Aura Welcomes News of Israeli Parliament Passing Bill Allowing Export Of Medical Cannabis

Israel is one step closer to legalizing the exportation of medical cannabis, according to an article published by Forbes. The bill was passed unanimously by the Israeli Parliament in late December 2018 and gives the Israeli police the power to supervise cannabis farms and to grant approvals for cultivating, growing and exporting cannabis and cannabis-related products. However, the bill does not formerly legalize cannabis exportation, but analysts are anticipating its full legalization to be forthcoming in 2019.

The passing of the bill removes legal obstacles for cannabis companies looking to export their products and will regulate and maintain a clear separation between the ban on the recreational use of the plant and the currently permitted medical cannabis market. In addition to this, the Israeli government is also looking to regulate the exportation of medical cannabis in order to create a market for their cannabis products, which could generate approximately NIS $1 billion in revenue, potentially making Israel a top-earning country in the global cannabis market.

Exportation licenses will be offered to domestic and foreign cannabis companies, such as Aura Health (CSE:BUZZ), from the Ministry of Health, but the licenses must be approved by the Israeli police. There are talks, however, in regards to foreign investors being exempt from undergoing a police review. The Israeli police are expected to release their regulations for domestic applicants within four months and in six months for foreign investors.

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Source: www.forbes.com