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An employee is occupying a medical cannabis plant in Pharmocann, an Israeli medical cannabis company located in northern Israel, on January 24, 2019.
(photo credit: AMIR COHEN / REUTERS)
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This is the long-awaited news by cannabis producers for Israeli medical purposes: the government's authorization to launch lucrative exports to the expanding global legal cannabis market.
Priced at $ 8.3 billion in 2017, the global market for medical cannabis is expected to reach about $ 28 billion by 2024, according to a recent report from Energias Market Research.
While Israel is known worldwide for its pioneering technologies in cannabis cultivation and extraction, producers have been frustrated in recent months as the government has repeatedly tried to give green leaf growers green light of their exports.
Yet, a bill pbaded unanimously by the Knesset last month, allowing the export of cannabis for medical purposes and implementing regulations governing the licensing of companies producing cannabis. cannabis for medical purposes, requiring in particular the approval of the police, badured the producers that their wait was almost over.
"I have always supported the export of cannabis for medical purposes from Israel and I welcome the government's approval today," said the Minister of Health. Finance, Moshe Kahlon.
"The export of cannabis for medical purposes will give the state of Israel a considerable advantage in combining research and development with agriculture and the cannabis industry. It will generate significant foreign exchange earnings and maximize the benefits available to the state of Israel's production chain. "
The government's decision was based on a recommendation issued by the Interdepartmental Committee of the Ministry of Finance and the Ministry of Health in August 2017 to allow the export of cannabis for medical purposes, saying the State could earn between 1 and 4 billion NIS (1.09 billion USD). ) per year of export authorizations.
The high-level committee discussed the economic potential created by Israel's many advantages in terms of advanced regulation, research and development, clinical experience and climate that can be exploited by farmers, researchers and researchers alike. entrepreneurs to develop Israeli products for the international market.
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