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Israel is known for its research into medical marijuana and will finally be allowed to export the plant. On February 2, 2017, the Israeli Committee of Ministers for Legalization gave the green light to the export of medical marijuana.
According to a Reuters report , the official who introduced the legislation, Yoav Kish, says it will help Israel's agricultural industry. He also adds that the bill defines for the first time the entire field of medical cannabis and allows regulation of its export.
Israel is well known for its cannabis research. Dr. Raphael Mechulam, nicknamed the "Father of Cannabis", is an organic chemist and professor of medicinal chemistry at the Hebrew University of Jerusalem in Israel.
Dr. Mechulam is credited as the first person to isolate and synthesize tetrahydrocannabinol , better known as THC.
Israel is the world leader in medical marijuana research despite its small patient population. About 23,000 people have medical marijuana licenses from the Israeli Ministry of Health, and only nine licensed vendors serve the country. The marijuana market in Israel is estimated to be worth between $15 million and $20 million.
Unlike America, it has a huge market. Now that 28 states have legalized medical marijuana — and eight of those states have gone recreational — some believe the US cannabis industry could reach up to $50 billion by 2027.
Many officials are expected to support the new proposal, but the bill could take months to pass.
Cannabis advocates are optimistic as Israel recently moved to decriminalize small-scale personal use of the herb. JPost News reports that with the support of Health Minister Yakov Litzman, medical marijuana may soon be easier to obtain legally.
The switch to exporting medical marijuana will undoubtedly attract more attention from cannabis investors in Israel.
According to experts, in the last year alone, international investment in Israeli companies has already reached about $100 million.
