Israel’s prime minister contemplates adult-use marijuana legalization

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Three weeks before the country goes to the polls, Israeli Prime Minister Benjamin Netanyahu said he would weigh legalizing cannabis if his party wins another term, The Jerusalem Post reported.

So far, Canada and Uruguay are the only countries to have created regulated markets for adult-use marijuana.

Netanyahu’s conservative Likud party is contending with the centrist Blue and White party, which has not taken a position on recreational cannabis, to win a majority in parliament.

A competitor to Netanyahu’s party on the right – the libertarian Zehut party – has seen its stock rise because of its pro-cannabis position. The party is polling near the 3.25% electoral threshold, meaning it could sap support from Likud.

Shares of cannabis companies on Israel’s stock market jumped after the prime minister’s comments.

Israel’s election is on April 9.

After years of delays, Israel’s Parliament approved a law in late December to permit exports of medical marijuana.

Possession of adult-use cannabis was decriminalized in Israel last year.

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