The Lod-based company Panaxia reported increased revenues from the Israeli market for its sales of medical cannabis in 2021. The Israeli cannabis company Panaxia released its earnings for 2021 Tuesday. Panaxia, which is based in the mixed Arab-Jewish city of Lod, said its net Israeli revenues increased 38% to $83.6 million, according to a press release. Panaxia also began exporting medical cannabis oils abroad in late 2020. Export revenues for 2020 and 2021 were $5.6 million, per the release. Panaxia’s stock increased by 0.45% today to 67.10 Israeli shekels ($20.94). Why it matters: Cannabis for medicinal purposes is a growing industry in Israel. The use of cannabis for health reasons was legalized all the way back in 1999. Many politicians, athletes and other public figures have supported medical cannabis in a variety of ways, Al-Monitor reported last year. Cannabis products such as Cannabidiol oil, aka CBD oil, have a variety of health benefits for anxiety, post-traumatic stress disorder and physical pain. Panaxia sells cannabis oils, tablets and other related products. Israeli cannabis companies have been eyeing selling their products abroad for some time.
420 Intel – Marijuana Industry News, 04/06/2022 20:00:00
Open article: https://420intel.com/articles/2022/04/07/cannabis-sales-grow-israel