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Israeli Lawmakers Approve Law To Export Medical Cannabis

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Interesting news from Israel: According to Marijuana Business Daily, the Knesset, the country’s parliament, has finally approved a law that will allow the export of medical cannabis, enabling Israel to become actively involved in the industry globally. In a country known to Wall Street as “Start-up Nation” due to Israel having the highest number of startups in the world second only to Silicon Valley, the new law could pave the way for cannabis to become as important to Israel’s economy as technology.

However, there is a sticking point: the law still requires approval from the country’s cabinet ministers and Prime Minister Benjamin Netanyahu, said Reuters.

That hasn’t dampened the enthusiasm of some of the country’s industry professionals. Calling the law “long overdue,” Saul Kaye, CEO of iCAN, an Israeli medical cannabis company, said in a statement, "Israel, already the most advanced nation in cannabis R&D will now be able to produce and market cannabis and cannabis-based products that will help millions of people suffering from illnesses including cancer, MS, Parkinson's, sleep disorders, epilepsy, and PTSD, to name just a few.”

Licensed growers are expected to begin exporting medical cannabis products in mid- 2019.  According to Kaye, the worldwide medical cannabis market is estimated to generate $33 billion dollars the next five years with Israel expecting to rack up over $1 billion in export sales. Among the countries reportedly eager to trade with Israel include Australia, Germany, Austria and Mexico.

The law provides a budget that will allow the country’s Interior Ministry and its police “to monitor, track and control the production and delivery of cannabis for export, and ensure there is no risk of leakage to the local illegal drug market.” It also stipulates that “any foreign investment of more than 5% in an Israeli cannabis company will require regulatory approval.”

 

Earlier this month, Reuters reported that Israeli medical cannabis firm InterCure was planning on listing its stock on the NASDAQ by mid-2019. Speaking to the newswire, the company’s controlling shareholder Alex Rabinovitch said InterCure was in the process of hiring bankers, preparing a prospectus and meeting with potential investors for the U.S. listing. He declined to say how much the company will raise.

InterCure already trades on the Tel Aviv Stock Exchange under the ticker symbol “INCR.” According to Crunchbase, a platform that provides funding information on both private and public companies, InterCure has raised a total of $33.9 million. Among its investors are WeWork CEO and co-founder Adam Neumann, GMF Capital, Nippon Venture Capital and Palladin Consumer Retail Partners. Former Israeli Prime Minister Ehud Barak serves as InterCure’s chairman.

Last February, SeekingAlpha, which provides content for financial markets, reported that Israel has the “third most companies listed on the NASDAQ, after the U.S. and China.” The site noted that Israel has a population of nine million.

 

https://www.forbes.com/sites/irisdorbian/2018/12/26/israeli-lawmakers-approve-law-to-export-medical-cannabis/?fbclid=IwAR14poGosIdlqDqwRiPz1aUzXaqR4Zl2NeudikTGI2OLDAnWWQeOpx6SMI8#3b9daef16806

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