Israel’s marijuana industry prepares to expand as country moves toward legalizing recreational cannabis

by Karen Faulkner, Worthy News Correspondent

(Worthy News) – Israel is progressing with moves to legalize recreational marijuana in the next few months, while its burgeoning cannabis industry looks to expand its manufacturing, production and export capabilities, Ynet News reports.

Israeli lawmakers have prepared draft legislation which, if passed by the Knesset, will allow people over the age of 21 to use cannabis recreationally and buy it at designated outlets, Ynet News reports. Smoking the substance in public will remain prohibited, however.

Health Minister Yuli Edelstein has also introduced a regulatory amendment to the bill which would permit the use of Cannabidiol (CBD), a key active ingredient of cannabis, in cosmetics and food products, Ynet News said. Supermarkets around the country would be able to sell products containing CBD in the near future, if the Knesset Health Committee approves the Edelstein amendment at its scheduled sitting next week.

Israel’s medical marijuana market is already worth $230 million and experts believe legalizing recreational cannabis could boost the country’s economy by billions of dollars, Ynet News said. Although it may be a year before the new legislation comes into effect in Israel, the country’s cannabis industry is getting ready to expand.

Among those preparing for the future of the industry is Intelicanna, a cultivator that grows 5-10 tons of medical cannabis a year at a location near the city of Ra’anana in central Israel. “We’re ready to triple our size,” Intelicanna Co-founder Yona Levy told Ynet News.

Latest Worthy News