Today, Israel announced its approval for exports of medical cannabis, meaning that sales outside of the country can now commence. The nation expects to earn millions in revenue from this move.
“This is a significant step for exporters and the Israeli industry, which will enable both expansion of export opportunities as well as rising employment … in the field,” said Economy Minister Eli Cohen.
In order to make this a reality, Cohen had to give final approval for these exports, and it happened more than a year after the new law that would allow them was approved by the cabinet. He wanted to ensure plenty of time to roll things out currently. The new order will go into effect in 30 days, which should give exporters time to apply for a license through the Health Ministry.
So far, there are more than ten farms and five factories in the country that meet standards for export, and some of them have already worked out agreements to sell cannabis in places like Europe or Canada. There is already a framework in place to get this going.
The Status of Cannabis in Israel
In Israel itself, medical use of cannabis is permitted, and recreational use is mostly decriminalized, but still illegal. Currently, the country estimates that about 60,000 Israelis use medical cannabis, and 25 tonnes of cannabis are consumed a year.
The exporting is an exciting prospect because farms in Israel, for the most part, enjoy the type of climate that is perfect for outdoor growing. The country is also full of those who specialize in medical and agricultural technology, and they already produce a lot of cannabis within the nation’s borders.
“There are many investments that we are expected to see happening now because investors were waiting for this approval,” said Hagit Weinstock, co-founder of the Weinstock-Zehavi & Co law firm in Israel. It’s no secret that Israel is big on cannabis and medical testing. They’ve even been looking at CBD to see if there is a possible link for COVID-19 treatment. This move will push them even further into the cannabis world.