HempStreet Secures $1 Mn Funding To Expand Clinical Trials For Proprietary Formulations The Pre-Series A round was led by the startup's existing investor Carl Waahlin
By S Shanthi
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
HempStreet, a research to retail startup in the ayurvedic cannabis sector, has raised USD 1 million in a Pre-Series A round. The round was led by their existing investor Carl Waahlin, a serial entrepreneur and investor, with an investment portfolio of over $200
million ( via Waahlin Holdings) across various verticals including CBD based products in North America. Other investors in this round include existing investor Andre Rodrigues and a clutch of HNIs from South East Asia, along with Abhishek Mohan, Founder and CEO of HempStreet who also participated.
The company will use the funds to expand its activities around clinical trials for proprietary formulations, solidify itself as a leader in the menstrual cramps and pain treatment segment and facilitate R&D to further develop ayurveda-inspired products that will be put through the clinical validation process.
Founded in 2019, HempStreet aims to tackle mass ailments in India, starting with the chronic pain epidemic and menstrual health, via responsibly dispensed cannabis based medication.
In India, 85% of women experience menstrual cramps with a critical emphasis on the 25-40 age group. This debilitating pain also has negative potential economic impact, where women may experience work disruptions. HempStreet claims that its products have shown extremely high efficacy in solving problems related to menstrual pain (dysmenorrhea) and other occuring problems.
With the recent fundraise, the company aims to bring four proprietary medicinal cannabis formulations to the market in India and abroad that each address ailments that have a potential patient base of at least 300 million. The ideology behind HempStreet's products is to leverage the growing popularity of the age-old science of Ayurveda to treat chronic ailments. 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). In 2024, the company aims to enter Latam and North America to launch a line of clinically backed products starting with their proprietary formulation to tackle primary and secondary Dysmenorrhea.
Commenting on the fundraise, Abhishek Mohan, Founder & CEO, HempStreet, said, "We have witnessed unwavering support of our investors to further champion our endeavors in India. With no venture capital participation within the Hemp/Cannabis space in India, it's the foresight of our investors that have propelled the sector forward. Having achieved remarkable revenue growth in the past, we anticipate a 100% revenue growth in the current fiscal year. At HempStreet, our focus remains resolute, dedicated to being a trailblazer in ailment-based, clinically validated products, always putting the patient
first."
Adding to this, Carl Waahlin, founder and CEO, Waahlin Holdings, said, "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. HempStreet's commitment from the start to steer clear of the hype in other markets and go
against the grain of the industry has positioned Abhishek and the team for global success. I firmly believe in the HempStreet story and am happy to continue supporting them on their journey."
