More and more Native American tribes across the country are looking into the cannabis market as a business enterprise for their people. Most recently the Los Coyotes Band of Cahuilla and Cupeno Indians have partnered with a cannabis company in this growing industry.
Please read more from the press release below.
LAS VEGAS, Aug. 2, 2017 /PRNewswire/ — GB Sciences, Inc. (OTCQB: GBLX) is proud to announce an agreement with the Los Coyotes Band of Cahuilla and Cupeno Indians (Los Coyotes) for the purposes of establishing cannabis operations on the tribe's lands located near Warner Springs, California.
The nonbinding Joint Statement of Intent outlines plans to build and operate facilities to grow, manufacture, and distribute commercial cannabis and cannabis products in the State of California.
This is the first time a publicly traded US cannabis cultivation company and a federally recognized Native American tribe have announced a commercial cannabis venture in California.
GB Sciences will construct facilities on designated areas of tribal land for the business of cultivation, manufacturing and other commercial cannabis activities. Los Coyotes will receive 40 percent of the venture's net profits, of which 10 percent will fund tribal childhood education and elder assistance programs.
GB Sciences John Poss said, “The tribe and its leadership are ideal partners for GB Sciences. We share the same attitudes toward the business, the same intentions for the quality of the product, and the same positive goals for tribe. It is difficult to imagine a better way to enter the gigantic California cannabis market.”
Los Coyotes Tribal Chairman Shane Chapparosa said, “We welcome this important partnership with GB Sciences. They are the ideal partners to facilitate Los Coyotes' move into California's cannabis market. In addition to producing much-needed revenue and jobs for the tribe, and the partnership will confer a distinct benefit to patients as we work with GB to develop strains with great therapeutic value.”
The Statement is subject to definitive agreements between the parties to be completed and executed in the near future. Once consummated, the agreement between the Tribe and GB will result in a new entity, which would be initially funded by advances from GB, and which ultimately would be owned 60 percent by GB Sciences and 40 percent by the tribe, with GB being the manager of the operation.
The Statement also makes it clear that all applicable rules and regulations will be respected by both parties, and that appropriate, applicable licensure pursuant to, or replicating, the Medicinal and Adult Use Cannabis Regulation and Safety Act will be sought. Further, the Statement is clear that no steps will be taken that could possibly compromise or abrogate the Tribe's sovereign status.
TAGGED: california cannabis