HempStreet, the Ayurvedic cannabis startup, has secured $1 million in a pre-Series A funding round, with the primary support coming from the current investor, Carl Waahlin.
Additional participants in this funding round comprise Andre Rodrigues, a group of High Net Worth Individuals (HNIs) from South East Asia, and Abhishek Mohan.
To date, HempStreet has garnered a cumulative funding of $3 million and collaborates with more than 20,000 doctors throughout India.
The funds will be allocated to broaden its initiatives in conducting clinical trials for exclusive formulations, extend its presence in the menstrual cramps and pain treatment sector, and support research and development efforts to enhance Ayurveda-inspired products.
Established in 2019, HempStreet addresses the chronic pain epidemic and menstrual health issues by responsibly dispensing cannabis-based medication. The startup’s products assert high efficacy in addressing concerns related to menstrual pain (dysmenorrhea) and other associated problems.
HempStreet’s product lineup targets digestive ailments, sexual health, hypertension, and anxiety. In a bid to broaden its international presence, HempStreet has formed partnerships with MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil), and Cannabis 360 (Brazil).
Last week, Cannarma, a medicinal cannabis brand, obtained undisclosed funding in a pre-seed round led by Praveen Kaushik, the founder of Zero to One Fund, with a pre-money valuation of INR 17 crore ($2.04 million).
