HempStreet, a start-up developing medicinal remedies based on cannabis, has received Biotechnology Ignition Grant from the Biotechnology Industry Research Assistance Council (BIRAC) for developing a medicinal cannabis solution.
HempStreet is reportedly the first venture working on medicinal cannabis to receive an official funding agency grant. BIRAC is set up by the Department of Biotechnology.
In a statement issued here, the company said it plans to utilize the funds to patent and commercialize a recent research breakthrough around transdermal delivery technology that could disrupt a $7 billion global industry. HempStreet said it aims to tackle mass-ailments utilizing researched and responsibly dispensed medicinal cannabis for pain relief to an addressable patient base of over 35 million.