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. The Israeli government legalized cannabis exports in 2020, and In December 2021, Panaxia became the first to receive authority to sell vaporized cannabis in Europe. Israeli companies who subsequently received this permission had to work with Panaxia to ensure compliance, according to The Jerusalem Post.
Cannabis in general is popular in Israel, though it remains illegal for recreational purposes. Many people smoke cannabis, and it is often referred to as marijuana in this context.
Panaxia is one of the biggest cannabis companies in Israel, but it is not the only one making money. InterCure’s profits for the fourth quarter of 2021 tripled to $24 million.
What’s next: The Israeli government announced last month that it is considering decriminalizing recreational cannabis use.
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