Israeli farms are among the biggest producers of medical cannabis worldwide and some of the ones that meet Health Ministry standards have already reached agreements with companies to sell to Europe and Canada as soon as licenses are available.
Many European countries and US states allow cannabis for medical use and in Canada it was also declared legal for recreational purposes in 2018. Within Israel cannabis is permitted for medical use and the Israeli government expects the new export approval will mean hundreds of millions of dollars in revenue, according to Reuters.
“This is a significant step for exporters and the Israeli industry, which will enable both expansion of export opportunities as well as rising employment ... in the field,” said Economy Minister Eli Cohen.
“There are many investments that we are expected to see happening now, because investors were waiting for this approval,” said Hagit Weinstock, co-founder of the Weinstock-Zehavi & Co law firm and a pioneer of cannabis regulation in Israel.