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In a unanimous decision, Israel’s parliament voted to finally approved a law that will allow companies to export medical cannabis.

Lawmakers voted 21-0 in favour of the law that will now require approval from the country’s cabinet ministers as well as its Prime Minister, Benjamin Netanyahu.

There are currently eight cannabis cultivation companies in Israel, but many have had to open farms abroad due to the setbacks in legislation they have had to deal with at home.

Licensed growers will likely begin exporting medical cannabis products in mid-2019, and analysts expect the country to generate over $1 billion in sales over the next five years.

The law includes a budget to “monitor, track and controls 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 investments of more than 5% in an Israeli cannabis company will require regulatory approval.

Source: https://www.reuters.com/article/us-israel-cannabis-exports/israeli-lawmakers-approve-medical-cannabis-exports-law-idUSKCN1OP0LG

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