India’s research to retail venture in the Medicinal Cannabis sector, HempStreet, is working with scientists to advance cannabis-based medicinal remedies to mass ailments that currently affect over 300 million people in India. The company has received the Biotechnology Ignition Grant (BIG) from BIRAC (Biotechnology Industry Research Assistance Council for a medicinal cannabis solution.
Past winners of BIG include prominent biotech innovators such as Bharat Biotech.
The company has plans to utilize the funds to patent and commercialize a recent research breakthrough around transdermal delivery technology that could disrupt a $7 billion global industry. HempStreet aims to tackle mass-ailments utilizing researched and responsibly dispensed medicinal cannabis for pain relief to an addressable patient base of over 35 million.
Abhishek Mohan, Co-Founder & CEO, HempStreet, India said, “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 are confident that this research breakthrough will be the first of many more that will come out of India. We intend to become a Made in India brand, for the world. “
Shrey Jain, Co-Founder & COO, HempStreet, India said, “We feel extremely proud to be the first ever research venture in the medicinal cannabis space to have been awarded the prestigious Biotechnology Ignition Grant (BIG) of BIRAC. The product of our research that is being undertaken under this grant, has the potential to disrupt the USD 7.1 billion (projected for 2023) transdermal drug delivery system market, while also addressing and greatly alleviating the environmental impact through our sustainable innovation. We hope that this would put us in an elite, and rather rarified, group of environmentally responsible biotechnology companies. 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.”
Speaking on the collaboration, Dr Anil Wali, Managing Director FITT (Foundation for Innovation and Technology Transfer) said, “HempStreet’s R&D efforts in new delivery mediums for phyto pharmaceutical active ingredients is very interesting. It attests to the prospects of biotechnology innovations in India, and HempStreet seems to be moving in the direction of creating novel solutions.”