Shares of several pot stocks were on the rise including Tilray and New Age Beverages as traders learned that Israel is now backing the export of medical marijuana.
The Knesset gave its final approval to a controversial law to allow the export of medical marijuana.
In an overwhelming 21-0 vote on late Tuesday, lawmakers voted to be in favor of the bill, which still needs approval from the cabinet and Prime Minister Benjamin Netanyahu.
The bill imposes tough regulations on exporters and threatens jail terms and hefty fines for violations.
Israel Securities Authority (ISA) said, “As of now, only some of these companies have made deals aimed at generating real business activity in the field of medical cannabis.”
“Even if medical cannabis exports are allowed, there can be no certainty that all of these publicly traded companies will get a license,” the ISA said. Also adding that in regard to export markets, “The regulatory arrangements in those countries and the ability of the companies to operate under the relevant regulatory frameworks should be detailed in depth.”