Carl Waahlin, an existing backer, led the $1 million pre-Series A round of funding for the ayurvedic cannabis startup HempStreet.
Along with Abhishek Mohan, other investors in this round include Andre Rodrigues and a slew of HNIs from South East Asia.
HempStreet collaborates with more than 20,000 doctors throughout India and has so far gotten $3 million in funding.
The money raised will be utilized to increase the company’s involvement in clinical trials for its exclusive formulations, establish a presence in the menstrual cramp and pain treatment markets, and support research and development for the next generation of ayurvedic products.
HempStreet was founded in 2019 and uses responsibly dispensed cannabis-based medication to help with the epidemic of chronic pain and menstrual health. The startup asserts that its products have demonstrated high efficacy in resolving issues with dysmenorrhea, or painful periods, as well as other related issues.
The products offered by HempStreet address anxiety, hypertension, sexual health issues, and digestive disorders. HempStreet has partnered with MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil), and Cannabis 360 (Brazil) in an effort to broaden its global reach.
In a pre-seed round headed by Praveen Kaushik (founder of Zero to One Fund), medicinal cannabis brand Cannarma raised undisclosed investment last week at a pre-money valuation of Rs 17 crore ($2.04 million).
