The present invention relates to aqueous parenteral cannabinoid formulations, and more particularly to cannabinoid containing intravenous (IV) formulations. The parenteral containing formulation comprises a cannabinoid; an isotonic agent; a surfactant; and one or more stability enhancers. The cannabinoid may be selected from one or more of cannabichromene (CBC), cannabichromenic acid (CBCV), cannabidiol (CBD), cannabidiolic acid (CBDA), cannabidivarin (CBDV), cannabigerol (CBG), cannabigerol propyl variant (CBGV), cannabicyclol (CBL), cannabinol (CBN), cannabinol propyl variant (CBNV), cannabitriol (CBO), tetrahydrocannabinol (THC), tetrahydrocannabinolic acid (THCA), tetrahydrocannabivarin (THCV) and tetrahydrocannabivarinic acid (THCVA). The cannabinoid is preferably CBD or CBDV. The isotonic agent may be glycerol, the surfactant may be Macrogol 15 hydroxystearate, and the stability enhancers may comprise calcium sodium edetate (calcium sodium EDTA), ascorbic acid, or mono thioglycerol. Methods for preparing the formulations are also claimed, along with their use as a neuroprotectant or anti-convulsive, particularly in the treatment of newborn hypoxic-ischemic encephalopathy (NHIE), status epilepticus, or stroke.