Cannabis Startup Hemp Horizons Raises INR 2 Cr In Seed Round Led By Mumbai Angels
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GMP certified and USFDA-registered hemp seed processing company Hemp Horizons announced on Thursday to have raised INR 2 crore as part of its seed funding round led by Mumbai Angels Network with participation from Angel List and other renowned national and international angel investors like Bikky Khosla.
The fresh round of investment will help the company to launch and market cannabis extracts, second-gen hemp seed products which will further help to solidify its position in the market.
From a business-to-business (B2B) to a business-to-business-to-consumer (B2B2C) company, the platform has been said to be created to give back to the community. The company makes optimum use of resources and produces zero waste which makes it a carbon negative company.
“We are happy to see more and more individuals understanding the benefits of cannabis and investment funds looking at companies like ours as a potential game-changer in the health and wellness space. cannabis/hemp can be a category in itself. In the next five years, no industry will be left untouched by cannabis/hemp and its derivatives. 2021 is an exciting year for cannabis/hemp in India and the world," commented Rohit Shah, chief executive officer, Hemp Horizons.
Founded by Rohit Shah, Kartikey Dadoo, and Kanishk Yadav in April 2017, hemp has escalated the use of natural products over western medicine. It is one of the most beneficial and multi-purpose usage ingredients available in the market. Its availability and easy usage make it the ideal solution for various health troubles, especially during menses, the statement said.
“We are so excited to add a startup like Hemp Horizon to our portfolio, which is bringing change in the way people see Hemp and its uses. We are confident that Hemp Horizons will amaze everyone with its products in the health and wellness space in the coming time,” stated Nandini Mansinghka, co-promoter, and chief executive officer, Mumbai Angels Network.
The only hemp manufacturing to retail brand Hemp Horizons plans to add two new hemp seed-based products in their product range shortly.
The establishment is the first and largest Ayurvedic products direct to a retail company. It also claims to be the largest white labeling company supplying products to over 90 per cent of the Indian hemp brands.
“From taking on taboos around the benefits of cannabis to building proprietary machinery for hemp seed processing to providing contract manufacturing to other businesses across the country - Hemp Horizons has powered through incredible challenges to come out as one of India's leading hemp startups. Proud to be associated with them and excited to see what lies ahead,” added Bikky Khosla, chief executive officer, TradeIndia.com.
Due to its various health benefits and its usage as an active ingredient in the Ayurvedic, Siddha, and Unani medicines, the growth of the cannabis market is attributed to growing drastically.
However, the complex regulatory structure of industrial hemp and its usage in different countries has created ambiguity upon its legality. Today increasing demand for hemp seeds over traditional herbal seeds is driving the growth of the market. There are over two crore legal cannabis users in India and the growing demand for personal care products, protein supplements, cosmetics and several other hemp products will boost the market in the forecast period, the report further said.