Israel gives green light to medical cannabis exports

Israel gives green light to medical cannabis exports

Israel government approved exports of Israeli-grown medical cannabis to the booming worldwide legal market on Sunday in news that Israel’s pioneering cannabis producers have long awaited, Trend reports referring to The Jerusalem Post.

The global medical cannabis market was valued at $8.3 billion in 2017, and is projected to soar in value to $28b. by 2024, according to a recent report by Energias Market Research.

While Israel is world-renowned for pioneering cannabis cultivation and its extraction technologies, producers have been left frustrated in recent months as the government has repeatedly stalled on giving growers the green light to export.

However, a bill that was passed unanimously by the Knesset last month – providing for the export of medical cannabis and implementing regulations for the licensing of medical cannabis businesses – assured producers that the wait was nearly over.

Licenses will be exclusively granted by the Health Ministry and will require police approval.

“I have supported the export of medical cannabis from Israel all along, and I welcome the government’s approval today,” said Finance Minister Moshe Kahlon. “The export of medical cannabis will give the State of Israel a huge advantage in connecting research and development with agriculture and the cannabis industry, it will bring significant foreign currency revenues into the state and will maximize the advantages that the State of Israel possesses throughout the production chain.”

The government’s decision was based on a recommendation from the Interministerial Committee of the Finance and Health ministries in August 2017, to allow the export of cannabis for medical purposes. It estimated that the state could earn between NIS 1b.-NIS 4b. ($1.09b.) per year from such exports.

The committee cited the economic potential created by Israel’s many advantages in advanced regulation, research and development, clinical experience and unique climate that can be exploited by farmers, researchers and entrepreneurs to develop Israeli products for the international market.

“I supported the export of medical cannabis because of its economic contribution to the Israeli economy and following an agreement with the Finance Ministry to direct some of the resources to the health system,” said Deputy Health Minister Ya’acov Litzman.

“This is a dramatic step that was only approved after it passed all the necessary meticulous procedures by Israeli professionals, in full cooperation with the relevant government ministries,” he added.

Agriculture Minister Uri Ariel said the export approval constituted a “historic message to farmers of Israel, young farmers, to patients and the Israeli economy.”

There are currently eight companies cultivating cannabis for medical purposes in Israel, and dozens more have applied for approval to commence work in the field.

Shares of cannabis producers on the Tel Aviv Stock Exchange were buoyed by the announcement, and company executives welcomed the government’s decision, although some did so cautiously.

“We are thrilled by the government approval of medical cannabis exports from Israel,” said Cannassure Therapeutics chairman Nir Peles.

“We think our experienced management team together with a strategic collaborative agreement with a Hadassah hospital subsidiary – which includes distribution – places us at the forefront of the Israeli cannabis industry to seize business opportunities that will further benefit Cannassure Therapeutics and its shareholders,” Peles said.

Cann10 Chairman Yossi Bornstein said Israel’s success in approving exports does not end with the government’s decision.

“The great test is the time that will pass between the decision to write the regulations and the actual production,” he said.

“We hope that, contrary to the nature of Israeli bureaucracy, this won’t be a long process. Otherwise, the State of Israel will lose more precious time on its way to becoming an important player in the global industry.”

Another company hoping to benefit from the export approval is InterCure, a medical cannabis company chaired by former prime minister Ehud Barak.

“We welcome the decision to approve the export of medical cannabis and are convinced that this is positive news for the State of Israel,” said Barak. “InterCure, through Canndoc, is ready to export high-quality, pharma-grade medical cannabis to countries around the world and is pleased to accelerate production at its Israeli facilities to 100 tons.”

Adv. Hagit Weinstock of Tel Aviv-based Weinstock Zehavi & Co., a law firm that represents a range of Israeli and international investors and companies in the field, expects to see the first Israeli exports in three to four months.

“The primary market for Israeli exports will be in Europe, the biggest market in the world for medical cannabis,” Weinstock told The Jerusalem Post, highlighting Germany as a potential customer.

“Exports will be on the basis of contracts between companies in Israel, who require export permits, and European companies, who need import permits. We are dealing with drugs so everything is tightly regulated, but they want Israeli products because the regulations here are very strict, and they believe in Israel’s pharmaceutical and agriculture knowledge.”

According to Adv. Noam Goodman, a partner at DLA Piper Canada specializing in cannabinoids regulation, Israeli exporters could even hold an advantage over leading Canadian export firms in the key European cannabis market.

“Israel can export medical cannabis to European countries at a lower cost,” said Goodman.

“There are a couple reasons for this: the ability to grow, develop and process the product all in the same place, along with the geographical proximity between Israel and Europe. This sets Canada at a disadvantage, as Israel becomes one of the strongest exporters in the world.”

Iran say it would welcome US returning to nuclear deal
Iran say it would welcome US returning to nuclear deal
Iran announces readiness to commit its JCPOA commitments
Iran announces readiness to commit its JCPOA commitments
Iran's envoy reacts to IAEA chief's comments
Iran's envoy reacts to IAEA chief's comments
Loading Bars
Latest
39 dead in Izmir as magnitude 6.6 quake shakes Turkey’s west coast
Information on shelling of Armenia is complete lie, another provocation - Azerbaijani MoD
Share of Turkish cars on Israeli market down
Georgian Dream wins principal elections for the third time
CEC: 56.11% voter turnout by 20:00
Austria orders curfew, restaurant closures to fight COVID surge
It’s battle between us and Armenia, and everybody should stay away from that - President of Azerbaijan
Nagorno Karabakh is not a matter of resources, it is a matter of justice, national pride and international law - President of Azerbaijan
I’ve been asking question where has Armenia the money from to do this war for month, no answer - President Aliyev
Only way to stop war is for Armenia to stop - President Ilham Aliyev
President Aliyev on journalist's statement on Turkish soldies: You saw them in Baku, you didn’t see them in battle
Volume of transshipment of goods from Turkmenistan through ports of Turkey revealed
President Aliyev in answer to journalist's question on democracy: We look how in Europe you beat protesters
The fact that three times we agreed for ceasefire demonstrates our will to resolve this issue by political means - President of Azerbaijan
We were the subject of ethnic cleansing. We didn’t do any ethnic cleansing against Armenians - President Aliyev
We liberate territories not with bombs, we liberate territories with our fighters which take one village, one city after another - President Aliyev
We are restoring justice and implementing UN Security Council resolutions which were on paper for 27 years - President Aliyev
UK confirmed COVID-19 cases surge past one million mark
We changed realities. Now Armenia will have to take it into account - President of Azerbaijan
Polling process for the parliamentary elections ended
So far, Human Rights Watch, Amnesty International was very aggressive against Azerbaijan - President Aliyev
The more we defend the more territories we liberate - President Ilham Aliyev
Our response was harsh, but Armenia deserved it - President Ilham Aliyev
WHO to transfer to Kyrgyzstan another humanitarian cargo for combating COVID-19
Iran says ready to send rescue teams to Turkey’s quake-hit area
Armenia's attempts to involve third parties in Karabakh conflict will remain unsuccessful - MFA
Armenia fired 218 missile strikes on settlements of Azerbaijan far from conflict zone to date
Armenian sabotage-reconnaissance group, military vehicles neutralized (VIDEO)
Iranian Energy Exchange announces products to be on sale November 1
Georgian CEC discloses voter turnout by 17 p.m.
Azerbaijani Prosecutor General's Office gives updates on civil casualties, damages as of Oct. 31
Volume of cargo transshipped from Azerbaijan through ports of Turkey revealed
2 killed in Iraqi military plane crash
Armenia shows disrespect for efforts of international mediators - Azerbaijani Foreign Ministry
Azerbaijani army does not use prohibited weapons - Defense Ministry
Azerbaijani army fully complies with all international norms - Ministry of Defense
Iran reveals its COVID-19 data for October 31
Uzbekistan’s 9M2020 carpet export down
Georgian CEC reveals voter turnout by 15 p.m.
Weekly review of Azerbaijan's precious metals market
Iran increases value of exports via Kerman Province
Armenia's attacks on civilians should be perceived as war crimes against humanity - Azerbaijani Foreign Ministry
Armenia shells Azerbaijani Tartar, Agdjabadi despite OSCE MG calls to respect ceasefire - MFA
17 religious monuments damaged as result of Armenian aggression, including churches
Azerbaijani president's aide says Armenia shelled civilian districts even during Geneva meetings
Azerbaijani army destroys military equipment, manpower of Armenian Armed Forces (VIDEO)
Armenian Armed Forces continue shelling Azerbaijani settlements - Defense Ministry
Azerbaijan confirms 547 more COVID-19 recoveries
President Ilham Aliyev expresses condolences to President Erdogan
Azerbaijan only restoring its territorial integrity, top official says
UzAuto Motors eyes expanding financing opportunities by issuing Eurobonds
Iran implements new limitations to prevent COVID-19
Georian CEC introduces media with the information about voter turnout for 12:00
Armenia deliberately burns down forests in Shusha - Azerbaijani president's aide
Tehran city council calls for extending lockdown
Uzbekistan int’l consulting organizations to transform large state-owned enterprises
Iran to inject new foreign currency package
VTB Bank (Azerbaijan) completes 9 months with profit
Military conflict in Karabakh drives Armenia to dead end - Russian edition
President Ilham Aliyev expresses condolences to Berna Yilmaz
Drilling operations in Iran's South Pars gas field to begin soon
Weekly review of Azerbaijani currency market
Russia warns Armenia about ban on import of tomatoes
Azerbaijani oil prices down
Russia responds to Pashinyan's appeal
Inflation coming down in Georgia - Finance Minister
Voting process at Georgian polling stations ongoing in peaceful environment - CEC
Kazakhstan’s KazTransOil opens tender for equipment repair services
Azerbaijani association talks importance of OSAGO insurance in country
Iran’s NICICO boosts its production
More people rescued from rubble in Turkish Izmir
Captured Armenian cleric admits his forced involvement in Karabakh clashes (VIDEO)
Azerbaijani president's aide voices his concern over tortures against elderly woman in Armenia
Azerbaijani 'A Audit and Consulting' LLC talks about slowdown in audit services' dev't
Armenia delivering phosphorus cargo to Khojavend creating basis for further provocations - MoD
Long term loans value surges in Kazakhstan year-on-year
Uzbekneftegaz announces tender for turboexpander unit supply
Voting in parliamentary elections in Georgia continues normally - Arzu Nagiyev (PHOTO)
Iran and Russia reach to agreement on construction of thermal power plant
Azerbaijani FM forwards his condolences to Turkish people due to Izmir earthquake
Ukraine reports record daily high new coronavirus cases
Uzbek oil and gas production dep’t announces tender for feasibility studies
Loan portfolio of Azerbaijan AFB Bank grows
Elections proceeding peacefully, no serious violations so far in Georgia - Interior Ministry
President Ilham Aliyev interviewed by German ARD TV channel (PHOTO)
Uzbek-Korean Uz-Kor Gas Chemical to buy radiant tubes via tender
Uzbekistan’s Ministry of Innovative Development to buy light vehicles via tender
South Korean companies invited to enter Turkmen market more actively
Azerbaijani FM, ICRC Director General meet to discuss current situation in Karabakh
Armenia's barbaric crimes tantamount to actions of fascists - Mikhail Zabelin (PHOTO)
Reports about shelling of Shusha by Azerbaijani army - another lie, MoD says
Azerbaijan's largest loans share falls on household sector
Azerbaijan's PM meets Pakistani ambassador
Armenian reports on missile attack on Khankendi by Azerbaijani army - lie, says MoD
Azerbaijan develops website to fight spread of Armenian fake news
Presence of PKK terrorists in ranks of Armenian Armed Forces - fact, says aide to Azerbaijani president
Iran reveals value of fishery products exported from Gilan Province
Turkmen MFA opens tender for supply of technical equipment
October conscription for active military service ends in Azerbaijan
Georgia reports 1,673 new coronavirus cases
All news