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Delhi-based, cannabis-based Ayurveda medicare provider HempStreet on Wednesday (12 February) raised $1 million in a Pre-Series round by Pharmacon Holdings (US) and Romain Barberis, a private investor.
The company in a statement mentioned that they are aiming to deploy the funds for technology development, category disruption, and research. And over the coming quarters a range of cannabis-based prescription products, which will be used by its network of ayurvedic doctors to serve their patients.
“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, through 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 utilize the capital to disrupt the category and take cannabis research to newer heights,”
– Abhishek Mohan, co-founder of HempStreet
HempStreet is in an ongoing research collaboration with the Council of Scientific and Industrial Research (CSIR) lab to apply scientific validation to the treatments done using cannabis.
“Currently, cannabis in the Ayurvedic context is 99 per cent of what we are doing at HempStreet. We believe it is critical to apply scientific validation to what has been culturally known for generations,”
– Abhishek Mohan, co-founder of HempStreet
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