On December 25, Israel’s parliament, the Knesset passed the 16th Amendment to the Dangerous Drugs Ordinance which would permit the export of medicinal cannabis. The bill has been awaiting further approval by the Cabinet and Prime Minister Benjamin Netanyahu.
The Finance Ministry said Wednesday that the Cabinet would be voting on the bill in a meeting on Sunday. According to the Ministry, the law is expected to open new markets for Israel, create new jobs, and boost investment in agriculture, production, and research.
“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 a few,” said iCAN CEO Saul Kaye in a statement. “Israel is perfectly positioned to enter and disrupt the medical cannabis market that is expected to soar to $33 billion worldwide in the next five years. In Israel alone, we quickly expect over $1 billion in sales to countries interested in our products.
“We are proud of our forward-thinking government and will continue to work together to build the industry and help patients world-wide access safe, quality medical cannabis,” he said.
ICAN announced a deal on January 7 with the Greater Cannabis Company, Inc. to distribute their cannabis products to Israel and other countries including Australia, South Africa, Netherlands, Austria, Switzerland.
Upon approval from the Cabinet and Prime Minister Netanyahu, exporting would begin within six to eight months.
