Israel looks to decriminalize weed as more marijuana companies enter emerging markets

By Jelena Martinovic

It appears that Israel is taking steps to legalize recreational cannabis, with the government considering fully decriminalizing adult use.

President Isaac Herzog and Attorney General Gideon Sa’ar announced Sunday that the government is also considering wiping criminal records of people convicted of personal possession or cannabis use, The Jerusalem Post reported.

Photo by Sander Crombach via Unsplash

Once the new rules are approved, Israelis with a possession or personal use conviction will be able to have their records wiped if they file a request with the Justice Department once it is submitted to the President for a decision.

In February, Sa’ar submitted his marijuana decriminalization plan, which aims to recategorize cannabis-related offenses from criminal to civil offenses, according to the news agency. The move will “remove the criminal mark and associated stain” and builds on a proposal made to amend the Administrative Regulations and Ordnance Act.’

Currently, cannabis use is partially decriminalized in the Middle Eastern country, with the first two incidents leading to fines and only the fourth offense leading to charges.

Once Sa’ar signs the regulations – which is expected in the coming days – approval is expected shortly thereafter, followed by immediate implementation in the Knesset (Israel’s parliament).

A mecca for cannabis companies

More than 100,000 Israelis now hold medical marijuana licenses.

Israel has long dominated the cannabis industry in terms of groundbreaking research and a burgeoning market.

Big players have been on the market for some time and new ones are added regularly.

International operator IM Cannabis (NASDAQ:IMCC) announced multiple acquisitions in the Israeli market in late July, totaling $3.7 million in additional investments in the country.

In early July, Curaleaf Holdings Inc (CSE:CURA) (OTCQX:CURLF) exported more than a ton of medical cannabis to Israel under a larger supply deal with BOL Pharma.

RELATED: Israeli study shows promising results for medical marijuana in trauma

Big US cannabis brand Cookies also got involved last April through a production deal with Israeli brand InterCure Ltd. (NASDAQ:INCR), operating as Canndoc, which recently signed a definitive agreement to acquire Cann Pharmaceutical Ltd., also known as Better, for $35 million. This transaction is expected to strengthen its position as the largest, fastest growing and most profitable cannabis company outside of North America.

Canadian cannabis companies The Flowr Corporation (TSXV:FLWR) (OTC:FLWPF) and Aurora Cannabis (NASDAQ:ACB) began 2022 by completing shipments of medicinal cannabis to Israel.

Flowr’s first shipment of weed, valued at $825,000, was part of a previously announced international supply deal with Focus Medical Herbs Ltd., which has a supply deal in Israel with IM Cannabis. Aurora’s shipment was its largest to date, valued at CA$10 million (US$7.8 million).

Photo by Esther Kelleter/EyeEm/Getty Images

Breakthroughs in cannabis research

In 2020, Israeli scientists started clinical trials on whether cannabis can effectively stop or slow down the coronavirus. Three clinical studies have used CBD’s anti-inflammatory properties as a potential COVID-19 treatment.

In February, a clinical study conducted by Soroka University Medical Center and Israeli medical cannabis company Cannbit-Tikun Olam (TASE: TKUN) showed promising results, particularly for treating post-traumatic stress disorder (PTSD).

RELATED: Israel: Cannabis powerhouse

Cannabotech, an Israeli biotech company, recently published the results of a research conducted by Hadassah Medical Center doctors that revealed the effectiveness of CannaboBreast drugs for breast cancer with the protocols that involve a treatment that targets biological and hormonal processes in combination with chemotherapy targets. They found a six-fold improvement in reducing cancer cells compared to existing treatments.

This article originally appeared on Benzinga and has been republished with permission.