HempStreet raises $1 Mn in pre- Series A round

Ayurvedic cannabis startup HempStreet has raised $1 million in pre-Series A round led by existing backer Carl Waahlin.

Other investors in this round include Andre Rodrigues and a clutch of HNIs from South East Asia, along with Abhishek Mohan.

HempStreet has received a total funding amount of $3 million till date and works with over 20,000 doctors across India. 

The proceeds will be used to expand its activities around clinical trials for proprietary formulations, footprints in menstrual cramps and pain treatment segment and facilitate R&D to further develop ayurveda-inspired products. 

Founded in 2019, HempStreet helps with chronic pain epidemic and menstrual health, via responsibly dispensed cannabis based medication. The startup’s products claims to have shown high efficacy in solving problems related to menstrual pain (dysmenorrhea) and other occuring problems. 

HempStreet’s product range addresses digestive ailments, sexual health, hypertension and anxiety. To expand its global footprint, HempStreet has partnered with MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil) and Cannabis 360 (Brazil). 

Last week, medicinal cannabis brand Cannarma raised undisclosed investment in a pre-seed round led by Praveen Kaushik (founder -Zero to One Fund) at a pre-money valuation of Rs 17 crore ($2.04 million).