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After several years of deliberation, last month Israel approved the export of medical cannabis cultivated within its borders. The Israeli Knesset unanimously gave the green light to the law[1], which further positions the Israeli medical cannabis market as a major player in the global industry. The government is projecting exports of $265 million per year, noting early demand from Austria, Germany, Australia, and Mexico.
Israel’s entry into the global medical Cannabis market should not come as a surprise. In fact, it was a Hebrew University scientist, Raphael Mechoulam, who first isolated, analyzed, and synthesized the major psychoactive and non-psychoactive compounds in Cannabis. Mechoulam’s pioneering work in the medical Cannabis field opened the door for the industry worldwide. Cannabis is yet another area where Israeli innovation is exemplary. In fact, it is its innovation that has propelled the small country that is only 70 years old, with a population of less than nine million to be ranked 5th as one of the world’s most innovative countries.[2].
The Israel-Canada connection
As we’ve discussed in a previous blog post, interaction between the cannabis markets in Canada and Israel is a natural progression. Our prediction is that collaboration between the countries will continue to expand, particularly as Israeli companies begin, as expected, to list on Canadian stock exchanges.
The Zeifmans team has decades of experience assisting companies as they prepare for their IPO. Additionally, our team has strong ties to Israel’s business community, with many of our team members visiting the country several times a year. Add to this our Hebrew-fluent staff members and our close relationship with our fellow Nexia International Cannabis Team members Strauss Lazer & Co. in Tel Aviv and it’s easy to see how Zeifmans is the perfect partner to advise and assist businesses seeking and utilizing opportunities in Israel/Canada cannabis collaboration.
To learn more about our trusted assurance, tax and business advisory services, contact our team today.
[1] Grizzle, “Israeli Marijuana Stocks Soar After Announcement Permitting Exports”, https://grizzle.com/israeli-marijuana-stocks-exports/
[2] Bloomberg, “These Are the World’s Most Innovative Countries”, https://www.bloomberg.com/news/articles/2019-01-22/germany-nearly-catches-korea-as-innovation-champ-u-s-rebounds
