Cannarma, a Delhi-based startup specializing in Ayurvedic hemp-based products, is seeking $3 million in funding for marketing, global expansion, intellectual property (IP) development, and team enhancement.

The funding will also support Cannarma in enhancing its distribution channels to ensure that its innovative products reach a broader audience, according to reports.

Keshav Agarwal, Director of Cannarma, said,"Securing this funding will help us accelerate our growth and expand the reach of our high-quality hemp products into new markets. We are dedicated to advancing innovation in the medicinal cannabis sector and offering natural health solutions that are both effective and safe."

Founded in 2022 by Rohit Chauhan and Keshav Agarwal, Cannarma seeks to blend contemporary science with traditional Ayurvedic practices.

The startup received license from the Department of Ayush to produce and distribute Ayurvedic products, including medicinal cannabis, hemp seed oil, and CBD oil.

The startup sources its raw materials from Himachal Pradesh, formulates them in-house, and processes them in a GMP-certified facility.

Cannarma aims to capitalize on the expanding medicinal cannabis market by combining modern science with traditional Ayurvedic practices.

The company targets a market valued at $19.44 billion in 2024, projected to grow to $82.27 billion by 2031, with a compound annual growth rate (CAGR) of 22.9% from 2024 to 2031.

Cannarma is guided by an esteemed advisory board, which includes Mihir Kapoor, Managing Partner of IEG India, a leading European investment bank; Dr. Deepak Pant, a renowned expert in the field; and Prakash Khalate from Dhanwantri Distributors Pvt Ltd.