This report evaluates the Shariah compliance of Incannex Healthcare Inc. (IXHL), a clinical-stage biopharmaceutical company developing cannabinoid-based therapeutics for unmet medical needs. While financial ratios demonstrate strong quantitative compliance across AAOIFI, MSCI, and S&P standards, the core business involving cannabis-derived products raises significant qualitative concerns under Shariah principles prohibiting intoxicants. Index inclusion research confirms exclusion from all major Shariah indices due to business activity screening failures. Regional perspectives vary, with Malaysian standards viewing it as compliant for medical applications, while GCC authorities deem it non-compliant. Overall, the company is classified as non-compliant, requiring careful investor consideration and potential purification.