REUTERS: Israel takes step toward allowing export of medical marijuana

 In International News, Medical Marijuana

An Israeli government committee gave an initial nod on Sunday for the export of medical marijuana in what could be a windfall for companies in Israel, widely regarded as a leader in research in the field.

A government statement announcing the vote said it could take months for the legislation to make its way through parliament.

In the United States, 28 states have legalized marijuana for medical use and since 2012, Colorado, Alaska, California, Maine, Massachusetts, Nevada, Oregon and Washington, D.C. have also approved marijuana for recreational use. The market there, by some estimates, will reach $50 billion over the next decade.

Israel is widely regarded as one of the world leaders in medical marijuana research, even though the local market is small. Only 23,000 people have Health Ministry permits to purchase medical cannabis from nine licensed suppliers, creating a market of $15 million to $20 million at most.

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Photo credit: REUTERS/Amir Cohen/File Photo