HempStreet Secures $1 Mn in Pre-Series A Funding Round led by Carl Waahlin of Waahlin Holdings. The startup intends to use the additional funding to broaden its line of products, step up clinical trials for proprietary formulations, and investigate international markets.
HempStreet Founder and CEO Abhishek Mohan, along with Andre Rodrigues of TK 88 Holdings, participated in the round as well.
“We have witnessed unwavering support of our investors to further champion our endeavours in India. With no venture capital participation within the hemp/cannabis space in India, it’s the foresight of our investors that has propelled the sector forward,” said Mohan.
“As an early investor in HempStreet, it brings me great joy to witness the remarkable strides the company has made in India and found relevance overseas as the industry turns more towards functional use of cannabis to tackle specific ailments,” Waahlin said.
Hempstreet is India’s first research to retail venture in the ayurvedic cannabis sector. We are working in conjunction with top notch scientists to conduct r&d around safe medication utilizing cannabis to be provided via our network of over 60,000 medical practitioners and 220 clinics around India. We strive to bring an effective and responsible usage of cannabis, especially on the pain relief front, to our potential patient base of over 35 million individuals.
Being the first player with such scale off the bat, we have voluntarily taken on the responsibility of defining industry standards in this sunrise sector, be it world class research, supply chain tracking or the responsible and regulated formulation and dispensing of cannabis based medication.