<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0002050709</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>05/19/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001728328</issuerCik>
        <issuerName>InMed Pharmaceuticals Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>457637700</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>1445-885 WEST GEORGIA ST.</com:street1>
          <com:city>VANCOUVER</com:city>
          <com:stateOrCountry>A1</com:stateOrCountry>
          <com:zipCode>V6C 3E8</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Squadron Master Fund LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>325000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>325000.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>325000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.8</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Squadron Capital Management LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>325000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>325000.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>325000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.8</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Matthew Sesterhenn</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>325000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>325000.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>325000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.8</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>William Blank</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>325000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>325000.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>325000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.8</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>InMed Pharmaceuticals Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1445-885 WEST GEORGIA ST., VANCOUVER, BRITISH COLUMBIA, CANADA, V6C 3E8.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Squadron Master Fund LP

Squadron Capital Management, LLC

Matthew Sesterhenn

William Blank</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Squadron Master Fund LP
c/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559

Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559

Matthew Sesterhenn
c/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559

William Blank
c/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Squadron Master Fund LP - Delaware

Squadron Capital Management, LLC - Delaware

Matthew Sesterhenn - United States

William Blank - United States</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Squadron Capital Management, LLC is an investment adviser that is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission. Squadron Capital Management, LLC, which serves as investment adviser to private funds, including but not limited to Squadron Master Fund LP (collectively, the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Sesterhenn and Mr. Blank, as Partners of Squadron Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Squadron Capital Management, LLC and Mr. Sesterhenn and Mr. Blank expressly disclaim beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Squadron Capital Management, LLC or Mr. Sesterhenn and Mr. Blank are the beneficial owner of any of the securities reported herein.

Squadron Master Fund LP - 325,000 shares

Squadron Capital Management, LLC - 325,000 shares

Matthew Sesterhenn - 325,000 shares

William Blank - 325,000 shares</amountBeneficiallyOwned>
        <classPercent>Ownership percentage is based on 3,314,063 shares of common stock outstanding, no par value, as of May 4, 2026, as reported by the Issuer on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2026.

Squadron Master Fund LP - 9.8%

Squadron Capital Management, LLC - 9.8%

Matthew Sesterhenn - 9.8%

William Blank - 9.8%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Squadron Master Fund LP - 0

Squadron Capital Management, LLC - 0

Matthew Sesterhenn - 0

William Blank - 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Squadron Master Fund LP - 325,000 shares

Squadron Capital Management, LLC - 325,000 shares

Matthew Sesterhenn - 325,000 shares

William Blank - 325,000 shares</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Squadron Master Fund LP - 0

Squadron Capital Management, LLC - 0

Matthew Sesterhenn - 0

William Blank - 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Squadron Master Fund LP - 325,000 shares

Squadron Capital Management, LLC - 325,000 shares

Matthew Sesterhenn - 325,000 shares

William Blank - 325,000 shares</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>See Notes above.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Squadron Master Fund LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Matthew Sesterhenn</signature>
        <title>Partner, Squadron Partners LLC, its General Partner</title>
        <date>05/27/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Squadron Capital Management LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Matthew Sesterhenn</signature>
        <title>Partner</title>
        <date>05/27/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Matthew Sesterhenn</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Matthew Sesterhenn</signature>
        <title>Matthew Sesterhenn</title>
        <date>05/27/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>William Blank</reportingPersonName>
      <signatureDetails>
        <signature>/s/ William Blank</signature>
        <title>William Blank</title>
        <date>05/27/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
