iCAN: Israel Cannabis CEO: “Cannabis to Become as Important to Israel’s Economy as High-Tech”

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.

Blockchain Technology Integration In The Cannabis Supply Chain

NEW YORK: According to a market research reported by IndustryARC, the blockchain market in supply chain is expected to reach $424.24 million by 2023, with a compound annual growth rate of 48.37 percent during the forecast period. A supply chain is a network between a company and its suppliers to produce and distribute products or services to the customer.

Adoption of blockchain technology in the supply chain industry makes information accessible and modifiable at any node. The report indicates that enhanced transparency and immutability, improving smart contracts, increasing security concerns are factors that drive the growth of the market.

Last year, IBM outlined the potential uses of blockchain technology in the supply chain of cannabis sales. According to the proposal: “Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud. Its relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains. The core to those supply chains is the same, assuring health and safety of consumers, preventing fraud and counterfeiting while creating a foundation of transparency upon which to base regulation.”

greenRush.com Closes $3.6 Million Series A Funding Round

CALIFORNIA:  greenRush.com, the largest online marketplace for legally purchasing cannabis, today announced the $3.6 million closing of its Series A Funding Round. The Round will fuel the expansion of the company’s current recreational and medical marijuana services in California, Nevada, Massachusetts, Maryland, New York, Pennsylvania, and Illinois.

The company’s latest group of investors include James Weil, President of JMM Industries, and Chris Burggraeve, former Anheuser-Busch InBev Global Chief Marketing Officer. James Weil will be joining the greenRush Board of Directors and Chris Burggraeve will be joining the Advisory Board.

Rachel Shipp, greenRush.com Vice President of Business Development, said, “We are thrilled to welcome James Weil and Chris Burggraeve, along with a diverse network of notable venture capital, private equity, finance and marketing executives, to greenRush as investment and advisory partners.” Shipp continued, “We see an increasingly upward trend in institutional capital’s appetite and enthusiasm for investing in the Cannabis industry and our investors’ experience and guidance will help poise greenRush.com to successfully capitalize on those opportunities — now and in the future.”

Pitching Marijuana Startups Brings New Meaning To High Tech

CALIFORNIA: Investing in a social network closely tied to a booming industry sounds great, until Apple kicks the thing you invested in out of the App Store because the platform is all about marijuana.

It’s one of the many things that can happen when two of the fastest growing industries in America come together, as is taking place this week in San Francisco, where several dozen entrepreneurs are pitching 200 or so investors, Shark Tank style.

Organizers of the investor-pitch forum cite as legitimacy the recent multimillion dollar investment by Silicon Valley titan Peter Thiel‘s Founders Fund in a holding company of several marijuana-related firms. The entrepreneurs at the Fairmont Hotel are pitching startups selling marijuana-growing equipment, apps that help with medicinal marijuana delivery, and even a spray that an entrepreneur says was developed at the Lawrence Livermore National Laboratory that coats marijuana with grower information, acting as a kind of DNA bar code.

“It’s more suited to what cannabis would be in the future,” says DNA Trek founder Anthony Zografos.

Since Colorado and Washington first voted to legalize recreational marijuana use in late 2012, the legal cannabis market has grown from $1.5 billion in 2013 to $2.7 billion last year, according to industry estimates. That kind of velocity gets the attention of investors, many of whom focus on tech.