India’s first fully integrated research to retail venture in the Ayurvedic Cannabis (Bhang) sector, HempStreet, has secured $1 million in Pre-Series A Funding round. This Pre-Series A funding was led by Pharmacon Holdings, a US based Pharma Tech company and Romain Barberis, a long time private investor in the Cannabis space in the US and Canada. The company has plans to utilise the funds for technology development, category disruption and research.
Being the first R&D to retail cannabis player in India, the company is pioneering the use of several cutting edge technological innovations to ensure the responsible dispensing of cannabis based medication by doctors. This includes a first in market usage of “seed to sale” tracking utilising blockchain technology. This is over and above the company’s top-notch R&D activities in partnership with CSIR.
The legal Cannabis industry is currently one of the fastest growing industries in the world. According to a report by Grand View Research Inc., the global legal marijuana market is predicted to reach $146.4 billion by the end of 2025.
Abhishek Mohan, Co-Founder, HempStreet said in a statement, “This Pre-Series A funding will help us in further strengthening our commitment to bring an effective and responsible usage of Cannabis, especially on the pain relief front, via our existing network of over 60,000 doctors and 300 clinics, with a reach into a patient base of over 35 million individuals. We will utilise the capital to disrupt the category and take Cannabis research to newer heights. We intend to set new milestones for the medicinal cannabis sector in the country with our responsible and regulated formulation and dispensing of Cannabis-based medication.”
Romain Barberis, a long time private investor in the Cannabis space in the US and Canada 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 of backing unique business models which are revolutionizing the medicinal cannabis for the health and well being of mankind.”
Cannabis is recognized as one of the five key medicinal plants in the Vedas. Cannabis history in India can be traced back to 2000 BC. As per classical ayurvedic texts, nearly 191 formulations and more than 15 dosage forms have Cannabis as a key ingredient
The government is working very hard to ensure a responsible implementation of policy regarding Medicinal Cannabis. HempStreet is working with Various CSIR labs in India to undertake world class research on Cannabis. It is critical that all progress in this field of medicinal cannabis is achieved via indigenous research that benefits all stakeholders and the society at large.
Source: Economic Times