It was this week that Israel gave approval for the exports of medical cannabis.
The country’s Economy Minister Cohen praised the move as a “significant step for exporters and Israeli industry.”
“This is a significant step for exporters and the Israeli industry, which will enable both the expansion of export opportunities as well as rising employment… in the field,” said Economy Minister Eli Cohen.
The order will take effect in 30 days, allowing exporters to apply for license from Health Ministry. It has been over a year since Cohen gave final approval for the exports after the cabinet backed a new law to permit them.
Israel already allows the use of medical cannabis, but recreational use is illegal. According to the Economy Ministry, about 60,000 Israelis use medical cannabis, consuming an estimated 25 tonnes per year.
There are already more than 10 farms and five factories in Israel that meet Health Ministry standards, and some companies have already reached an agreement to sell cannabis to Europe or Canada once the licenses become available.
“There are many investments that we are expected to see happening now because investors were waiting for this approval,” remarked Hagit Weinstock, co-founder of the Weinstock-Zehavi & Co law firm and a pioneer of cannabis regulation in Israel.
