Victoria/Fraser Valley – The Province is providing additional funding to the B.C. Indigenous Cannabis Business Fund (ICBF) to support Indigenous participation in the regulated cannabis industry.
Launched in December 2022, the ICBF supports First Nations communities and Indigenous businesses in British Columbia that want to increase their participation in, or join, the regulated cannabis industry.
Nearly $2.3 million will be provided to the New Relationship Trust, which is responsible for administering the program, to increase the number of Indigenous businesses that could receive support through the fund. The new, one-time funding is in addition to the original joint contribution of as much as $7.5 million by the Province and the federal government over three years.
“I am pleased that this additional grant will support Indigenous entrepreneurs in British Columbia,” said Mike Farnworth, Minister of Public Safety and Solicitor General. “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.”
The fund supports business planning and advisory services, and helps Indigenous businesses or First Nations cover the costs of licensing and permitting. It also makes capital available 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 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.
