FOR IMMEDIATE RELEASE
CHEAM FIRST NATION, BC November 3, 2022 – CFN Chief and Council approved an “Interest Framework” with the Province of British Columbia to collaborate and finalize a Section 119 Cannabis Agreement on October 24th, 2022. The Interest Framework will guide the Government-to-Government negotiations to support mutual interests in the sales and distribution of Cannabis. To further support this initiative, Cheam Enterprises Inc. (CEI) is supported by CFN Chief and Council to incorporate an entity to hold the licenses and authorizations in the Section 119 Cannabis Agreement. The entity will be operated by 2 Boards of Directors identified by the CEI Board of Directors.
The Section 119 Cannabis Agreement will support Cheam’s ongoing business development into the Cannabis Market. In 2020, CEI acquired 750,000 shares of All Nations Cannabis Company (ANC) which operated as Cheam Cannabis Company on the Nations reserve lands from September 2020 to the year end of 2021. The operations did not continue into 2022 as ANC took action to transition from the market authorized by CFN to a more general market authorized by the Province of BC (Section 119). These developments presented CFN/CEI with the opportunity to pursue their own authorizations and to negotiate a Section 119 Cannabis Agreement with the Province of British Columbia.
Highlights of the Section 119 Cannabis Agreement:
• Cheam will have interests in cannabis retail stores off-reserve and on-reserve, including a farm-gate store attached to its cultivation facility
• Cheam will obtain a federal standard cultivation license for an on-reserve cultivation facility, and potentially obtain a federal standard processing license.
• Cheam plans to open 8 stores which will open up opportunities for Nation entrepreneurs
The negotiations are expected to end after Q1 2023 (Jan, Feb, Mar) when the final agreement will receive Council and Cabinet approval. During that time CEI will undertake business planning associated with opening their 1st retail store under this agreement at the previous location.
Cheam Enterprises Inc. was established by the Cheam First Nation Chief & Council. Governance and Financial Planning Rules were established for a Board of Directors to govern the responsibilities of the CEI CEO. The CEI Board of Directors works diligently with the CEI CEO on implementing strategic objectives for the benefit of Cheam First Nation Citizens today and in the future. 100% of the shares of this company are owned by Cheam First Nation.
If you would like more information about this topic, please call CEI CEO Sam Minde at 604-845-5174, or email email@example.com.
Download the release here.