VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) — Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company” or “Isracann”) an Israel-based company focused on becoming a premier low cost, high quality cannabis producer is pleased to announce that the government of Israel has officially enacted the legislation for the export of medical cannabis, clearing the way for sales abroad that the government expects could generate more than 1 billion shekels ($273 million) in annual revenue.
Economy Minister Eli Cohen gave final approval for the exports more than a year after the cabinet initially supported the legislation. Within Israel, medical use of cannabis is permitted with recreational use largely decriminalised. The ministry reports about 70,000 Israelis currently use medical cannabis consuming an estimated 25 tonnes per year. If this growth trend continues, Israel could see a market of over 200,000 medical patients consuming 85 tonnes per year within the next two years.
As reported by Reuters, Hagit Weinstock, co-founder of the Weinstock-Zehavi & Co. law firm and a pioneer of cannabis regulation in Israel stated, “There are many investments that we are expected to see happening now, because investors were waiting for this approval.”
According to recent reports, the Israeli Ministry of Health has launched a new pilot program whereby medical cannabis producers will be approved to export medical cannabis, subject to concurrent product availability to Israeli patients at a fixed discount price