Cannabis-focused healthtech startup HempStreet has successfully raised $1 million in its pre-Series A funding round, with existing investor Carl Waahlin of Waahlin Holdings leading the investment. The funding round also attracted participation from Andre Rodrigues of TK 88 Holdings and HempStreet’s founder and CEO Abhishek Mohan, among others.
Established in 2019, HempStreet specializes in the production of cannabis-based medications designed to address various health issues, including digestive ailments, menstrual cramps, sexual health, hypertension, and anxiety. The company proudly asserts itself as India’s pioneering research-to-retail venture in the ayurvedic cannabis sector.
The recently acquired capital will be strategically utilized to broaden HempStreet’s product range, conduct more clinical trials for proprietary formulations, and explore opportunities in global markets. The startup has ambitious plans to achieve a 100% revenue growth by the fiscal year 2024.
Abhishek Mohan, Founder and CEO of HempStreet, expressed gratitude for the steadfast support of investors, emphasizing the crucial role their foresight played in advancing the hemp/cannabis sector in India. Mohan stated, “With no venture capital participation within the hemp/cannabis space in India, it’s the foresight of our investors that has propelled the sector forward.”
As part of its global expansion strategy, HempStreet has formed partnerships with key players such as MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil), and Cannabis 360 (Brazil). Looking ahead to 2024, the startup aims to enter Latin America and North America, introducing a line of clinically backed products starting with its proprietary formulation targeting primary and secondary dysmenorrhea.
HempStreet, based in Delhi NCR, has now secured a total of $3 million in funding. In a competitive landscape that includes Medicann, BOHECO, and Cannabryl, the startup stands out with its unique focus on ayurvedic cannabis medications.
The surge in demand for cannabis in India, driven by the legalization of hemp cultivation for industrial and medicinal purposes, aligns with a growing awareness of the plant’s proven medical benefits. According to a Statista report, the medical cannabis market in India is projected to reach $13.13 million by 2023, with an expected annual growth rate of 14.64% (CAGR 2023-2028), leading to a market volume of $26 million by 2028.
