In a significant development for the Ayurvedic cannabis industry, HempStreet, a pioneering startup dedicated to merging traditional Ayurveda with modern cannabis solutions, has successfully raised $1 million in a pre-Series A funding round. The investment was led by existing supporter Carl Waahlin, with contributions from notable investors, including Andre Rodrigues, a high-net-worth individual (HNI) from Southeast Asia, and Abhishek Mohan. This brings HempStreet’s total funding to an impressive $3 million.
Expanding Horizons:
The newly acquired funds are earmarked for expanding HempStreet’s initiatives, particularly in clinical trials for proprietary formulations. The startup aims to strengthen its presence in the menstrual cramps and pain treatment segment. Much of the funding will be directed towards research and development to enhance and diversify its portfolio of Ayurveda-inspired products.
Establishing a Strong Foundation:
Founded in 2019, HempStreet has emerged as a key player in addressing the chronic pain epidemic and menstrual health issues through responsibly dispensed cannabis-based medications. The startup’s products have demonstrated high efficacy in tackling problems associated with menstrual pain (dysmenorrhea) and other related health issues.
Diverse Product Range:
HempStreet’s product range extends beyond menstrual health, encompassing solutions for digestive ailments, sexual health, hypertension, and anxiety. The startup’s commitment to holistic well-being has positioned it as a trusted partner for over 20,000 doctors across India.
Global Collaborations:
To expand its global footprint, HempStreet has strategically partnered with leading organizations in the cannabis and healthcare space. Collaborations with MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil), and Cannabis 360 (Brazil) showcase HempStreet’s commitment to fostering innovation through international cooperation.
Industry Momentum:
HempStreet’s successful funding round comes on the heels of other positive developments in medicinal cannabis. Last week, Cannarma, a prominent medicinal cannabis brand, secured an undisclosed investment in a pre-seed round led by Praveen Kaushik, founder of the Zero to One Fund, at a pre-money valuation of Rs 17 crore ($2.04 million).
HempStreet’s latest funding milestone indicates the growing recognition and support for innovative solutions that bridge traditional Ayurveda with modern medical advancements. As the startup continues to pioneer research, development, and partnerships, it is poised to make a lasting impact on the global landscape of Ayurvedic cannabis-based wellness solutions.
