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Israel is likely to allow the export of medicinal cannabis by the end of the year, said a top legislator on Thursday, a step that would boost the state treasury and slow the growing number of farms that set up farms abroad.
Israeli companies – matching a favorable climate and expertise in medical and agricultural technologies – are among the world's largest manufacturers of medicinal cannabis.
The Ministries of Finance and Public Health estimate that exports could generate about $ 1 billion a year, but some MPs have so far stopped growing Israeli cannabis abroad, fearing that more cultivation could lead to more drugs on the streets. put.
Things changed when Yoav Kisch, chairman of Parliament's internal affairs and environment committee, tabled a bill for exports that imposed stricter rules on exporters and imprisonment and threatened high fines for violations.
That last week passed its first of three votes in parliament and is back with Kisch's committee for revisions. "I'm trying to finish the legislation before the end of the year," Kisch told Reuters.
"We believe the drug is and it's important … It's a great potential for Israeli farmers and the economy," Kisch added, estimating that the regulation would increase tax revenue by 1 billion shekels ($ 268 million) per year. could push up.
There are currently eight nurseries in Israel – many of whom have taken refuge in opening farms abroad to enter the international market. The government says that many requests have been submitted from entrepreneurs who are awaiting permission.
Cannbit – a newcomer who has a farm in South Israel and signed an agreement this week with Tikun Olam, the local supplier of medical cannabis, said it is investigating whether a farm in Portugal can be opened if the new regulations do not go ahead.
"If there is export from Israel, there is less tendency to invest in other places," said CEO Yaron Razon.
Together, another Israeli cannabis grower has already started farming in Europe after signing a $ 300 million contract to supply cannabis products to a Canadian company.
"Exporting from Israel can have a major impact on industry and the economy," says Alex Rabinovitch, controlling shareholder of InterCure, who recently bought cannabis manufacturer Cannabis for medicinal cannabis.
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