JERUSALEM (JTA) — Israel is going into the medical marijuana export business — if its Cabinet agrees.
The Knesset has passed legislation that would have Israel join the Netherlands and Canada as nations allowing the legal export of medical cannabis.
Among the countries reportedly eager to trade with Israel include Australia, Germany, Austria and Mexico, according to Forbes.
“Israel is perfectly positioned to enter and disrupt the medical cannabis market that is expected to soar to $33 billion worldwide in the next 5 years,” Saul Kaye, CEO of iCAN, an Israeli medical cannabis company, said in a statement. “In Israel alone, we quickly expect over $1 billion in sales to countries interested in our products.”
The Cabinet still must approve the legislation. Exports would not begin for at least six months.
The Knesset rushed to vote Tuesday on the measure a day before the parliament dissolved itself. Only 21 of the 120 members in the body voted, Globes reported.
The legislation, which regulates export procedures, had the support of several key ministries.
There are eight cannabis growing companies operating in Israel and several others involved in production, marketing and distribution. Dozens of other farmers hold licenses to grow cannabis, but have delayed planting as the export legislation has been considered.