Israeli lawmakers on Tuesday voted unanimously to allow the country to export medical cannabis.
The final tally was 21-0. The bill now requires the approval of Israeli Prime Minister Benjamin Netanyahu and cabinet members.
“This is a long overdue but welcome development,” said iCAN: Israel-Cannabis CEO Saul Kaye.
“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, multiple sclerosis (MS), Parkinson’s disease, sleep disorders, epilepsy and post-traumatic stress disorder (PTSD), to name just a few,” he added. “Israel’s expertise in the field extends from cultivation and processing to research and development.”
Kaye added that “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 worldwide in the next five years.
“In Israel alone,” he said, “we quickly expect over $1 billion in sales to countries interested in our products.”