Medicinal cannabis brand Cannarma has raised undisclosed investment in a pre-seed round led by Praveen Kaushik (founder -Zero to One Fund) at pre-money valuation of Rs 17 crore ($2.04 million). Additionally, Amity Innovation Incubator has also backed the startup in this round.
The proceeds will be used for several growth initiatives including engagement with existing customers, expansion into new geographies, building technology. The firm plans to expand its presence in over 10,000 medical stores, clinics, and hospitals across India.
Founded by Rohit Chauhan and Keshav Agarwal in August 2022, Cannarma is a research and development organisation licensed by the Department of Ayush to manufacture and sell Ayurvedic goods such as CBD oil, hemp seed oil, and medicinal cannabis, among others. The brand claims to manufacture high-quality items using only natural ingredients.
The Delhi-based startup is working with Himachal Pradesh government authorities in India. As per the startup, the policy on hemp cultivation for medicinal, industrial, and scientific purposes would pave the way for utilizing the medicinal properties of cannabis to treat patients, besides raising revenue for the state from the products made of hemp (cannabis).
The company’s products claim to have proven results in curing Opioid crisis, Cholesterol, BP, Diabetes, sleeping disorders, Anxiety, Depression, Arthritis pain, Chronic Pain, Neuropathic Pain, Epilepsy, Parkinson and Alleviates Cancer Chemotherapy side effects.