India-Based Health Care Startup Hempstreet Raises $1M

Hempstreet a health care startup concentrated on the use of cannabis in Ayurvedic medicine, has raised $1 million in pre-series A funding, according to TechInAsia.

The funding round was led by Pharmacon Holdings, which is a U.S.-based pharma-technology company, and private investor Romain Barberis.

Hempstreet will use the new capital to support its technology growth, research development, and to launch a new set of cannabis-based products, the report said.

The company said it's to India's first research-to-retail venture in the ayurvedic cannabis sector, and it is collaborating with scientists and several labs from the Council of Scientific and Industrial Research in India.

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“We intend to set new milestones for the medicinal cannabis sector in the country with our world-class research, impeccable supply chain tracking, responsible and regulated formulation, and dispensing of cannabis-based medication,” Abhishek Mohan, the company’s co-founder, said in a statement.

In the Middle Ages, the cannabis plant was discussed in Ayurvedic texts, which assigned it with names such as “vijaya,” or “the one who conquers,” and “siddhi,” or “achievement,” according to ICanna.