In a groundbreaking move to transform the CBD industry and make a mark in the field of health and wellness, Bombay Hemp Company (BOHECO) has launched a unique CBD-based Clinic and Store in Delhi. Founded in 2013, BOHECO is a pioneering company in India that explores the potential of industrial hemp and medical cannabis in reimagining the nation's health and agriculture landscape through the lens of hemp and cannabis.
The Growing CBD Market
The medical cannabis market is experiencing a robust growth rate of 24.3 percent CAGR, poised to reach an impressive $82 billion by 2027. In parallel, the Indian Brand Equity Foundation (IBEF) reports the wellness industry in India is valued at Rs. 49,000 crore ($ 6.70 billion) and is experiencing a surge in growth, driven by the government's emphasis on fostering a healthy and active populace. Within this framework, CBD solutions are emerging as a traditional and indigenous medicine system for tackling persistent lifestyle-related health issues.
The Co-Founders through their venture with BOHECO aim to bring out the plant with infinite health benefits that have been largely misconstrued as a narcotic or as a drug. “In Indian Ayurveda, cannabis plays a huge part, in the Atharv Veda cannabis is considered as top five most sacred plants. So when you put those things out and when you combine that with science, the reception is much better,” added the Co-Founder.
Diverse Applications of Cannabis
The uses of cannabis are kaleidoscopic. Pull out its fiber, and it will give you yarn; harvest its seeds for wholesome nutrition; study its genetics, and you’ll find medicine; chop it into softwood for material to build shelter. BOHECO’s design fuses this potential with the existing industries of Agriculture, Technology, Nutrition, and Healthcare; to bring together Community, Impact, and Value.
"Cannabis comes with a myopic perception and in order to get rid of that science is very, BOHECO thus took upon itself to prove the safety, efficacy, toxicity, etc. of the plant, to introduce a range of products that not only de-criminalizes the plant but also offers its benefits to customers in need," said Yash Kotak, Co-Founder, BOHECO.
BOHECO embarked on its journey when there were limited enterprises working with hemp cannabis. The COVID-19 pandemic prompted a shift in people's mindset towards health and well-being, leading to a surge in cannabis and hemp companies. Chirag Tekchandaney, Co-founder, BOHECO, noted, "That's when we saw a surge of a lot of cannabis and hemp companies because hemp occupies a great space in that narrative."
Approximately 30 percent of the global population grapples with pain-related issues, with 19.3 percent of the population in India facing such problems. This includes issues such as stiff joints and muscles, chronic stress & anxiety, arthritis, concerns over menstrual health such as PCOS, and more. Medical Cannabis has been gaining prominence as a remedy for these disorders and more, playing a significant role in rectifying these issues to some extent. "This indicates the growth outlook that the sector has been witnessing," explained the brand.
A Shift Towards Health and Wellness
"The 2020 pandemic has been an eye-opener for many to reevaluate their consumption patterns and adopt sustainable choices in order to prioritize well-being and also contribute to the preservation of our planet," noted Tekchandaney.
He further added, "In an era where lifestyle-related health problems such as chronic pain, everyday pressures & anxiety, sleep disorders, and other ailments are ever-increasing, hemp and cannabis-based products offer holistic solutions for a healthier and more sustainable way of living."
The brand offers a plethora of products ranging from mental health to pain management, products that can act within 25 minutes. “That is an aspect that was missing in the industry, and we want to champion that cause using a plant that is known as a miracle plant, but also has its own set of taboos. That is how we started our health and wellness focus range with nutrition-based products,” stated Kotak.
The most prominent products by BOHECO-, Glide and Glide Plus which are for arthritis and or joint pain. Having carried out clinical trials on 50 humans with extraordinary results, this is one of the products that defines BOHECO in the market.
The other varied offerings include the full range of wellness solutions for treating maladies such as Chronic Pain, Sleep Disorders, Anxiety and stress, Arthritis, Neuropathic Pain, and Skin Inflammatory disorders, as well as nutritional and skincare solutions for overall health and epidermal well-being.
Dealing with Cannabis-based products, BOHECO has stringent rules on providing prescriptions. At one go it does not offer more than two products to any patient, moreover, every prescription has to be renewed in four months’ time. The in-house doctors at BOHECO assess and review the data and the patient’s situation thoroughly before offering the medicine again or offering you an alternate treatment that hails from Ayurveda.
Dealing with Cannabis-based products, BOHECO has stringent rules on providing prescriptions. “All our products are licensed from the Ministry and more clinically trialed. So when a company like ours that has been in the business for a decade looks at solving problems that are laden in India, we have customers coming in. However, our products with cannabis as the active ingredient require a prescription to be procured,' added the co-founder.
Retail Expansion and Growth
Having raised close to $4 million from 2015 November till now, BOHECO has witnessed a 50X growth since the first time it raised capital. Having been able to utilize and spend its capital efficiently, the brand has closer to 15,000 users.
Tekchandaney states, “Our mission goes beyond geographical boundaries. It's about transforming lives, fostering informed communities, and pushing the envelope of what is possible. In this pursuit, Delhi emerges as a pivotal market for us to diversify our reach, contributing to 30 percent of our annual revenue.”
Grown by an impressive 41 percent over the last fiscal year, the region constitutes an average YoY growth of 43 percent, making it one of our fastest-growing markets.
This launch in New Delhi is an integral part of BOHECO's expansive growth strategy, with plans to establish 500+ touchpoints in collaboration with partner retailers by the end of the fiscal year.
“We aim to be India's foremost business-to-consumer health and wellness Cannabis Company,” emphasizes Kotak. Razor focused on their ideology, BOHECO wants to be known as a brand that offers cannabis for pain and mental health.
Five years from today, the brand aims to have stores and clinics across India, tapping into Tier II and Tier III cities as well. Moreover, the brand wants to be able to take on certain conventional methods of medication that are available there because not only is BOHECO a natural source but also has a made-in-India supply chain.
“Five years from today, we think we are going to be India's most dominant force where cannabis, health, and wellness applications are concerned,” concluded Tekchandaney.