Hempstreet Medicare Pvt. Ltd has lately secured roughly INR 7.12 crore in its pre-Series A funding round. The startup essentially operates a cannabis research-to-retail venture.
The US-headquartered pharma tech firm, Pharmacon Holdings, partaking with a cannabis-concentrated investor, Romain Barberis led the funding round of the startup.
It will use the funds to develop its technology infrastructure and conduct research, VC Circle reported citing the companys official statement.
It is focussed on ensuring the responsible dispensing of cannabis-based medication by doctors, the company added.
We are set to release over the next quarters an extensive range of Cannabis-based prescription products to help our ayurvedic doctor network better serve their patients, Abhishek Mohan, Co-founder at HempStreet, said in the companys official statement.
The bet on HempStreet was proof of the investor commitment to backing unique business models that have the potential to revolutionize the medical cannabis space, Barberis said in an interview with the above-cited media agency.
HempStreet asserts that it comprises the seed-to-sale tracking of cannabis plants employing blockchain technology. It further claims to have a nexus of more than 60,000 doctors and 300 clinics, along with a 35 million wide patient base. It is one of the few companies in the Ayurveda niche that caught the investors eye in recent times.