HempStreet Secures $1M in Pre-Series-A for Global Expansion

India's HempStreet and the first Ayurvedic cannabis research retail company have raised $1 million in a pre-A round. The round was led by their current investor, Carl Waahlin, a serial entrepreneur and investor with an investment portfolio of more than $200 million (through Waahlin Holdings) in various industries, including CBD-based products in North America. Other investors in this round include existing investor Andre Rodrigues and a group of HNIs from Southeast Asia and Abhishek Mohan, founder and CEO of HempStreet, who also participated.

The money will be used to expand HempStreet's product line and develop the company's capabilities to treat dysmenorrhea pain. The company is forecasting 100% growth in turnover for the financial year 2023-24.

The Company has received a total of USD 3 million in funding so far and works with 20,000 doctors across India. With the recent fundraising, the company plans to launch four original cannabis products in India and abroad, each targeting diseases with a potential patient population of at least 300 million.

HempStreet products aim to capitalize on the growing popularity of the ancient science of Ayurveda in the treatment of chronic diseases. HempStreet's product range addresses digestive issues, 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 reach Latin America and North America to launch several clinically supported products, starting with their proprietary formulation for the treatment of primary and secondary dysmenorrhea.