In a pre-seed round headed by Praveen Kaushik (founder of Zero to One Fund), the medicinal cannabis brand Cannarma raised undisclosed investment at a pre-money valuation of Rs 17 crore ($2.04 million). Amity Innovation Incubator has also supported the startup in this round of funding.
The money raised will go toward several growth projects, such as interacting with current clients, entering new markets, and developing technology. The company intends to increase its footprint in more than 10,000 Indian pharmacies, clinics, and hospitals.
Cannarma, a research and development company founded in August 2022 by Rohit Chauhan and Keshav Agarwal, is authorized by the Department of Ayush to produce and market Ayurvedic products like CBD oil, hemp seed oil, and medicinal cannabis, among others. The company says it only uses natural ingredients to produce high-quality products.
The Indian government authorities of Himachal Pradesh are collaborating with the startup based in Delhi. According to the startup, the policy on hemp cultivation for industrial, scientific, and medicinal purposes would open the door for treating patients with cannabis’s medicinal qualities in addition to generating income for the state from hemp-derived products (cannabis).
According to the company’s claims, its products can effectively treat conditions like opioid crisis, diabetes, high blood pressure, cholesterol, anxiety, depression, arthritis pain, neuropathic pain, Parkinson’s disease, and cancer chemotherapy side effects.
