The Canadian and British Columbian governments aim to increase representation of indigenous businesses in the cannabis industry by establishing the B. C. Indigenous Cannabis Business Fund.
The federal and provincial governments are investing up to $7.5 million over three years in the fund. The New Relationship Trust and Aboriginal Financial Institutions in British Columbia will administrate the funding program.
“Developing economic opportunities through cannabis-related initiatives is a priority for many First Nations in British Columbia,” said Terry Teegee, regional chief of the British Columbia Assembly of First Nations, in a press release. “This fund is an example of the positive results of our efforts to ensure First Nation participation in the B.C. cannabis industry.”
The fund will help cover the cost of licensing and permitting for qualifying applicants, as well as providing educational services, business planning, advisory services and capital to help them expand or launch. Numerous jobs and economic opportunities for indigenous businesses and First Nations are expected to be generated through the services provided by the new fund.
“This fund is another way the province of British Columbia is keeping true to our commitment to develop a robust and diverse legal cannabis economy that is inclusive of indigenous entrepreneurs and First Nation communities,” said Mike Farnsworth, British Columbia’s minister of public safety and solicitor general. “I look forward to continuing our partnership with First Nations as we work together to implement a path forward that supports a safe and strong cannabis sector in British Columbia.”
— Patrick Wagner