Cannarma set to raise USD 3mn to Drive Expansion and Innovation
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Mumbai, July 2024:Cannarma, India's leading Ayurvedic hemp-based products company, is in the process of raising USD 3mn in funding. This financial boost will support key areas such as marketing, global expansion, intellectual property (IP) development, and team enhancement. With an established distribution network, Cannarma is ready to scale its operations both domestically and internationally. The funding will enable the company to enhance its distribution channels, ensuring that its innovative products reach a broader audience. This expansion aligns with Cannarma's mission to provide natural, effective health solutions worldwide.
Cannarma focuses on holistic wellness, combining modern science with ancient Ayurvedic practices. The company targets the medicinal cannabis market, estimated to be valued at USD 19.44 billion in 2024 and expected to reach USD 82.27 billion by 2031, growing at a compound annual growth rate (CAGR) of 22.9% from 2024 to 2031.
Keshav Agarwal, Director of Cannarma, expressed his excitement about the new funding round: "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 provide natural health solutions that are both effective and safe."
Cannarma sources its raw materials locally from Himachal Pradesh, known as the "mother of all herbs." The materials are formulated in-house and processed in a GMP facility managed by the co-founder, Rohit Chauhan, who has extensive experience working in cannabis plant science in Europe and India. This ensures that each product maintains its efficacy and quality.
Cannarma is guided by an esteemed advisory board, which plays a crucial role in the company's strategic direction. The advisory board includes 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. Their combined expertise and insights drive Cannarma's growth and innovation.
Advisory firm Caerus3Advisor and Think Tank already support Cannarma's global expansion. "Cannarma's unique approach of combining traditional Ayurvedic wisdom with modern phytopharmaceuticals positions it as a leader in the industry. We are confident that the investment will help them achieve new heights and drive significant advancements in healthcare," said HarshilPethani, Managing Director, Caerus3Advisor and Think Tank.
Disclaimer: No Business Standard Journalist was involved in creation of this content
Topics : Ayurveda market
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First Published: Jul 18 2024 | 12:00 PM IST
