HempStreet Secures $1 Million in Pre-Series A Funding Round
- ByStartupStory | November 28, 2023
HempStreet, a cannabis-focused healthtech startup, has successfully raised $1 million in its pre-Series A funding round, with existing investor Carl Waahlin of Waahlin Holdings leading the investment. Other participants in the round included Andre Rodrigues of TK 88 Holdings and HempStreet’s founder and CEO, Abhishek Mohan. The newly acquired capital will be utilized to expand the startup’s product range, conduct more clinical trials for proprietary formulations, and explore global markets.
Established in 2019 by Mohan and Aradhna Rai, HempStreet specializes in manufacturing cannabis-based medications addressing various health issues such as digestive ailments, menstrual cramps, sexual health, hypertension, and anxiety. Positioned as India’s first research-to-retail venture in the ayurvedic cannabis sector, the startup aims to leverage the funding to further its commitment to innovation.
Abhishek Mohan expressed gratitude for the continuous support from investors, emphasizing the foresight that has driven progress in the hemp/cannabis sector in India. The startup aspires to achieve a 100% growth in revenue by the fiscal year 2024.
Carl Waahlin, an early investor in HempStreet, commended the company’s significant strides both in India and on the international stage. HempStreet, to extend its global presence, has reportedly partnered with MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil), and Cannabis 360 (Brazil).
Looking ahead to 2024, HempStreet plans to enter Latin America and North America, launching a line of clinically backed products, starting with its proprietary formulation addressing primary and secondary dysmenorrhea. The Delhi NCR-based startup has secured a total funding of $3 million to date.
In the competitive cannabis-focused product market, HempStreet faces rivals such as Medicann, BOHECO, and Cannabryl. The increasing demand for cannabis in India, driven by the legalization of hemp cultivation for industrial and medicinal purposes, aligns with a projected revenue of $13.13 million in the medical cannabis market by 2023, according to a report by Statista. The industry is anticipated to witness a substantial annual growth rate (CAGR 2023-2028) of 14.64%, leading to a market volume of $26 million by 2028.
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