Israel Steps Closer to Cannabis Legalization
August 12th, 2020
App, Exclusive, Top Story
Israel could become the next country to legalize adult-use cannabis after lawmakers gave preliminary approval to two bills calling for the decriminalization of cannabis and the regulation of its sale for recreational and medical use.
Let’s take a closer look at the move and what it means for public companies operating in the country, including Isracann Biosciences Inc. (CSE: IPOT) (OTC: ISCNF)—the only Israeli pure-play opportunity in the space.
Legalization on the Horizon
The Israeli government’s approval of two preliminary cannabis bills would decriminalize the possession and use of small quantities of cannabis, as well as create a regulatory framework governing the sale of adult-use and medical cannabis in the country. While the discussions remain early-stage, it could mirror that of Canada or other legal countries.
Israel has a burgeoning medical cannabis industry already that has more than 50,000 authorized users and that figure is rapidly growing. At the same time, the country has some of the highest per capita cannabis usage rates in the world at nearly one-third of people between the ages of 18 and 65—creating an enormous market opportunity.
In addition to its legalization efforts, Israel has long been a leader in cannabis research and development. The country became the first country in the world to allow medical research and cultivation back in 2007, while THC and CBD cannabinoid structures were originally discovered at Hebrew University of Jerusalem.
The Israeli Cabinet approved the export of medical cannabis back in 2019 and the government gave the final go-ahead earlier this year. The move could open the door to exports to the European Union, which is located nearby and represents a massive and underserved market for medical cannabis and CBD products.
Capitalizing on the Market
There are several public and private companies targeting the Israeli cannabis industry, but few of them are pure-plays that trade on North American exchanges.
Isracann Biosciences Inc. (CSE: IPOT) (OTC: ISCNF) has an expected annual capacity of more than 23,000 kilograms of dried cannabis at its Cannisra farm and with Israel’s favorable climate, management anticipates becoming a low-cost cannabis producer with costs of just $0.40 per gram—translating to attractive margins.
Click the image below to view a brief overview of the cannabis opportunity in Israel
Additionally, in the Hefer Valley region, the company’s joint venture farm, Cannation Ltd., is nearing the completion of phase one construction and already has signed an offtake agreement with Israeli licensed producer Focus Medical Herbs Ltd. The property contains a 55,000 sq. ft. greenhouse that’s complete and awaiting final security inspection and a 110,000 sq. ft. facility for use as expansion.
“From our ongoing development efforts at our initial Cannisra Holdings project, to our exciting advancements in the Hefer Valley, we’ve mapped out an integrated package of properties with a multi-greenhouse strategy which includes a network of important partners and stakeholders across Israel and Europe,” said CEO Darryl Jones.
Israel is rapidly progressing toward domestic legalization and the export of medical cannabis to the undersupplied European Union. Isracann Biosciences Inc. (CSE: IPOT) (OTC: ISCNF) is well positioned to capitalize on these dynamics with its various ongoing projects and agreements that are close to reaching a commercialization point.
For more information, visit the company’s website at www.isracann.com.
The above article is sponsored content. CannabisFN.com and CFN Media, have been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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