Healthtech startup HempStreet has successfully raised $1 million in its pre-Series A funding round, with the backing of primary investor Carl Waahlin from Waahlin Holdings.
This funding marks a significant step for the company in its mission to introduce cannabis-based medications rooted in Ayurveda.
Established in 2019, HempStreet specializes in producing medications derived from cannabis to address various health issues including digestive problems, menstrual cramps, hypertension, anxiety, and sexual health concerns. The company has raised a total funding of $3 million so far and collaborates with over 20,000 doctors across India.
HempStreet’s focus lies in alleviating chronic pain and menstrual health problems through the responsible distribution of cannabis-based medicines. As per the claims, their products have exhibited promising results in tackling menstrual pain (dysmenorrhea) and other related issues.
The fresh infusion of funds will be channeled toward several key areas. This includes expanding the scope of clinical trials for their exclusive formulations, particularly in the domain of menstrual cramps and pain treatment.
Apart from this, the company plans to dedicate resources to research and development, aiming to further enhance its range of Ayurveda-inspired products.
HempStreet will also utilize this capital injection to broaden its product lineup and explore potential opportunities in global markets.