Is the long wait for the Israeli export license finally over?
Good news for medical Cannabis suppliers in Israel! After many years of waiting, a governmental committee, which was appointed several months ago, is about to approve export qualifications for Medical Cannabis products, according to a report in the Israeli publication, The Marker. The approval, at least for the moment, will be under some noted limitations.
This is not the first big change in the Israeli medical cannabis sector of late. Roughly 10 months ago Israeli regulations changed domestically, and there are now dozens of new initiatives to supply Medical cannabis to the local market. This, after years where only 8 suppliers were qualified to deliver their products to patients.
The new reform is more relevant to the supply side of the business. Growing and supplying Medical Cannabis could be highly costly and with intense competition, Medical Cannabis can quickly become a commodity that could force suppliers to take more aggressive actions in order to gain clients and of course, market share.
However, the ability of suppliers to take local production abroad will give them the opportunity to enlarge their operating margins and become more profitable. The suppliers aren’t the only ones who can enhance profits from these new export qualifications. The Israeli Minister of Economy, Eli Cohen, said to reporters a few months ago that this export could contribute “huge income to the Israeli economy”. While in February, the Israeli legislatures (The Knesset) voted in favor of a general approval to export Medical Cannabis.
What the future holds still remains to be seen. What’s for sure is that Israel is at the forefront globally when it comes to researching medical cannabis, and that bodes well for everyone in the future.