JERUSALEM — Israel's Parliament has unanimously approved a law to permit exports of medical marijuana, allowing Israel to tap the lucrative global cannabis market.
The Israeli medical cannabis company iCAN predicts the global industry will reach $33 billion by 2024, as stigma fades and demand grows for the few countries certified to export marijuana.
The Knesset approved the law late Dec. 25, 2018, sending cannabis company shares rising by about 10 percent.
The law was stalled for years over fears from security officials that medical marijuana would leak into the black market. To assuage concerns, the law empowers police to supervise licensing.
The Israeli Cabinet must give final approval — a step seen as a formality.