Israel’s medical marijuana industry stands to lose out on substantial financial gains if an export ban ordered by Prime Minister Benjamin Netanyahu continues, industry experts warned Monday.
In February, a media report said that Netanyahu halted a plan to export medical marijuana for fear of upsetting US President Donald Trump, even as ministers have valued the export market at more than $1 billion annually.
“The government is missing out on a massive opportunity to become the world leader [in the sector],” said Saul Kaye, CEO of CannaTech and ICAN Israel, at a cannabis innovation conference in Tel Aviv on Monday. “This is a mature robust RD-focused opportunity that is looking to globalize. So, if the government misses out, we’ll all end up working in Slovenia.”
ICAN is a pharmaceutical company that