An announcement has been made my Cannabis-focusses healthcare start-up HempStreet on 11th February about raising $1 Mn in Pre-Series A funding round which was led by a US-based Healthtech company Pharmacon Holdings.
As per claims made by the company it has an existing network of more than 60K doctors who happen to operate via 200 clinics. Other claims by the company suggest that about 35 Mn individuals are using cannabis-based ayurvedic medicines to treat themselves. Angel investor Roman Baberis who is known for his investments in start-ups working in Cannabis in Canada and US participated in the round.
HempStreet with the recently raised funds, is willing to invest in technology development as well as research and development of cannabis related medicines. The company is a manufacturer of ayurvedic medicines based on cannabis and was founded in 2019. The start-up leverages blockchain technology and tracks the supply chain of ayurvedic medicines in order to ensure the responsible dispensing of medication based on cannabis. The company has named it as “seed to sale” tracking.
In partnership with the Council of Scientific and Industrial Research, the start-up also works in the research and development of cannabis-related products. Explaining the future plans of the company, Mohan said that with CSIR partnership, HempStreet will launch an extensive range of cannabis-based prescription products to help our ayurvedic doctor network better serve their patients.
The start-up has tied up with the Council of Scientific and Industrial Research and it even works in the research and development of cannabis related products. Abhishek Mohan, cofounder at HempStreet while talking about the future plans of the company reportedly said that with this CSIR partnership, the start-up will come up with an extensive variety of cannabis oriented prescription products to support their ayurvedic doctor network serve their patients even better.
The global legal marijuana market according to Grand View Research, is predicted to touch $146.4 Bn by the end of 2025. An estimation has also been made by the report that during the forecast period, the market is likely to grow at an annual growth rate of 23.9%. The growth of cannabis pharmaceutical product is more likely to be driven by its rising demand.
Other start-ups which work in this segment apart from HempStreet in India are Namrata Hem Company, Bombay Hemp Company and NirogStreet among few others.
Bombay Hemp Company however is also in close association with CSIR for medical research on Cannabis. The start-up is known for helping local farmers in cultivating their fields by giving them optimum seeds, feedback on techniques of cultivations and using of new agro products. The start-up besides medicine also works on manufacturing hemp-oriented clothes.