Episode 60 · Consumer · 66 min

The narcotic was only the flower

India's NDPS Act calls the cannabis bud and its resin a narcotic — the leaf, the seed and the fibre were never in the definition. BOHECO spent its first six months reading that sentence and nine years building a company inside it: state cultivation policies, twenty-odd bred varieties, a white hemp shirt that sold out in under two months, and four registered clinical trials. The wellness segment it needs is worth eight to ten million dollars today; the plan is to grow it fifty-fold.

JP
Jahan Peston Jamas
Co-founder & Chief Strategy Officer, BOHECO · with Vishal Krishna
The narcotic was only the flower — episode thumbnail
1:05:42
Said in this episode
▶ 37:52
30–45%
Annual revenue growth, every year
Growth held in that band each year since inception, including through COVID, when comparable D2C wellness players slowed.
▶ 1:00:26
₹3.5–3.6 cr
Revenue, last financial year
Jahan flags that final numbers were still being closed; he separately describes the current year running towards eight hundred thousand to a million dollars, about ₹5-6 crore.
▶ 35:22
$8–10M
India's hemp wellness market today
His stated ambition is to grow the whole segment towards four to five hundred million dollars — the theoretical market is still far from realised.
▶ 53:54
90–100
Offline stores stocking BOHECO
Pharmacy chains, clinics and retail across roughly ten or eleven states, from Mumbai and Delhi to Shillong, Chennai, Bengaluru and Indore.
▶ 58:59
60+
Hemp and cannabis companies in India now
BOHECO says it was the only one when it started in 2013; the crowd is read as a reason to accelerate, not to defend.
▶ 10:06
20–25
Cannabis varieties bred from collected land races
Bred with government science institutes from land races gathered across India between roughly 2012 and 2014, and described as 98-99% of the way to registration.
The brief

The argument in sixty seconds

Jahan's claim is that India never banned hemp — it only ever banned part of the plant. The NDPS Act of 1985 defines cannabis as the flowering bud and the resin, leaving the leaf, the seed and the fibre outside the narcotic definition, and Sections 10 and 14 hand state governments the power to licence cultivation. BOHECO spent its first six months establishing that, then nine years compounding on it: a cultivation policy written with Uttarakhand and since replicated across six or seven states, cannabis land races collected with CSIR labs and bred into twenty-odd varieties now close to registration, and a deliberately unthreatening first product — let them wear it first — that became India's first hemp handloom label and a crisp white shirt that sold out in under two months against a six-month plan. The 2017-18 pivot is the harder argument: textiles were high-volume and low-margin on a supply chain that was not yet mature, so the company took state licences in Madhya Pradesh to make hemp-seed foods and cannabis-leaf ayurvedic medicines, and then chose to compete on evidence rather than atmosphere — animal toxicity studies, analytical certificates, four registered clinical trials in arthritis, eczema, post-COVID stress and IBS, and roughly thirty continuing-medical-education sessions for doctors. Growth has run 30 to 45 per cent a year, including through COVID, on revenue of about ₹3.5-3.6 crore in the last financial year and 90 to 100 stores across ten or eleven states. The stakes: a wellness segment Jahan sizes at eight to ten million dollars today against hundreds of millions of arthritis patients — and sixty-plus hemp companies now chasing the market BOHECO had to itself in 2013.

Worth your time if you are

Founders building inside a grey regulatory zone
D2C wellness brands that need clinical proof, not claims
Agri operators whose raw material is still wild-collected
Investors sizing India's medical cannabis market
Anyone who assumes hemp and getting high are the same thing
Episode map

Where the conversation travels

Every block is a chapter, coloured by what it's about. Click any of it to jump straight to that minute on YouTube.

01Cold open: the plant that grew everywhere 0:00 Seven co-founders doing solar-electrification work across Rajasthan, Uttarakhand and Maharashtra noticed that custom, culture and language changed from village to village but cannabis grew wild in all of them — and a road trip past the prosperous Australian town of Margaret River, which used the fibre for surfboards and the seed for salads, turned that observation into a company. 02Six months reading the NDPS Act 5:05 Before building anything the founders asked whether the business was even legal, and found that the 1985 Act defines cannabis as only the bud and the resin — leaving leaf, seed and fibre outside the narcotic definition, with Sections 10 and 14 letting state governments licence cultivation for industrial and medical use. 03Three engines: policy, research, demand 8:49 The first years went into writing cultivation policy with Uttarakhand and later six or seven states, and into collecting cannabis land races with institutes under the science ministry, cross-breeding them into some 20 to 25 varieties now 98-99% of the way to registration. 04Let them wear it first 10:37 Consumption was the riskiest place to start, so BOHECO entered at textiles — hand-loom work with rural Uttarakhand women artisans became the B Label brand, and a prototype white hemp shirt given six months to sell cleared in under two, while kurtas cut to the size of chief ministers and MPs turned Parliament into an awareness channel. 05Retting by teeth, and a video call to Germany 13:36 Artisans separating fibre with their teeth for want of machinery were losing both dental health and fibre quality, so BOHECO layered modern retting and product discipline onto ancient knowledge, put collectors on video calls with German customers, and sold manufacturers on hemp's UV resistance and its third-the-time, tenth-the-water agronomy. 06Project Chirag and the village with drums 17:35 The prehistory was solar lanterns assembled by disabled workers and carried to unelectrified villages — including a Rajasthan hamlet two hills from the nearest road that came out with drums to greet them — and it left the founders with a conviction that rural India needed strategic activation, not charity. 07Eight months of polite follow-up 20:21 Vishal retraces the arc from college project to CSIR labs, and Jahan tells how an XPRIZE launch event in Mumbai put Ratan Tata and Peter Diamandis in the front row — and how a self-introduction there took eight months of monthly follow-ups to convert into a calendar slot. 08Three hours, a dog, and a cheque 23:55 Braced to pitch advisers, they found the meeting was with Tata himself and lasted three hours, producing a personal investment and a Tata Trusts research grant — and later an introduction to Tata Memorial Hospital's director for a study on vaporised cannabis flower in breast-cancer patients, using flower imported from the Netherlands because it cannot legally be grown here. 09Why shirts gave way to prescriptions 27:21 Textiles turned out to be a low-margin, high-volume business on an immature supply chain, so in 2017-18 BOHECO became one of the first companies to win a Madhya Pradesh licence to manufacture hemp seed as food and ayurvedic proprietary medicine and to make cannabis-leaf formulations. 10Fifty indications, and an 83-year-old 30:24 India, China and Thailand opened traditional-medicine pathways for the leaf and seed in the same window, and BOHECO's prescription pain and stress formulations now reach doctors across roughly 50-55 indication areas — the case made by an 83-year-old arthritis patient who called her doctor at eleven at night to ask what the magic potion was. 11A ten-million-dollar market that should be five hundred 35:06 The business is now roughly 70% health and wellness to 30% legacy textiles, against an Indian hemp wellness market Jahan sizes at eight to ten million dollars today and wants grown towards four to five hundred million — with licences needed only for manufacturing, not for all-India distribution. 12COVID's second storm was mental health 37:38 Growth held at 30-45% a year even through the pandemic, from about ₹1 crore in 2017 towards eight hundred thousand to a million dollars, as insomnia, anxiety and inaccessible clinics pushed customers towards stress formulations and an immunity product blending hemp seed oil with ashwagandha and amla. 13Evidence as the go-to-market 41:27 Being the only industry partner on the pharmacopoeia commission's cannabis monograph set the pattern — a research team with some 60 years of combined experience, animal toxicity studies, analytical certificates for purity, four registered clinical trials, about 30 doctor education events, and an unusually blunt account of side effects from anxiety to the munchies. 14The banana walnut cake that doesn't get you high 45:45 Hemp seed carries no narcotic value — it becomes oil, protein powder and chapati flour in Jahan's own kitchen — and the question 'will I get high' has flipped from a prohibitive objection into the icebreaker that pulls people in at expos, while brand-building stays a balance of methodical thought leaders and real customer stories rather than celebrity spray-and-pray. 15India is thirty countries, so distribution varies 50:24 Online takes you only so far before offline becomes inevitable, so the model shifts by geography — franchise in Karnataka, consignment and distributorship elsewhere, cash-and-carry in small pockets — against credit cycles that COVID stretched from 30 days to 90 and 45 to 120, roughly 100 stores in ten or eleven states, and exports to 15 countries. 16Rocket fuel, and a 30-second guide to happiness 56:42 The two-million-dollar round funded team, trials and large-scale medical-grade cultivation rather than founder salaries, which stay nominal and KPI-bound, as a team of 30-35 faces 60-plus new hemp companies — before Jahan closes on last year's ₹3.5-3.6 crore, Harari and Naval, and the advice to say an audacious idea out loud even in an empty room.
Takeaways

Ideas to carry out of this hour

01

The law already said yes — someone had to read it

The NDPS Act of 1985 is an umbrella statute covering opium, heroin and pharmaceutical precursors, and its definition of cannabis reaches only the flowering bud and the resin. Leaf, seed and fibre were never narcotics, and Sections 10 and 14 are concurrent provisions letting state governments frame their own cultivation policies. BOHECO's first six months went into establishing that reading with the central ministries, and its first real product was a policy — written with Uttarakhand, since replicated across six or seven states.

02

Sell the shirt before you sell the medicine

Asked where in the hemp value chain to begin, the founders reasoned that anything consumed carries the first flash of fear in a customer's mind. So the answer was to let people wear it first: hand-loom work with rural women artisans, then cottonised fibre and power-loom garments, then India's first hemp hand-loom label. A prototype white hemp shirt given six months to sell cleared in under two — and kurtas and bundis tailored for ministers meant ten MPs were discussing hemp textiles on the floor of the Lok Sabha without a rupee of advertising.

03

The binding constraint was supply, not demand

India's hemp raw material was not cultivated at all — it was collected from wild growth, which makes both quality and supply inherently variable. BOHECO treated that as an agronomic problem, partnering with institutes under the science ministry between 2012 and 2014 to collect cannabis land races from across India, then cross-breeding for fibre and seed traits. Six or seven years later there are some 20 to 25 varieties, 98-99% of the way to registration — the piece that lets policy translate into an actual crop.

04

In a suspect category, evidence is the go-to-market

Because the buyer who matters is a prescribing doctor, BOHECO's spend goes into proof: animal-model toxicity studies at high doses, analytical certificates from CSIR institutes showing cannabinoid content and no pesticide residue, and four registered clinical trials — arthritis, eczema, post-COVID stress and anxiety, and IBS/IBD — with about 30 continuing-medical-education events for doctors. The same discipline extends to disclosure: Jahan argues wellness brands must break the fallacy that nothing has side effects, and names his own, from THC-driven anxiety at the wrong dose to drowsiness and appetite stimulation.

05

'Will I get high' flipped from objection to icebreaker

Hemp seed has no narcotic value at all — it presses into oil, crushes into protein powder, and goes into chapatis in the founder's own kitchen. That is why a banana walnut cake made with hemp is a real thing and not a marketing line, and why hemp burgers, Kasol cafes and pasta now exist. The narrative inversion is the interesting part: the question that once shut conversations down now opens them, as at a Jaipur expo where runners who tasted the nutty seed came back the next day asking to buy two kilos.

06

Online gets you a tenth; the hinterland is the business

D2C, in Jahan's framing, wins maybe five to ten per cent of the market before offline becomes an inevitability, because India is half a generation away from the consumer awareness that online assumes. His operating model treats India as one landmass containing 29 or 30 different countries, so distribution changes shape by state — a franchise in Karnataka, consignment and distributorship elsewhere, cash-and-carry in small pockets — while COVID stretched repayment cycles from 30 days to 90 and 45 to 120. The result is roughly 90 to 100 stores across ten or eleven states, with chains of 50 to 100 outlets now approaching them.

07

They are not taking share, they are making a market

Jahan puts India's hemp wellness market at only eight to ten million dollars against hundreds of millions of arthritis patients, millions of cancer patients, and millions already buying illicit cannabis for what is really a medical need. The goal is not a bigger slice but a segment grown to four or five hundred million dollars, which is also why the arrival of 60-plus hemp and cannabis companies — where BOHECO was the only one in 2013 — reads to him as validation rather than threat, and as the signal to accelerate.

08

Nine years of patient capital and nominal salaries

The seed round came from Ratan Tata personally plus a Tata Trusts research grant; the later two-million-dollar round came from family offices in FMCG, CPG and renewables alongside a founding promoter of a listed Canadian cannabis company that was eventually acquired. Founders still draw nominal salaries and are bound by KRAs, with capital ploughed into team, trials, content and large-scale medical-grade cultivation. Revenue closed at about ₹3.5-3.6 crore in the last financial year, with 35-45% growth guided for the current one.

The numbers, drawn

What the episode measures

Every figure below was said on air — timestamps included, caveats kept.

Conversation share

portion of the hour spent on each theme
Healthcare · 20%Supply chain & agri · 16%Founder journey · 15%D2C & commerce · 14%Regulation & policy · 13%Marketing & brand · 10%
Healthcare20%
Supply chain & agri16%
Founder journey15%
D2C & commerce14%
Regulation & policy13%
Marketing & brand10%
Computed from the chapter map of this episode.

The market BOHECO says it has to build

$ million
India hemp wellness 10The segment they aim500
As stated in conversation: eight to ten million dollars today and a goal of four to five hundred million for the whole segment; upper bounds shown.▶ 35:22

Revenue, as described on air

₹ crore
02.85.5Around 2Last finCurrent
The ₹1 crore figure comes from the host's recollection of a 2017 conversation and is confirmed loosely on air; ₹3.5-3.6 crore is the last closed financial year; the current year is described as closing near eight hundred thousand to a million dollars, or about five to six crore.▶ 1:00:26

Where the revenue comes from now

% of revenue
Health and wellness · 70%Textiles · 30%
Health and wellness70%
Textiles30%
Given as a 70/30 split at the time of recording, having started as a textiles-only business; elsewhere in the conversation the wellness share is put at 70-80%.▶ 35:06
Worth keeping

Lines that stay

It can't be something you consume first — that's where the first risk comes in someone's mind. So the best place is: let them wear it first.

— Jahan Peston Jamas ▶ 10:52

Nothing has no side effects. Everything has a side effect — it's important for you to know what they are, and at what levels.

— Jahan Peston Jamas ▶ 44:13

'Will I get high' has changed from being a prohibitive narrative to actually being an icebreaker that ropes people in.

— Jahan Peston Jamas ▶ 47:22

India is not one country. It is one landmass with almost 29 to 30 different countries — everyone has their own style of operating, their own language, their own culture.

— Jahan Peston Jamas ▶ 51:24

If the idea is audacious enough, just say it out aloud — even if you're alone in a room. The universe is listening.

— Jahan Peston Jamas ▶ 1:01:11
Clips that travel

Short on time? Start here

Founders building inside a grey regulatory zone

Six months reading the NDPS Act

The definitional carve-out the whole company rests on — bud and resin are narcotic, leaf, seed and fibre are not — and the concurrent sections that let states licence cultivation.

5:05 → 8:50 · 4 min ▶ Watch clip
Category creators sequencing their first product

Let them wear it first

Why textiles came before medicine, the white shirt that sold out in under two months, and the kurtas cut for MPs that got hemp debated in the Lok Sabha.

10:37 → 13:36 · 3 min ▶ Watch clip
First-time founders chasing an improbable investor

Eight months to a three-hour meeting

An XPRIZE event, a self-introduction, eight months of monthly follow-ups — and what Ratan Tata's backing unlocked at Tata Memorial Hospital.

22:55 → 27:20 · 4 min ▶ Watch clip
Wellness brands claiming clinical rigour

Mice, monographs and side effects

How evidence became the sales channel: toxicity studies, purity certificates, four registered trials, 30 doctor-education events, and a refusal to pretend there are no side effects.

41:27 → 45:45 · 4 min ▶ Watch clip
D2C operators planning an offline expansion

India is thirty countries

Franchise versus consignment versus cash-and-carry, credit cycles that went from 30 days to 90, and why the hinterland — not the website — is where the growth is.

50:24 → 54:20 · 4 min ▶ Watch clip
Glossary

The jargon, unpacked

NDPS Act
The Narcotic Drugs and Psychotropic Substances Act, 1985 — an umbrella law whose definition of cannabis covers only the flowering bud and the resin, leaving leaf, seed and fibre outside the narcotic category.
Bhang
The cannabis leaf, not a narcotic under Indian law, familiar from Holi and Shivratri but with a long traditional use in ayurvedic formulations — the raw material for BOHECO's medicines.
CBD and THC
The two cannabinoids most used in medical settings worldwide; THC is the intoxicating one and, taken above the prescribed titration, becomes anxiogenic rather than calming.
Retting
Soaking harvested stalks so the outer and inner fibre separate — in Uttarakhand, 20 to 30 days in ice-cold river water; before machinery arrived, artisans were pulling the fibre apart with their teeth.
Land race
A locally adapted plant population that has never been formally bred; BOHECO collected cannabis land races across India as the genetic stock for registrable, farmer-sowable varieties.
Ayurvedic proprietary medicine
A licensed category that lets a manufacturer sell its own formulation under Ayurveda rules — the route BOHECO's Madhya Pradesh licences take for both hemp seed products and cannabis-leaf medicines.
CSIR
The Council of Scientific and Industrial Research, the government laboratory network BOHECO partnered with for cannabis breeding and for the analytical testing behind its purity certificates.
CME
Continuing Medical Education — the doctor-facing sessions, about thirty so far, that BOHECO uses to teach dosing, indications and side effects to prescribers.
Connections

If this resonated, go here next

Full transcript

The whole conversation, searchable

261 segments

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