HempStreet, a health-tech startup centered on cannabis, has secured $1 million in its pre-Series A funding stage, spearheaded by Carl Waahlin from Waahlin Holdings, an existing investor. Joining the investment were Andre Rodrigues from TK 88 Holdings and the company's Founder and CEO, Abhishek Mohan. The fresh funds will be deployed to broaden the startup's product offerings, conduct additional clinical trials for exclusive formulations, and investigate opportunities in international markets.

Established in 2019 by Mohan and Aradhna Rai, HempStreet specializes in producing cannabis-based medicines designed to address various health conditions like digestive issues, menstrual cramps, sexual health concerns, hypertension, and anxiety. Positioned as India’s pioneering research-to-retail enterprise in the ayurvedic cannabis field, the startup intends to use the funding to further its commitment to pioneering advancements.

Abhishek Mohan expressed gratitude for the consistent support from investors, highlighting their forward-thinking approach that has fueled progress in India's hemp/cannabis sector. The company aims to achieve 100% revenue growth by fiscal year 2024. Carl Waahlin, an early supporter of HempStreet, praised the company's notable advancements both domestically in India and internationally. To expand its global footprint, HempStreet has reportedly forged partnerships with MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil), and Cannabis 360 (Brazil).

Looking towards 2024, HempStreet plans to enter Latin America and North America by introducing a range of scientifically supported products, starting with its unique formulation for addressing primary and secondary dysmenorrhea. The startup based in Delhi NCR has secured a total funding of $3 million to date. In the competitive market focused on cannabis products, HempStreet faces competition from rivals such as Medicann, BOHECO, and Cannabryl. The increasing demand for cannabis in India, attributed to the legalization of hemp cultivation for medical and industrial purposes, aligns with an estimated revenue projection of $13.13 million in the medical cannabis market by 2023. The industry is expected to witness significant annual growth (CAGR 2023-2028) of 14.64%, potentially reaching a market volume of $26 million by 2028.