Israel is set to become the world’s third biggest exporter of medical cannabis, as the global market is set to reach $33 billion in the next seven years.
Its government has estimated sales abroad would rake in $1.1 billion a year for the Middle Eastern country.
Bio-tech companies based there are preparing to expand production of the drug to meet rising global consumer demand.
One is Breath of Life Pharma (BOL), which is about to open the world’s largest medical marijuana grow-house and research centre in central Israel.
The one-million-square-foot facility will allow the firm to store enough medical cannabis to supply the entire US, according to its chief executive Dr Tamir Gedo.
He estimates that BOL will produce 80 tons – more than 175,000 pounds – per year, according to a news statement on its website.