HempStreet, a start-up developing medicinal cannabis remedies, received a Biotechnology Initiation Grant from the Biotechnology Industry Research Assistance Council (BIRAC) for the development of a medicinal cannabis solution.
HempStreet would likely be the first company working on medicinal cannabis to receive an official grant from a funding agency. BIRAC is created by the Department of Biotechnology.
In a statement released here, the company said it plans to use the funds to patent and commercialize a recent breakthrough in transdermal delivery technology research that could disrupt a $ 7 billion global industry. HempStreet said it aims to fight mass disease by using medicinal cannabis that is researched and responsibly distributed to relieve pain to an addressable patient base of more than 35 million.
Last year, the company announced that it had received $ 1 million pre-series funding from Pharmacon Holdings, a United States-based pharmaceutical technology company and private investor, to fund its plans to market a multitude of prescription cannabis products via a network of Ayurvedic practitioners.
The statement claimed that currently 2,400 clinics in 224 states are prescribing HempStreet drugs.
“This award and grant is a validation of our efforts to build a world-class institution and take the Indian medical cannabis industry from where it is now, to where it should be. … We are committed to contributing to the global medical cannabis industry, not just in volume and impact, but as an innovator in the category, said Abhishek Mohan, Co-Founder and CEO of HempStreet India.