Israel’s cabinet approved on Sunday a law to allow exports of medical cannabis in a move expected to boost state revenues and the agriculture sector, and which frustrates critics who fear it could lead to more recreational use of the drug according to Reuters.

The bill, backed last month by parliament, allows companies approved by the health regulator and police to export medical cannabis to countries that permit its use. Israeli media said exports could start in as little as nine months.

The bill, backed last month by parliament, allows companies approved by the health regulator and police to export medical cannabis to countries that permit its use. Israeli media said exports could start in as little as nine months.

The government estimates exports could raise tax revenue by 1 billion shekels ($273 million). At the same time, the bill imposes tough regulations on exporters and threatens jail terms and hefty fines for violations.

In the finance ministry said, that the new law would “lead to the development of the economy, agriculture, industry and medicine in Israel”.

Eight companies cultivate cannabis in Israel, many of which have opened farms abroad to get into the international market. Dozens of business owners have requested government authorization to export.

Source: www.reuters.com