Israel, already a leading cannabis research power, could become a major player in the international marijuana business landscape after a government committee approved draft legislation allowing the export of medical marijuana.
The green light from the ministerial committee on legislation means the measure will proceed as a government-backed bill, AFP reported.
The Middle Eastern country is home to about 50 various cannabis businesses – including cultivators, research outfits, and ancillary companies – that stand to benefit from being able to export their products, Reuters reported.
At the moment, Israel has nine licensed medical marijuana suppliers that serve about 23,000 registered patients, generating a market that tops out at $20 million, the news agency said.
In a related development, Israel’s Agriculture and Rural Development Ministry plans to spend 8 million shekels ($2.1 million) on research into cannabis cultivation, biochemistry and medicine. The government is hopeful the research will lead to cannabis-based therapeutic products.