JERUSALEM, Jan. 27 (Xinhua) -- Israel's cabinet approved on Sunday export of medical cannabis, opening new markets for local agriculturists, the government said.

Under the cabinet decision, the permission would be limited to producers and exporters certified by a special license from the health ministry.

Government officials said the exports could boost the country's export, increase investments in agriculture and create new jobs.

"The revolution of the medical cannabis export gets underway," Finance Minister Moshe Kahlon tweeted.

The move "will bring hundreds of millions to the nation's coffers and will strengthen Israeli agriculture and technology," he said.

Local media reported that the exports could bring about 1 billion new shekels (270 million U.S. dollars) in tax revenue per year.

Deputy Health Minister Yaakov Litzman said some of the profits would go directly to the public healthcare system.

"This is a dramatic move that was approved only after it passed all meticulous procedures by professionals in Israel, in full cooperation with the relevant government ministries," Litzman said in a statement by his office.

Moshe Bar Siman Tov, director general of the Health Ministry, said Israel has been a world leader in medical cannabis thanks to knowledge and expertise created in this field.

"In recent years, we have created a process of high standardization of cannabis products for medical use, and a complete theory of compatibility between active ingredients and medical labels," Tov said in the statement.

"We did this for Israeli patients who are now starting to receive products safely and of the highest quality," he explained.

The approval came after Israeli parliament voted through a bill last month, which allowed medical marijuana products to be exported to countries where the plant is legal for medical use.