Article by Reuters via Fortune
Israel, a leader in marijuana research and health technology, is attracting international investment as it tries to position itself as a cutting-edge exporter in the rapidly-growing market for medical-grade cannabis.
With estimates that the global market for medical marijuana could reach $50 billion by 2025, the Israeli government is set to allow the local industry to start exporting and projects annual revenues in the hundreds of millions of dollars.
Medical cannabis is a relatively new field with no universal clinical standard. Israel aims to fill the void by combining its expertise in agriculture, technology, and cannabis-based medicine, said Yuval Landschaft, head of the health ministry’s medical cannabis unit (IMCA).
“In the United States, for example, they use recreational marijuana for medical use—that’s like making chicken soup when you have a cold,” Landschaft told Reuters. “We’re the ones making the antibiotics.”
The strategy is to create medical-grade cannabis with quality and efficacy ensured along the entire supply chain from cultivation to manufacture and distribution.
In contrast to the United States, which is currently the biggest legal marijuana market, authorities in Israel are liberal in their support of research and development.