Israel's parliament has unanimously approved a law to permit exports of medical marijuana, allowing Israel to tap the lucrative global market.
Israel will become the third country, after the Netherlands and Canada, to take its medical cannabis global.
Experts estimate that the global market for medical marijuana could reach $50 billion by 2025 as the stigma fades and demand grows for the few countries certified to export.
Israeli medical cannabis company iCAN offers a more conservative assessment, saying the international market is likely to reach $33 billion in the next five years.
The law was approved late Tuesday, sending cannabis company shares up by about 10%.
The law had been stalled for years over fears from security officials that medical marijuana would leak into the black market. To assuage concerns, the law empowers police to supervise licensing.
The law will be finalized after the Israeli cabinet gives its final approval – a step largely seen as a formality.
