering into such settlement, upon reasonable terms as to confidentiality, (ii)
                                            the Indemnitee will pay any compensation, payment costs or other liabilities to be under
                                            such settlement and the costs of negotiating and implementing such settlement, and will not
                                            seek indemnity from the Company in respect of such compensation, payment, costs or other
                                            liabilities and will repay any advance of Expenses previously made by the Company in respect
                                            of such Proceeding, and (iii) the settlement may not include a statement as to, or in admission
                                            of, fault, culpability or a failure to act by or on behalf of the Company or any related
                                            entity. The Indemnitee will not dispute that such a settlement is binding upon the Indemnitee
                                            and is determinative of the Indemnitee's liability to the claimant(s) in the Proceeding.
                                            Nothing in this Agreement entitles the Indemnitee to make or purport to make a settlement
                                            or any admission of liability to a third party on behalf of the Company in settling a Proceeding.

 

		7.	Subrogation.
                                            In the event of payment under this Agreement, the Company shall be subrogated to the extent
                                            of such payment to all of the rights of recovery of the Indemnitee, who shall execute all
                                            papers required and shall do everything that may be necessary to secure such rights, including
                                            the execution of such documents necessary to enable the Company effectively to bring suit
                                            to enforce such rights.

 

		8.	Taxable
                                            Benefit. Should any payment made pursuant to this Agreement, including without limitation
                                            the payment of insurance premiums or any payment made by an insurer under an insurance policy,
                                            be deemed to constitute a taxable benefit or otherwise be or become subject to any tax or
                                            levy, then the Company shall pay such amount as may be necessary to ensure that the amount
                                            received by or on behalf of the Indemnitee, after the payment of or withholding for such
                                            tax, fully reimburses the Indemnitee for the actual cost, expense or liability incurred by
                                            or on his behalf.

 

		9.	Insolvency.
                                            It is the intention of the Parties that this Agreement and the obligations of the Company
                                            will not be affected, discharged, impaired, mitigated, or released by any bankruptcy, insolvency,
                                            receivership, reorganization or arrangement of the Company, or other similar event or proceeding,
                                            and that in such event any amount to which the Indemnitee is or may become entitled under
                                            this Agreement will be treated in the same manner as the other fees or expenses of the directors
                                            and officers of the Company.

 

		10.	Notice.
                                            The Indemnitee, as a condition precedent to his or hers right to be indemnified under this
                                            Agreement, shall give to the Company notice in writing as soon as practicable of any claim
                                            made against him for which indemnity will or could be sought under this Agreement. Notice
                                            to the Company shall be given at its principal office and shall be directed to the Corporate
                                            Secretary (or such other address as the Company shall designate in writing to the Indemnitee);
                                            notice shall be deemed received if sent by prepaid mail properly addressed, the date of such
                                            notice being the date postmarked. In addition, the Indemnitee shall give the Company such
                                            information and cooperation as it may reasonably require.

 

		11.	Indemnification
                                            Hereunder Not Exclusive. Nothing herein shall be deemed to diminish or otherwise
                                            restrict the Indemnitee's right to indemnification under any provision of the Notice of Articles
                                            or Articles of the Company or under applicable corporate law.

 

    - 4 -

    

    

 

		12.	Continuation
                                            of Indemnification. The indemnification under this Agreement shall continue as to
                                            the Indemnitee even though he or she may have ceased to be a Director and/or Officer and/or
                                            legal counsel and shall enure to the benefit of the heirs and personal representatives of
                                            the Indemnitee.

 

		13.	Coverage
                                            of Indemnification. The indemnification under this Agreement shall cover the Indemnitee's
                                            service as a Director and/or Officer prior to or after the date of the Agreement.

 

		14.	Applicable
                                            Law. This Agreement is governed by and construed in accordance with the laws of the
                                            Province of British Columbia and the federal laws of Canada applicable therein.

 

		15.	Benefit.
                                            This Agreement will enure to the benefit of and be binding upon the parties and their respective
                                            heirs, executors, administrators, successors and assigns.

 

		16.	Severability.
                                            If any provision of this Agreement is determined at any time by a court of competent jurisdiction
                                            to be invalid, illegal or unenforceable such provision or part thereof shall be severable
                                            from this Agreement and the remainder of this Agreement will be construed as if such invalid,
                                            illegal or unenforceable provision or part thereof had been deleted herefrom.

 

		17.	Further
                                            Assurances. Each party agrees to take all such actions and execute all such documents
                                            within its power as may be necessary or desirable to carry out or implement and give full
                                            effect to the provisions and intent of this Agreement.

 

		18.	Time
                                            of the Essence. Time is the essence of this Agreement and no extension of time shall
                                            constitute a waiver of this provision.

 

		19.	Waivers.
                                            No waiver of, no consent with respect to, and no approval required under any provision of
                                            this Agreement will be effective unless in writing executed by the party against whom such
                                            waiver, consent or approval is sought to be enforced, and then any such waiver, consent or
                                            approval will be effective only in the specific instance and for the specific purpose given.

 

		20.	Counterparts.
                                            This Agreement may be executed in one or more counterparts, each of which when taken together
                                            will constitute this Agreement.

 

IN
WITNESS WHEREOF the parties have executed this Agreement.

 

INMED
PHARMACEUTICALS INC.

 

	Per:	 	 
	 	Authorized signatory	 

 

	Per:	 	 
	 	[●]	 

 

 

- 5 -

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