New Delhi (India), November 30: Medicinal Cannabis brand Cannarma, a startup incubated in Amity Innovation Incubator (Amity University), and recognized by the Startup India, has announced that it has raised an undisclosed amount from Zero to One Fund at pre-money valuation of ₹ 17 crore ($2.04 million).
The startup plans to use the funds for several growth initiatives including deeper engagement with existing customers, expansion into new geographies, building technology, expand presence in over 10,000+ Medical Stores, Clinics, and Hospitals across India., The company is preparing itself to be ready for entering the global market by the next financial year, and are working on new product development for effective targeted therapeutics.
Founded by Rohit Chauhan and Keshav Agarwal in August 2022 to provide therapeutic values of medicinal properties of cannabis which were neglected in world since long, Cannarma is one of India’s most recognized and highly regarded Medical Cannabis/Hemp brands, operating in a market with a total addressable size of over $146.4 Billion. The company is taking the prime mover advantage when the whole world, including India, is shifting to Alternate Medicine and Natural Products.
Speaking on the fund raise, Rohit Chauhan and Keshav Agarwal, Founders, said, “We are delighted to receive this funding from Zero to One Fund which will enable us to expand our net level of growth in the country and prepare ourselves for global expansion next year.”
Praveen Kaushik, Director of Zero To One Fund, said, “The investment in Cannarma shows our commitment to back ideas which are not only disruptive but also with sustainable future profits. As the world gears up towards alternative medicines, returning to human knowledge that has been ignored by science for centuries, the horizon of treatment using cannabis phytocannabinoids is growing wider and wider. The Cannabis plant, one among the five sacred plants in Ayurveda known as “Vijaya”, is having deep therapeutic values and had been used in healing chronic illness in olden times. The time is not far when Cannabis will attain its past glory and will be healing the world again, thanks to startups like Cannarma.”
The Government of Himachal Pradesh is working very hard to ensure a responsible implementation of policy regarding Medicinal Cannabis and Industrial Hemp Cultivation. Cannarma is working with Himachal Pradesh government authorities in India. The policy on hemp cultivation for medicinal, industrial, and scientific 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).
Cannarma is in the making to close a big gap in India in Cannabis Ayurveda (as compared to over a dozen brands globally with a market capitalization of at least $200 million for any individual brand)
Cannarma’s mission is to provide physicians and patients with highly potent, targeted medicinal cannabis based products, this is when Cannarma first started. The name was taken from Cannabis + Pharma, which was a hugely unexplored area in Plant science and medicine and that directly linked to cannabis pharmaceuticals. The main aim of the founders with Cannarma is to make Phyto-cannabinoid medicines available to patients who needed them in India & Globally. Everything they made was developed from scratch: investing and slowly using funding from the patients who were happy to pay for the products. They could produce more help to more patients and spread the word of new generation phytomedicines to the world suffering from Opioid crisis, sleeping disorders, Anxiety, Depression, Arthritis pain, Chronic Pain, Neuropathic Pain, Epilepsy, Parkinson & Cancer.”
Cannarma found the Cannabis plant to be very effective from looking into Ayurvedic medicine prospective. Phyto-medicine development can takes years, but patients are suffering today. The first thought must always be of the patient, and there are solutions that are proven to significantly impact their wellness. The startup decided to help change the world’s perspective on cannabis medicines available in all of India and innovate the pharmaceutical Industry.
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