Israel’s Knesset approved a bill allowing for the export of medical cannabis products from Israel abroad on Wednesday, allowing Israel to fully participate in the emerging global cannabis industry.
The law included a budget that allows the Ministry of the Interior and specifically the Israeli Police, to monitor, track and control the production and delivery of cannabis for export, and ensure there is no risk of leakage to the local illegal drug market. The new law also specifies that any foreign investment of more than 5% in an Israeli cannabis company will require regulatory approval.
“This is a long overdue but welcome development,” said Saul Kaye, CEO of iCAN – an Israeli firm focused on medical cannabis products,”iCAN has been diligently working together with Israeli regulators to further the growth of the cannabis industry with the goal of having Israel become the leading global export nation of medical cannabis,” he added.
According to Kaye 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 illnesses including cancer, MS, Parkinson’s, sleep disorders, epilepsy, and PTSD, to name just a few. Israel’s expertise in the field extends from cultivation and processing to research and development.”
“Israel is perfectly positioned to enter and disrupt the medical cannabis market that is expected to soar to $33 billion dollars worldwide in the next 5 years,” Kaye continued, adding that in Israel alone, “we quickly expect over $1 billion in sales to countries interested in our products.”