Pharmaceutical company HempStreet, which is dedicated to the research and development of Ayurvedic cannabis medicines, received a Biotechnology Ignition Grant (BIG) from the Government of India’s Biotechnology Industry Research Assistance Council (BIRAC) for research on cannabis for Rs 50 lakhs.
BIG, an early stage biotech funding program, provides young startups and entrepreneurs with support of up to Rs 50 lakh for research projects with commercialization potential lasting up to eighteen months . Past BIG laureates include leading biotechnology innovators such as Bharat Biotech.
Abhishek Mohan, Co-Founder and CEO of HempStreet, said: “This award and grant validates our efforts to create a world-class organization and bring the Indian medical cannabis industry to its rightful place. We are committed to contributing to the global medical cannabis industry. We want to be a Make in India brand for the world. “
HempStreet says it is conducting collaborative research with leading scientists on the use of cannabis in medicine and how it could affect 300 million Indians.
“The product of our research undertaken under this grant has the potential to disrupt the $ 7.1 billion transdermal drug delivery systems market (expected in 2023), while addressing and significantly mitigating the environmental impact thanks to our sustainable innovation. Our research is also a testament to the potential for cutting-edge biotechnology innovation from India, further in an industry as nascent as the medicinal cannabis industry, ”said Shrey Jain, co-founder and director of the operation, HempStreet.