The government of British Columbia will be providing an additional $2.3 million to support Indigenous entrepreneurs in the province’s cannabis industry.
The added funding announced on Tuesday will be provided to the B.C. Indigenous Cannabis Business Fund through the New Relationship Trust, a non-profit organization dedicated to supporting the well-being of First Nations in the province.
The government committed to an initial contribution of up to $7.5 million over three years after the fund was established last December.
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Fund creates jobs and opportunities for First Nations
The primary objective of the fund is to assist Indigenous businesses and First Nations by providing financial support for licensing and permitting costs, business planning and advisory services. Additionally, the fund offers capital for the launch or expansion of businesses.
“The additional funding means unlocking more opportunities for First Nations seeking to advance their own path toward economic development in the regulated cannabis industry,” said Walter Schneider, CEO of the New Relationship Trust.
The fund also aims to facilitate the growth of knowledge and skills among Indigenous entrepreneurs and First Nations communities by organizing workshops on cannabis industry regulations, business opportunities and funding applications.
These workshops will help them develop the necessary information and planning skills to succeed in the industry.
“It is another step forward in keeping true to our commitment to develop a robust, diverse and sustainable regulated cannabis economy that is inclusive of Indigenous entrepreneurs and First Nations communities,” said Mike Farnworth, Minister of Public Safety and Solicitor General and Deputy Premier of B.C.
BC Responds to Calls to Better Support Indigenous Involvement in the Cannabis Economy with $2.3 Million in Fundinghttps://t.co/Nbgj2eRp8Y
— CFNR News (@CFNR_News) April 25, 2023
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Indigenous-owned cannabis companies operating in B.C. include Indigenous Bloom Hemp (CSE: IBH), Sugar Cane Cannabis, JBuds Cannabis, Nations Cannabis and All Nations Cannabis.
rowan@mugglehead.com
