Published on : February 09, 2017 Topic : Business

“One of our duties as lawmakers is to act on issues that seem a bit groundbreaking and in places that the government has yet to set foot in,” Kisch said before the vote.

“On the one hand, we see that farmers here in Israel are going through rough times, and on the other hand, we see that the whole topic of medical cannabis is gaining steam all over the world,” he said. “After analyzing the global cannabis market, it seems that the potential annual profit of exporting cannabis is around NIS 1 billion.”

The explanatory notes of the bill say the purpose of the bill is to create a clear distinction between trading cannabis that is labeled as a “dangerous drug” and exporting cannabis for medical use.

It also says that as for today, there are only eight companies that grow cannabis, and there are dozens of requests by business owners for licenses to join the market.

“Entrepreneurs, researchers and business owners from all around the world are saying there are countless requests from around the globe from Israelis to assist them to buy some of the high-quality products [of medical cannabis] from here,” the notes say.

“They also ask to acquire the knowledge from 15 years of experience in growing cannabis in Israel. This suggested move will allow opening this market for export and exploit the potential in it for the economic, medical and scientific future of Israel.”

The bill now goes to the Knesset Labor, Welfare and Health Committee to prepare for its first reading.

Source: The Jerusalem Post
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