Following a flurry of rumors which has caused Israeli investors to become “high” on purchasing cannabis company stock running to invest in companies like iCan exportation of medical cannabis from Israel may be nearer to reality. Following announced approval by the Israeli government cabinet, the first shipments of medical cannabis may be taking place in six to 12 months.
One such report, as aired on Israel’s Toknit Chisachon (Savings Plan) announced that Israel’s cabinet has given approval for exportation of high quality medical cannabis by “a few select companies”. The program said that approval will be given only to companies which conform to strict standards set up by the Health Ministry.
Actual exportation will only take place in 9 to 12 months. It is not sure whether the approved companies will themselves be able to export medical weed or it this will be done under under tight control and supervision by a government entity.
Israel has made great innovations in the growth (see Flux), study and testing of various medical derivatives made from cannabis plants. The actual use of medical cannabis in patients suffering from serious health problems, including cancer, has been occurring for more than a decade now. According to the Globes the potential annual revenues from exporting medical cannabis could be more than 1 billion USD.
The delay in export implementation is due to the need to work out the necessary export process, including required supervision and controls. The upcoming elections on April 9, is most likely another reason for the delay.
If all goes according to plan, Israel may become the second Western country to actually export medical cannabis, with Uruguay being the first, since 2017. Potential export markets are currently aimed toward Canada and Germany. Canada now has legal “recreational use” of marijuana since October 2018. This follows the historical approval by Canadian legislative bodies in June, 2018.
Germany’s situation involving medical cannabis is a bit different, however. While it became legal to use medical cannabis in 2017, the actual green light for production and importation has still not been implemented by the German Federal Health Ministry .
Despite the delays, the Israeli Cabinet decision is a big step forward toward exportation of Israeli grown medical cannabis, which will make a definite contribution to the country’s economy.
Read more on Israeli cannabis:
Israeli investors are high on cannabis company stocks
All you need to know about medical Marijuana
Agritech is going to pot