Cannabis sales grow in Israel

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).