Regional Chief Terry Teegee, of BC Assembly of First Nations
BRITISH COLUMBIA – First Nations partners in British Columbia, alongside Federal and Provincial governments, announced the launch of the BC Indigenous Cannabis Business Fund, helping to increase representation in the regulated cannabis industry. This new Indigenous-led fund was announced by Regional Chief Terry Teegee, BC Assembly of First Nations, the Task Group for the First Nations Summit, Jean-Yves Duclos, Federal Minister of Health, Patty Hajdu, Federal Minister of Indigenous Services, and Mike Farnworth, British Columbia Minister of Public Safety and Solicitor General.
The BC Indigenous Cannabis Business Fund will support First Nations communities and Indigenous businesses in British Columbia that want to increase their participation in, or join, the regulated cannabis industry. The fund will provide business planning and advisory services, and help Indigenous businesses or First Nations cover the costs of licensing and permitting.
“Developing economic opportunities through cannabis-related initiatives is a priority for many First Nations in British Columbia. BCAFN is pleased to partner on the BC Indigenous Cannabis Business Fund, providing much-needed capital and support for capacity building, community planning and decision-making. We have been advocating for increased economic supports for some time and we look forward to advancing further initiatives and opportunities like this to support BC First Nations. This fund is an example of the positive results of our efforts to ensure First Nation participation in the BC cannabis industry. At the same time, we urge further partnership among all levels of government to address outstanding issues regarding jurisdiction and implement the economic component of reconciliation, which involves new fiscal relationships,” said Terry Teegee, Regional Chief of the BC Assembly of First Nations.
It will also make available capital to support the launch or expansion of businesses. Additionally, the fund will support the development of information and planning workshops for First Nations communities and Indigenous entrepreneurs to learn more about the cannabis industry, regulations, business opportunities, and how to apply for funding. These supports will create jobs and economic opportunities for Indigenous businesses and First Nations.
The BC Indigenous Cannabis Business Fund will be administered by the New Relationship Trust and Aboriginal Financial Institutions in British Columbia. The Government of Canada and the Government of British Columbia are investing up to $7.5 million over three years in the Fund.
“We are pleased to see this funding for capacity and community development, flowing to First Nations in BC The cannabis industry offers First Nations communities and entrepreneurs a real opportunity to create self-determined economies, engage in the BC economy, and to take a lead in the cannabis industry going forward. Our partnership with the Provincial and Federal governments on this initiative demonstrates the value of meaningful collaboration. We also deeply appreciate the expertise and community connections that the Aboriginal Financial Institutions and the New Relationship Trust will bring to this work. We intend for this program to support the priorities of First Nations in relation to cannabis and look forward to how it will evolve as we work to align provincial and federal laws with the United Nations Declaration on the Rights of Indigenous Peoples,” said Hugh Braker, Political Executive of the First Nations Summit.
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The New Relationship Trust (NRT) and Aboriginal Financial Institutions (AFIs) in British Columbia will assist in the application process and contribution agreements for the fund. Meanwhile, a steering committee consisting of Indigenous Services Canada, Health Canada, BC Cannabis Secretariat, and the First Nations Leadership Council will provide guidance and consultation.
The New Relationship Trust is an independent non-profit organization dedicated to strengthening First Nations in British Columbia through capacity building. The NRT invests in British Columbia First Nations by supporting them in five key capacity development areas: Governance capacity, Education, Language, Youth & Elders, and Economic development.
Aboriginal Financial Institutions are autonomous, Indigenous-controlled, community-based financial organizations. AFIs provide developmental lending, business financing and support services to First Nations, Métis, and Inuit businesses in all provinces and territories.
