Cannarma, a Delhi-based startup specializing in Ayurvedic hemp-based products, has raised $3 million in funding to support its marketing efforts, global expansion, intellectual property (IP) development, and team strengthening.
The funds will also help Cannarma strengthen its distribution channels and bring its innovative products to a wider range of customers. According to reports.
“The funding will enable us to accelerate our growth and bring high-quality cannabis products to a larger market. We are committed to driving innovation in the medical cannabis space and providing effective, safe and natural health solutions,” said Keshav Agarwal, Director at Kannama.
Who is the founder?
Founded in 2022 by Rohit Chauhan and Keshav Agarwal, Cannarma aims to combine modern science with traditional Ayurvedic practices.
The startup has received licenses from the Indian Ministry of Agriculture to manufacture and sell Ayurvedic products, including medical cannabis, hemp seed oil, and CBD oil.
The startup sources its raw materials from Himachal Pradesh, formulates it in-house and processes it in its GMP certified facility.
Plans to capitalize on the growing medical marijuana market
Cannarma plans to capitalize on the growing medical cannabis market by integrating modern science with traditional Ayurvedic practices.
The company targets the medical cannabis market, which is estimated to be worth $19.44 billion in 2024 and is expected to reach $82.27 billion by 2031, growing at a compound annual growth rate (CAGR) of 22.9% from 2024 to 2031.
Cannarma is guided by a respected advisory board that includes Mr. Mihir Kapoor, Managing Partner at leading European investment bank IEG India, Dr. Deepak Pant, a renowned expert in the field, and Mr. Prakash Khalate, Dhanwantri Distributors Pvt Ltd.
