ISRAEL: In a long-awaited move, the Knesset, Israel’s Parliament, has finally approved the export of medical cannabis allowing Israel to fully participate in the exploding cannabis industry world-wide.
Saul Kaye, CEO of iCAN: Israel-Cannabis issued the following statement:
“This is a long overdue but welcome development. 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 illnesses including 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. 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.
“We are proud of our forward-thinking government and will continue to work together to build the industry and help patients world-wide access safe, quality medical cannabis.”
The law, which passed today, provides a budget that allows the Interior Ministry and specifically the Israeli Police, to monitor, track and control the production and delivery of cannabis for export, and ensure there is no risk of leakage to the local illegal drug market. iCAN, through its partner Theracann, has secured the technology that can power the police and Ministry of Health in Israel and provide complete transparency and tracking of every gram of cannabis both for export and the local market.
The new law also specifies that any foreign investment of more than 5% in an Israeli cannabis company will require regulatory approval.