Israel has announced plans to adopt Canada’s legalization model in its road map to legalizing cannabis. The plan, which could be finalized within a year, aims to create a regulated market for adult-use marijuana products.
According to Israeli Cannabis Magazine, the middle eastern country’s justice minister Avi Nissenkorn confirmed the plans saying a legal memo could be published to the Knesset in December for an initial vote.
Missenkorn added that the proposed regulations could go into effect nine months after getting approved by the Israeli parliament.
The proposal by the middle eastern country comes just seven days after New Zealand turned down a proposal to establish a billion-dollar market for regulated adult-use cannabis. Separately, Germany Also rejected a similar proposal recently.
Hissenkorn told The Israeli Times Newspaper that it is time to make progress and legalize cannabis in the country. He believes that the reform is significant, holistic, and responsible and hopes to demonstrate that Israel is not ignoring reality and is following in the footsteps of developed countries.
A report by the Israeli Cannabis Magazine reveals the country’s legalization model will be largely based on Canada’s, beginning with a detailed emphasis on public health while carving out a playing field for legal business.
Oren Lebovitch, editor of the Israeli Cannabis Magazine, described the proposal as dramatic, saying the only countries with legalized cannabis at the federal level are Canada and Uruguay. He said Israel should expect a vibrant market if cannabis is ultimately legalized
A study found that Israel could earn 11.3 to 19.6 billion NIS (New Israeli Shekels) in revenue in the first five years of a legalized, regulated industry.
Lebovitch said that the research institutes that examined the industry found that the value of a legal market in Israel is over NIS 6 billion a year ($1.7 billion). Such estimates could bring the country about NIS 2 billion a year from taxes and a billion more from savings in enforcement resources, policing, and more.