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Israel approves law allowing exports of medical marijuana

The Israeli Medical Cannabis Company ICAN Predicts The Global Industry Will Reach USD 33 Billion In The Next Five Years, As Stigma Fades And Demand Grows For The Few Countries Certified To Export.

PTI | Updated on: 27 Dec 2018, 12:04:34 AM
Israel approves law allowing exports of medical marijuana (Representative Image)


Israel's parliament has unanimously approved a law to permit exports of medical marijuana, allowing Israel to tap the lucrative global market. Israel will become the third country, after the Netherlands and Canada, to take its medical cannabis global.

The Israeli medical cannabis company iCAN predicts the global industry will reach USD 33 billion in the next five years, as stigma fades and demand grows for the few countries certified to export.

Read | Uday Chopra says marijuana should be legal; cops say mind it!

The law was approved late Tuesday, sending cannabis company shares rising by about 10 per cent. It was stalled for years over fears from security officials that medical marijuana would leak into the black market. To assuage concerns, the law empowers police to supervise licensing.

The Israeli Cabinet must give final approval, a step seen as a formality.

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First Published : 27 Dec 2018, 12:01:08 AM