Delhi-based Cannarma, a medicinal cannabis brand, recently raised an undisclosed amount in a pre-seed funding round led by Praveen Kaushik, founder of Zero to One Fund, at a pre-money valuation of Rs 17 crore ($2.04 million). The round also saw participation from Amity Innovation Incubator.
Expansion and Growth Strategy
With this round of funding, Cannarma plans to enhance engagement with current customers, venture into new geographic areas, and invest in technology development. It also plans to establish its presence in over 10,000 medical stores, clinics, and hospitals across India.
What does Cannarma do?
Established in August 2022 by Rohit Chauhan and Keshav Agarwal, Cannarma is a research and development organization. It is licensed by the Department of Ayush to produce and sell Ayurvedic goods, including CBD oil, hemp seed oil, and medicinal cannabis. The startup claims that it uses only natural ingredients in its products.
Cannarma’s product line is known for its effectiveness in treating various health conditions. These include the Opioid crisis, Cholesterol, Blood Pressure, Diabetes, sleeping disorders, Anxiety, Depression, Arthritis pain, Chronic Pain, Neuropathic Pain, Epilepsy, Parkinson’s disease, and alleviating side effects of Cancer Chemotherapy.
Working with Himachal Pradesh government
The Delhi-based startup is actively working with the Himachal Pradesh government authorities. These efforts are aligned with the evolving policies on hemp cultivation for medicinal, industrial, and scientific purposes.
It aims to leverage these policies to explore the medicinal properties of cannabis for treating patients and generating state revenue from hemp products.
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