India-based healthcare startup, HempStreet that uses Cannabis (Bhang) for Ayurvedic medicines, has received US$1 million in pre-series A funding round. This round was led by Pharmacom Holdings, a US-based pharma tech firm and Romain Barberis, a long time private investor in the cannabis industry in the US and Canada.
HempStreet is India’s first research to retail startup in the ayurvedic cannabis sector. They work in association with top-notch scientists to carry research and development around safe medication utilizing Cannabis to be provided via their robust network of over 60,000 medical practitioners and 220 clinics around India.
They endeavor to bring an effective and reliable usage of Cannabis, especially on the pain relief front to an estimated potential patient base of over 35 million individuals. Being the first player in this space, they have taken on the onus of setting industry standards in this emerging sector, be it world-class research, supply chain management, or the effective and regulated formulation and dispensing of Cannabis-based remedy.
The legal cannabis sector is one of the fastest-growing industries in the world. As per some trusted sources, it is estimated that the global legal marijuana market is expected to grow to a staggering US$146.4 billion by the end of 2025.
The startup is planning to use fresh funds to strengthen its technology backbone and research capabilities, as stated in a statement by Abhishek Mohan, the firm’s co-founder.
It is also set to launch a substantial range of cannabis-based prescription products in the coming quarter, he added.
Romain Barberis said, “HempStreet is working in conjunction with top-notch scientists to conduct R&D around safe medication by leveraging the immense potential and natural power of Cannabis. Being the first player with a massive size and scale, the brand has voluntarily taken on the responsibility of defining industry standards in this sunrise sector. This investment strengthens our commitment to backing unique business models which are revolutionizing medicinal Cannabis for the health and well being of mankind.”
Cannabis, with its numerous benefits, is recognized to be one of the five vital medicinal plants in the Vedas. As per classical ayurvedic texts, there are nearly 191 formulations and over 15 dosage forms which have Cannabis as the chief ingredient.
HempStreet focuses on setting new milestones for the medical cannabis industry in the country with its excellent research system, effective supply chain management, responsible and controlled formulation, and disbursing of cannabis-based medication.