The reform, meant to allow the export of medical marijuana farmed and processed in Israel, could bring up to $1 billion into the country’s coffers each year.
The Knesset, Israel’s parliament, on Tuesday approved a reform that would allow the export of medical cannabis farmed and processed in the country. In total, 21 MKs voted for the law, which passed unopposed. The implementation of the reform, in the works since 2016, is still pending a final vote by ministers.
The reform is forecasted to bring the country anywhere between $70 million and $1 billion a year.
Though cannabis remains illegal for recreational use in Israel, medical permits for consuming cannabis for physical and mental health issues have been handed out in the country since 2008.
With dozens of cannabis-related startups and companies and available government funding for research, medicalization and training programs for physicians, Israel is considered a haven for medical cannabis companies and has been drawing attention from international investors and potential clients for years.
Since talks of the planned reform began, many Israeli farmers have applied for medical cannabis farming and marketing licenses, and some international companies have taken steps to set up local operations, expecting the reform pass. Bureaucratic hurdles that have delayed the reform left farmers and entrepreneurs in the dark, leading some Israeli companies to set up farms outside of Israel.
The bill was amended prior to being brought before the Knesset plenum, and now gives the Israeli police a say in issuing the farming and processing permits.
As reported by Ynetnews