Medicinal cannabis startup HempStreet raises $1m in pre-series A round

India-based HempStreet, a healthcare startup that focuses on using cannabis for Ayurvedic medicine, has raised US$1 million in pre-series A funding in a round led by US-based pharmatech firm Pharmacon and private investor Romain Barberis.

Photo credit: Pxhere

Claiming to be the first research-to-retail cannabis player in the country, HempStreet uses the latest tech innovations to ensure the responsible dispensing of cannabis-based medication, including “seed-to-sale” tracking using blockchain.

The startup looks to capitalize on the legal cannabis sector, one of the fastest-growing industries globally. According to a report by Grand View Research, the global legal marijuana market is expected to reach US$146.4 billion by the end of 2025.

HempStreet plans to use the new funds to further develop its technology and bolster its research capabilities, said the firm’s co-founder, Abhishek Mohan, in a statement. It is also set to release an extensive range of cannabis-based prescription products over the next quarters, the exec added.

The company said it is working with various labs from the Council of Scientific and Industrial Research in India for its research on the drug. HempStreet is supporting this research through its network of 60,000 doctors and 300 clinics, with a potential reach of over 35 million patients.

Cannabis is recognized as one of the five key medicinal plants in the Vedas, the spiritual literature of the ancient Indian culture written in the Sanskrit language. As per classic Ayurveda, a Hindu system of medicine, nearly 191 formulations and more than 15 dosage forms have cannabis as a key ingredient.

“We intend to set new milestones for the medicinal cannabis sector in the country with our world-class research, impeccable supply chain tracking, responsible and regulated formulation, and dispensing of cannabis-based medication,” said Mohan.