After years of delays, the Knesset – Israel’s Parliament – unanimously approved a law to permit exports of medical marijuana late Tuesday.

Some analysts believe the move could unlock a market worth up to $4 billion.

The Israeli Cabinet must give final approval – a step that’s seen as a formality.

The delay in passing laws and regulations to permit export prompted some companies to move their operations to Europe.

But many expect renewed business interests in Israel now that the Knesset has finally acted.

“Once the export bill is approved, I assume that global investors will look again to Israel, understanding that the value proposition of the Israeli cannabis market can deliver global opportunities on the medical cannabis industry,” Lilac Mandeles, CEO of TechForCann, previously told Marijuana Business Daily.

– Associated Press and Marijuana Business Daily