Yesterday, the Israeli cabinet approved the long-awaited export of medical cannabis from Israel. The Israeli cabinet decided to permit export of medical cannabis products to countries that accepted the Single Convention on Narcotic Drugs of 1961 and willing to import medical cannabis from Israel. Export of medical cannabis products will be permitted, but no plants, plant cutting or seeds may be exported. The necessary regulation for implementation of such approval is expected to be complete within 6 months and the procedure to obtain export licensing is expected to take at least 3 months.
There is still a process to be taken prior to the first export of medical cannabis products from Israel, but yesterday was a huge step in the long-awaited direction of permitting such export from Israel.
With Israel’s developed and technological agriculture, known experience of R&D in the medical cannabis industry and export permission, we expect to see greater investments, joint ventures and transactions in the medical cannabis industry in Israel.
This newsletter is provided for informational purposes only, is general in nature, does not constitute a legal opinion or legal advice and should not be relied on as such. If you are seeking legal advice, it is essential to review the specific facts of each case in detail with a qualified lawyer.
The review was written by Adv. Dr. Ziv Preis, partner and heads of the firm’s Cross Border Mergers & Acquisitions, Banking & Finance Department.