Cannarma specializing in Ayurvedic hemp-based products to raise $3 million

Cannarma, a Delhi-based startup specializing in Ayurvedic hemp-based products, is raising $3 million in funding to support its marketing efforts, global expansion, intellectual property (IP) development, and team enhancement.

The funding will also help Cannarma enhance its distribution channels, ensuring that its innovative products reach a broader audience, as per the reports.

"Securing the funding will enable us to accelerate our growth and bring our high-quality hemp products to more markets. We are committed to drive innovation in the medicinal cannabis space and providing natural health solutions that are both effective and safe," said Keshav Agarwal, Director of Cannarma.

Who are the founders?

Founded in 2022 by Rohit Chauhan and Keshav Agarwal, Cannarma aims to combine contemporary science with traditional Ayurvedic practices.

The startup holds a license from the Department of Ayush to produce and distribute Ayurvedic products, including medicinal cannabis, hemp seed oil, and CBD oil. 

The startup sources its raw materials from Himachal Pradesh, formulates them in-house, and processes them in a GMP-certified facility.

Planning to capitalize on the expanding medicinal cannabis market

Cannarma plans to capitalize on the expanding medicinal cannabis market by integrating modern science with traditional Ayurvedic practices.

The company targets the medicinal cannabis market, estimated to be valued at $19.44 billion in 2024 and 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 an esteemed advisory board, including Mihir Kapoor, Managing Partner of IEG India, a leading European Investment Bank; Dr Deepak Pant; a renowned expert in the field; and Prakash Khalate from Dhanwantri Distributors Pvt Ltd.