Israel gives final go-ahead for cannabis exports

May 13, 2020

Israel will soon begin granting licenses to companies wanting to export cannabis abroad in a move that could generate more than 1 billion shekels ($273 million) in annual revenue. 

Outgoing Economy Minister Eli Cohen issued a final approval for the sale of cannabis goods today in what he called “a significant step for exporters.”

“[It] will enable both the expansion of export opportunities for the sector and increase employment of new workers, especially in light of the great worldwide demand for Israeli medical cannabis products,” said Cohen.

In January 2019, the Israeli Cabinet approved a measure allowing the export of locally grown medical cannabis to countries where its use is permitted, causing the stocks of eight cannabis-cultivating companies to skyrocket. It was “a long overdue, but welcome move,” said Saul Kaye, CEO of the Israel-based cannabis incubator iCAN. 

The law made Israel only the third country to allow for the sale of its medical cannabis products in global markets, after the Netherlands and Canada.