Bombay Hemp Company (Boheco), the first startup in the country is going to study the medical use of cannabis in partnership with the Council of Scientific and Industrial Research (CSIR).
There are investors like the chairman of Tata Sons, Ratan Tata, and Google India’s managing director Rajan Anandan who are investing in this new venture.
Boheco is a Mumbai-based company, who has raised a seed capital of around Rs 6.5 crores from the marquee investors. The company is about to grow cannabis and study its medicinal properties for use in the treatment of epilepsy and breast cancer, as well as for palliative care.
AS per the reports, in 2016, cannabis-related startups raised $66.3 million in venture capital funding, mostly in the United States. Globally, the cannabis market is expected to hit $31.4 billion by 2021, with the US currently driving 90% of the sales, according to a recent report from the cannabis market research firm, the Brightfield Group. In recent years, China has also increased its focus on hemp cultivation, with the China Hemp Research Centre being set up in Beijing.
Jahan Peston Jamas, co-founder of Boheco said in a statement, “The company reached another milestone this year with the creation of nanocarbon, a form of renewable energy from the hemp fiber, making it one of the only Asian startups to be invited to join the Singularity University Accelerator in California.”
It will be really interesting to see the outcome of the research.
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