Medical cannabis startup HempStreet, which is developing cannabis-based ayurvedic prescription products, particularly for pain relief, has received pre-Series A funding of $1 million from Pharmacon Holdings, a US-based pharma tech firm, and Romain Barberis, a private investor, the company said in a release.

The company, which has an ongoing research collaboration with a Council of Scientific and Industrial Research (CSIR) lab, plans to utilise the funds for technology development, category disruption and research, it said.

HempStreet said it is set to release, over the coming quarters, a range of cannabis-based prescription products, which will be used by its network of ayurvedic doctors to serve their patients.

“This Pre-Series A funding will help us in further strengthening our commitment to bring an effective and responsible usage of cannabis, especially on the pain relief front, through our existing network of over 60,000 doctors and 300 clinics, with a reach into a patient base of over 35 million individuals. We will utilize the capital to disrupt the category and take cannabis research to newer heights,” said Abhishek Mohan, co-founder of HempStreet, in the statement.

“Currently, cannabis in the Ayurvedic context is 99 per cent of what we are doing at HempStreet. We believe it is critical to apply scientific validation to what has been culturally known for generations,” he said.

Cannabis is one of the five key medicinal plants in the Vedas. According to classical ayurvedic texts, nearly 191 formulations and more than 15 dosage forms have cannabis as a key ingredient.

Globally, the legal Cannabis industry is one of the fastest growing industries in the world. According to a market research report, it could be worth $146 billion by 2025.

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