Lawmakers in Israel have approved a new law that will allow Israeli farmers to export cannabis for medical purposes. This move is expected to bring in quite a high revenue for the state.
According to the law’s explanatory notes, it conditions growing cannabis intended for medical use on a health ministry license coupled with police approval, monitoring investors and growers. Yoav Kisch, the author of the law and member of Prime Minister Benjamin Netanyahu’s Likud party, stated that this law would provide “huge economic potential” for farmers and the state, alike. He referred to medical marijuana as a “blessed product that eases the suffering of the sick.” Currently, there are eight companies located in Israel that are growing cannabis intended for medical purposes. According to a statement from parliament, many more are awaiting the approval from the authorities.
The export market is expected to bring in $265 million per year for the state.
Back in 2016, Israel legalized the medical use of cannabis. Last year, marijuana use was decriminalized. The public security ministry set fines and treatment for marijuana use rather than pressing criminal charges.
According to a firm based in Israel that promotes technologies related to the medical cannabis industry, iCan, producers in Israel were expected to start the exportation process within six months. Saul Kaye, CEO of iCan, deemed the new law “long overdue but welcome.” He continued by saying, “Israel, already the most advanced nation in cannabis R&D, will now be able to produce and market cannabis and cannabis-based products that will help millions of people suffering from illness.
So far, nearly 24 countries have legalized medical cannabis use nationwide.