Medical cannabis company HempStreet receives govt's Biotech Ignition Grant worth Rs 50 lakh

HempStreet, which is into research and development of cannabis-based ayurvedic medicinal products, has become the first entity in the medicinal cannabis sector to receive a Biotechnology Ignition Grant (BIG) from Biotechnology Industry Research Assistance Council (BIRAC) of the department of biotechnology.

BIG, the flagship early stage biotech funding programme of the department, provides young startups and entrepreneurial individuals a support of up to Rs 50 lakh for research projects with commercialisation potential with duration of up to 18 months.  

Past winners of BIG include prominent biotech innovators such as Bharat Biotech, the pioneers of India's COVID vaccine research and development efforts.

"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 currently is, to where it should be. We feel privileged to join the ranks of previous winners that have gone on to make a huge impact in healthcare and beyond. We are committed to contribute to the global medical cannabis industry, not just in volume and impact, but as an innovator in the category. We intend to become a Made in India brand, for the world," Abhishek Mohan, Co-Founder & CEO, HempStreet, India said.

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Hempstreet claims to be working with leading scientists to advance cannabis-based medicinal remedies to mass ailments that currently affect over 300 million people in India. The company plans to utilise the funds to patent and commercialise a recent research breakthrough around transdermal delivery technology.

"The product of our research that is being undertaken under this grant, has the potential to disrupt the $ 7.1 billion (projected for 2023) transdermal drug delivery system market, while also addressing and greatly alleviating the environmental impact through our sustainable innovation. Our research is also a testament to the potential of cutting-edge biotechnology innovation from India, furthermore in an industry as nascent as the medicinal cannabis industry" Shrey Jain, co-founder & COO, HempStreet, said.

The company stated it is working with leading scientists and research institutions to conduct research and development around cannabis-based medication to tackle mass ailments, starting with chronic pain, which affect over 300 million people in the country. HempStreet has a nation-wide network of 60,000 medical practitioners clinics around India, with a patient base of around 35 million.

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