HempStreet, an Ayurvedic cannabis startup, has secured $1 million in a pre-Series A funding round led by Carl Waahlin, a returning investor from Waahlin Holdings.
The funding also saw contributions from Andre Rodrigues of TK 88 Holdings, and Abhishek Mohan, the founder and CEO of HempStreet, among other high-net-worth individuals (HNIs) from South East Asia.
What is the purpose of fundraising?
With this latest investment, HempStreet’s total funding has reached $3 million. The startup plans to use these funds to expand its product range, increase clinical trials for proprietary formulations, and explore global markets.
Making cannabis-based medications
HempStreet, founded in 2019 by Abhishek Mohan and Aradhna Rai, is known for manufacturing cannabis-based medications for a variety of health issues, including digestive ailments, menstrual cramps, sexual health, hypertension, and anxiety.
The startup claims to be India’s first research-to-retail venture in the Ayurvedic cannabis sector. It aims to double its revenue by the fiscal year 2024 and is planning to enter Latin American and North American markets with a line of clinically backed products.
Global partnerships
To bolster its global presence, HempStreet has partnered with various international organizations, including MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil), and Cannabis 360 (Brazil).
In the competitive cannabis-focused product market, HempStreet competes with Medicann, BOHECO, and Cannabryl. The growing demand for cannabis in India, spurred by the legalization of hemp cultivation for industrial and medicinal purposes, is a positive sign for the industry.
The medical cannabis market in India is expected to reach $13.13 million by 2023, with an annual growth rate (CAGR 2023-2028) of 14.64%, leading to a market volume of $26 million by 2028, as per a report by Statista.
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