Cannabis startup Hemp Horizons said on February 4 that it raised Rs 2 crore in seed funding from Mumbai Angels Network and AngelList.
Hemp Horizons is a seed-processing company registered with the US Food and Drug Administration (FDA) and certified for Good Manufacturing Practices (GMP).
Angel investor Bikky Khosla, CEO of TradeIndia.com and Chairman of the ASSOCHAM e-commerce committee, also participated in the round. He is the younger brother of renowned Silicon Valley investor Vinod Khosla.
“We are happy to see more and more individuals understanding the benefits of cannabis and investment funds looking at companies like ours as a potential game-changer in the health and wellness space,” Hemp Horizons CEO Rohit Shah said.
Founded by Shah, Kartikey Dadoo, and Kanishk Yadav, Hemp wants to make use of cannabis for medicinal purposes—a growing trend in western countries. Cannabis is being used in Ayurvedic, Siddha and Unani schools of medicines.
Funding will help the startup launch and market cannabis extracts and hemp-seed products.
“Today increasing demand for hemp seeds over traditional herbal seeds is driving the growth of the market. There are over 2 crore legal cannabis users in India and the growing demand for personal care products, protein supplements, cosmetics and several other Hemp products will boost the market,” the startup said.
In many countries, cannabis use, in any form, is highly regulated and in many cases illegal, though it is slowly changing in some states in the US, and in Canada, where cannabis-based products can be sold over the counter.