InMed Pharmaceuticals Inc. (INM) Earnings Call Transcript & Summary

Welcome to the InMed Pharmaceuticals, Inc. 2023 Annual General Meeting of Shareholders, being held virtually today, December 19, 2023, at 2:00 p.m. Pacific Time. [Operator Instructions] The meeting is being recorded. [Operator Instructions]. It's now my pleasure to turn the meeting over to Eric A. Adams, President and CEO of InMed Pharmaceuticals, Inc. Please go ahead, Mr. Adams.

Thank you. Ladies and gentlemen, the Annual General Meeting of InMed Pharmaceuticals, Inc. will now come to order. My name is Eric A. Adams, and I am the President and CEO as well as a Director of the company. I will act as Chair of this meeting. I ask that Thomas Moggan of Norton Rose Fulbright Canada LLP and legal counsel to the company act as secretary of this meeting. I appoint Lia Zandvliet of Odyssey Trust Company as scrutineer of this meeting. The Secretary has tabled for inspection by any shareholder or proxy holder, a declaration that the notice calling this Annual General Meeting was delivered to shareholders in conformity with the applicable law. I will dispense with calling for a reading of the notice of meeting and direct that a copy of the declaration be kept by the secretary with the records of the meeting. The Scrutineer has submitted a report on attendance to the Secretary. The Secretary will now read the Scrutineer's report.

The scrutineer's report reads as follows: a quorum of shareholders is present for the transaction business at this meeting if at least 2 persons are present in person and holding or represented by proxy, not less than 33.3% of shares intelligible at the meeting. Identified by the scrutineer that there are 10 shareholders present today, either in person or by proxy, representing 3,328,191 shares, which is 38.84% of the issued and outstanding shares of InMed. Accordingly, we have a quorum present.

I adopt the Scrutineer's report and declare accordingly that a quorum is present. Adequate notice having been given and a quorum being present, I therefore declare this meeting to be properly constituted for the transaction of business. Before continuing with the formal part of the meeting, I would like to note that present today are on behalf of the management, Colin Clancy, the Vice President of Investor Relations, myself and Mike Woudenberg, our Chief Operating Officer; and Jonathan Tegge, our Chief Financial Officer. On behalf of the Board of Directors, we have the full slate of directors present today, including myself, Janet Grove, Bryan Baldasare, Andy Hull and Nicole Lemerond. As a matter of procedure, I ask that registered shareholders wishing to speak during this meeting, please identify themselves by name and indicate that they are a registered shareholder or if a proxy holder, their name and the name of the registered shareholder they represent by proxy. I've been advised that we have guests at this meeting other than registered shareholders and proxy holders entitled to vote at this meeting. I welcome all guests. However, I would like to remind them that they do not have the legal right to vote on any resolutions and are not entitled to speak at the meeting. If you have a comment or question during the meeting, please press star 1 on your telephone keypad. If you would like to withdraw your question, please press star 2. The financial statements of the company for the year ended June 30, 2023, and the report of the auditors thereon was delivered to shareholders prior to the meeting. If there are any questions which any shareholder would like to ask in respect of the financial statements and the report, I'd be glad to answer them or call on others to do so. As we've not received any questions on this item, I declare that the audited financial statements for the year ended June 30, 2023, together with the auditor's report thereon have been received. It is now in order to proceed with the nomination and election of directors. The number of directors of the company have been fixed at 5 and it is anticipated that a full slate of directors will be elected. We have received no nominations for election as a director for the ensuing year from shareholders in accordance with the advanced notice provisions contained in Section 14.2 of the company's articles for the British -- the Business Corporation Act of British Columbia. I now ask the Secretary to read the names of the persons nominated.

The names of the persons nominated for directors for the ensuing year are Ms. Nicole Lemerond; Ms. Janet Grove, Mr. Bryan Baldasare; Mr. Andrew Hull and Mr. Eric A. Adams.

Since the number of nominees is the same as the number of vacancies to be filled, I ask the Secretary to read the proposed motion for the election of the nominees as directors.

Be it resolved that the persons nominated for election as directors be elected as directors of the company to hold office until the next Annual General Meeting.

And who will move the motion?

So moved.

Is there any discussion on this motion? All in favor of this motion please signifies so, Aye. As well as the votes received by proxy and any against have also been registered. I declare this resolution duly carried. The next item of business before the meeting relates to the appointment of the auditors of the company. I now ask the Secretary to read the proposed motion.

Be it resolved that Marcum LLP be reappointed as auditors of the company to hold office until the next Annual General Meeting of the company and the directors of the company be authorized to fix their remuneration to be paid to the auditors.

Who will move this motion.

So moved.

Is there any discussion on this motion? All those favor of this motion, please signify so, Aye. Against, if any? I declare this motion duly carried. And is there any further business to be brought before this meeting? And I propose a motion terminating the meeting. Who will move the motion?

So moved.

And is there any discussion on this motion? All in favor, please -- of this motion, please signify so, Aye. And any against? I declare this resolution duly carried and the meeting to be terminated. I would now turn this over to the operator for any questions.

[Operator Instructions] Since there are no questions on the phone line, this concludes the question-and-answer session. I'd like to turn the conference back over to Mr. Adams for any closing remarks.

Thank you, operator. I appreciate everyone participating today, and we look forward to a very strong 2024 for the company. I wish everyone a very happy holiday season. Thank you so much.

This concludes today's conference call. Thank you for participating, and have a pleasant day.