23 states in the US have already approved legislations legalizing personal use of cannabis. At the same time, research into the cannabis plant is extremely limited and carefully supervised. In Israel, the situation is the opposite: personal use of cannabis without a prescription is forbidden by law, but cannabis research is among the most advanced in the world. It is therefore no surprise that the first international conference of the marijuana industry is being held in Tel Aviv. "I see money in the room. Billions of dollars have come to see and check what is going on in Israel," iCAN founder and organizer of the Cannatech conference Saul Kaye said.
Since 2014, US companies have invested $50 million in Israeli companies engaging in research and development of the cannabis plant. The legal marijuana market in the US is projected to reach $23 billion annually by 2020.
"It's difficult and complicated, and if someone thinks that he can enter the medical cannabis field and make millions tomorrow, according to my understanding, it's not so easy," said Prof. Raphael Mechoulam, who took part in the conference.
Published by Globes [online], Israel business news - www.globes-online.com - on April 3, 2016
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