'High' sales expected following Israel Knesset approval of cannabis exports
The Israel Knesset approved the export of medical cannabis on Wednesday, clearing the way for Israel to compete in the growing medical cannabis market, expected to reach $33 billion worldwide in the next five years, Trend reports referring to The Jerusalem Post.
Public Security Minister Gilad Erdan urged the government to swiftly approve the move.
"From the first, I supported the export of medical cannabis and making it available to all who need it," Erdan said in a post to Twitter Wednesday. "Now we can begin."
“Cannabis will become as important to Israel’s economy as high-tech," said Saul Kaye, CEO of iCAN: Israel-Cannabis.
Exports are expected to begin in mid-2019 to countries around the world, including Australia, Germany, Austria and Mexico.
The law budgets funds to the Interior Ministry and Israel Police to closely monitor every step of cannabis production to prevent any products from reaching the illegal drug market.
"This is a long overdue but welcome development," Kaye s iCAN has been diligently working together with Israeli regulators to further the growth of the cannabis industry with the goal of having Israel become the leading global export nation of medical cannabis. 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 illnessesincluding cancer, MS, Parkinson’s, sleep disorders, epilepsy and PTSD, to name just a few.Israel’s expertise in the field extends from cultivation and processing to research and development."
"By law, Israeli companies will be subject to strict supervision and maintain high medical grade standards," the statement said. "Israel is perfectly positioned to enter and disrupt the medical cannabis market that is expected to soar to $33 billion dollars worldwide in the next 5 years. In Israel alone, we quickly expect over $1 billion in sales to countries interested in our products."