CRONOS LAUNCHES INDUSTRY LEADING JV WITH FIRST NATIONS
PharmaCan Capital Corp., (MJN.V) doing business as Cronos Group, has launched Indigenous Roots, a first-of-its-kind joint venture led by Phil Fontaine, former national chief of the Assembly of First Nations. Indigenous Roots is a medicinal cannabis company that will work co-operatively with Canadian first nations toward building and operating licensed facilities and providing medical cannabis to first nations patients.
Partnering with an existing licensed producer creates an expedited path for first nations to invest, operate and participate in the economic opportunities related to the emerging cannabis industry. Additionally, it creates the foundation for a national platform through which cannabis medication can be provided to millions of underserved patients living both on and off first nations reserves across the country and abroad.
Indigenous Roots intends to consult and work co-operatively with first nations that are interested in participating. The newly formed entity will commit to remaining a First Nations owned and operated company providing employment and economic opportunities to First Nations people. This partnership will commence with Cronos' joint venture partners constructing and financing the operation of the flagship Indigenous Roots facility located on Cronos' wholly owned ACMPR subsidiary, In The Zone Produce Ltd., in British Columbia.
Cronos has committed to providing the land, license, IP, and engineering expertise related to the new facility, as well as ongoing training for the First Nations staff in a Health Canada compliant environment. In exchange, Cronos will share in the operating profits on a 50/50 basis. The partnership will seek to source and license additional facilities on First Nations reserves, ultimately pursuing an international presence.
"Indigenous Roots sought a reputable partner that demonstrated a commitment to supporting First Nations and other indigenous peoples at a socially conscious level. Cronos was selected because they believe in the same core values and understand that our people need access to the best medical treatments available. We are committed to working with First Nations agencies in every region towards developing a solution that provides our patients access to insured cannabis medication," said Phil Fontaine, CEO of Indigenous Roots.
"We have a tremendous amount of respect for First Nations, and this relationship extends our vision of providing compassionate care. Indigenous Roots will contribute to a shared goal of bringing top quality medicine to patients in need," said Mike Gorenstein, Cronos' CEO.