Exciting news from Israel: According to Marijuana Business Daily, the Knesset, the country’s legislature, has finally signed a law that will authorize the exportation of medical cannabis, enabling Israel to become actively involved in the industry globally. In a country known to Wall Street as “Start-up Nation” due to Israel having the highest number of startups in the world below only to Silicon Valley, the new law could pave the way for cannabis to become as crucial to Israel’s economy as technology.

Nevertheless, there is a sticking point: the law still needs approval from the country’s cabinet ministers and Prime Minister Benjamin Netanyahu, said Reuters.

Israeli lawmakers have supported a law that will finally enable the country to export medical cannabis. The new ruling could pave the way for marijuana to become as crucial to Israel’s economy as technology. (Getty)GETTY
That hasn’t dampened the enthusiasm of some of the country’s industry professionals. Calling the law “long overdue,” Saul Kaye, CEO of iCAN, an Israeli medical cannabis company, said in a statement, “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.”

Licensed farmers are expected to start exporting medical cannabis products in mid- 2019. According to Kaye, the worldwide medical cannabis market is expected to generate 33 billion dollars in the next five years with Israel hoping to rack up over $1 billion in export sales. Among the countries, reportedly eager to trade with Israel include Australia, Germany, Austria, and Mexico.

Israel joins the global cannabis community.

The law grants a budget that will enable the country’s Interior Ministry and its 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.” It also stipulates that “any foreign investment of more than 5% in an Israeli cannabis company will require regulatory approval.”

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