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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


B.C. invests additional $2.3M to support Indigenous cannabis businesses

The funds will be provided to the B.C. Indigenous Cannabis Business Fund building on an initial commitment of up to $7.5M

B.C. provides additional $2.3M to support Indigenous participation in the cannabis sector
Photo by CRYSTALWEED cannabis via Unsplash

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.

Read more: UBC Okanagan researchers isolate genome of fungus that devastated cultivation facility

Read more: Uber Eats partners with Leafly to deliver cannabis in B.C.

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.

Read more: Health Canada seeks feedback for potential changes to federal cannabis regulations

Read more: SNDL acquires four Dutch Love stores for $7.8M

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.


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