The funds will be utilized to expand HempStreet’s product range and further build upon the company’s
capabilities towards solving menstrual (Dysmenorrhea) pain
-The company projects a 100% revenue growth for the financial year 2023 -24
HempStreet, India’s first research to retail venture in the ayurvedic
cannabis sector, has raised USD 1 million in 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 has a mission 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’s 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.”
Recently, HempStreet partnered with myUpchar.com to introduce ‘Manmath Ras’ – a product specifically
designed to address common sexual health issues in men. HempStreet has received a total funding
amount of USD 3 million till date and works with 20,000 doctors across India.