I’s been a long time coming, but Israeli lawmakers have finally approved a controversial law to permit medical cannabis exports.

The recent vote, which saw lawmakers vote 21-0 in favor of legalizing medical cannabis exports in Israel, was confirmed on Christmas Day. However, the vote is still awaiting approval from Prime Minister Benjamin Netanyahu, as well as various cabinet ministers.

Israeli legislation paves the way for medical cannabis exports in 2019

The Middle Eastern country bordered by the Mediterranean Sea is predicted to dominate the medical cannabis market within the next five years. During that time-frame, the global medical cannabis market could rake in as much as $33 billion.

The bill passed by the Israeli Parliament envelopes the topic of governing and establishing regulations to legalize medical cannabis exports.

“The Israeli research conditions for growth in the field precede most of the countries in the world by five to seven years because of progressive regulation,” reads a quote excerpt from a statement by agriculture minister, Uri Ariel.

Law to permit medical cannabis exports in Israel follows pharmaceutical standards

Production standards for medical cannabis exports in Israel are similar to those laid out in the pharmaceutical industry.

“Strict security rules for the entire value chain developed following inter-ministerial work, which took place over a prolonged period of time,” Ariel explains.

Licensed producers are anticipated to start exporting medical cannabis in Israel sometime during mid-2019. This will put Israel in a prime position to get involved in the booming global cannabis industry.

CEO of iCAN: Israel Cannabis, Saul Kaye, believes that weed can eventually become “as important to Israel’s economy as high-tech.”

According to a report from iCAN, Kaye welcomed the passage of the bill to legalize medical cannabis exports in Israel with open arms, adding that the country has the potential to become a pioneer in global medical cannabis exporting.

“Israel is perfectly positioned to enter and disrupt the medical cannabis market that is expected to soar to $33 billion worldwide in the next five years,” Kaye affirms. “In Israel alone, we quickly expect over $1 billion in sales to countries interested in our products,” he continued.

Kaye went on to say that Israel “will now be able to produce and market cannabis and cannabis-based products that will help millions of people suffering from illnesses, including cancer, multiple sclerosis, Parkinson’s, sleep disorders, epilepsy and post-traumatic stress disorder, to name just a few.”

Medical cannabis exports in Israel will help the government to budget and maintain quality

Israel’s law to permit medical cannabis exports “provides a budget that allows the Interior Ministry and, specifically, the Israeli Police, to monitor, track and control the production and delivery of cannabis for export, and ensure there is no risk of leakage to the local illegal drug market,” reports iCAN.

Included in the law is a specific detail that says any foreign investment exceeding five percent in an Israel-based cannabis company must first gain regulatory approval.

Seedo CEO believes law to permit medical cannabis exports will be beneficial

Zohar Levy is the CEO of Seedo, which specializes in the creation of automated commercial medicinal cannabis-growing devices.

Seedo says that it is “well-positioned to take advantage and leverage the opportunity to export medical-grade cannabis, cultivated and grown by Seedo’s commercial auto-growing facility,” adding that “the automated growth ensures maximum yield of pesticide-free, high-quality, medical-grade cannabis, which can be then processed and exported from Israel.”

“This new legislation removes the last legal obstacle which remained in the path towards approving export and signing it into Israeli law,” said Levy during a company statement. “By the end of the year 2019, Israeli companies will be able to take advantage of our edge technology and leverage the possibility to export high-quality, pesticide-free medical cannabis to the world.”

The company responsible for introducing a  hydroponic cannabis-growing system to the market reports that Israel’s medical cannabis export bill “authorizes the Israeli police to conduct supervision and grant approvals for cultivating, growing and exporting of cannabis and cannabis-related products, thus clearing a legal obstacle necessary for the final approval of export of medical cannabis from the country, which is expected during 2019.”