Anebulo Pharmaceuticals is a clinical-stage biotech developing selonabant, a CB1 receptor antagonist designed to rapidly reverse cannabis-induced toxicity. There are currently no FDA-approved treatments for this indication — physicians can only provide supportive care and wait for the body to metabolize THC. Selonabant works by blocking CB1 receptors in the brain and central nervous system, the same receptors THC binds to, with the goal of actively reversing symptoms rather than merely managing them. Anebulo is developing two formulations: an oral version targeting adult acute cannabinoid intoxication, and an IV version targeting pediatric patients who unintentionally ingest cannabis. Anebulo has prioritized the IV pediatric path, where the unmet need is acute and the FDA has signaled close collaboration. A single ascending dose study in healthy adults for the IV formulation began in Q3 2025. Anebulo licensed selonabant from Vernalis in 2020, acquiring exclusive worldwide rights in exchange for milestone payments and royalties on net sales. The company generates no revenue and funds operations through equity raises, outsourcing all clinical, manufacturing, and data management activities. If approved, Anebulo would sell selonabant to hospital emergency departments and plans to commercialize through a third-party sales partner rather than building its own sales force.