Due to the Israel-Hamas war, the anticipated implementation of the medical cannabis regulatory reform, originally scheduled for December 29, 2023, has been postponed by three months. The new regulations were designed to alleviate many of the stringent restrictions in the sector, thereby enhancing access to medical cannabis for patients.
In addition to the regulatory reform, the Medical Cannabis Unit of the Ministry of Health released a new report that shows, among other statistics, data on the number of patients obtaining medical cannabis licenses. There was a notable surge in the number of new medical cannabis patients in November 2023, with 3,254 new patients receiving licenses, the largest increase in new patients per month since 2021.
"As I had said when the overhaul of the cannabis regulation was first published in August, we believed it could change the face of the medical cannabis market in Israel, facilitating the access of medical cannabis for many new patients. We still believe this to be the case," said Oren Shuster, Chief Executive Officer of IMC. "The number of new patients joining the medical cannabis category in Israel had been slowing recently, making this significant increase in medical cannabis licenses obtained in November remarkable. We cannot currently determine if this increase is directly related to the war. We anticipate gaining more insights in the coming months."
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IM Cannabis Corp.