The Globe and Mail reports in its Thursday edition that Galen G. Weston is committing $100-million to support Canadian shoppers in purchasing local products. The Globe's Andrew Willis writes that the fund, launched by Wittington Investments, aims to enhance the resilience and scale of Canada's food producers. The fund is part of Mr. Weston's pledge of $1-billion in "philanthropic funding, with the specific goal of strengthening Canada" at May's annual meetings for Loblaw and Weston. The fund will invest up to $10-million in each business, using equity and debt as needed, taking minority interests. Jim Orlando noted, "Our focus will be on everyday essentials." The fund will have a wide scope, ranging from backing new product launches to investing in the infrastructure needed to help Alberta ranchers raise more cattle without having to ship them to U.S. feedlots. Imported fruits and vegetables make up about 65 per cent of Canadian grocery sales. Mr. Orlando noted that the Wittington fund could support domestic producers, like greenhouse owners, who need capital to reduce reliance on imports. Loblaw remains a potential customer for Wittington-backed companies, but Mr. Orlando will push businesses to sell to all retailers.
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