The Confederated Tribes of Grand Ronde in Oregon have acquired a minority stake in a medical supply firm.

The tribe made a "cash investment" in SAM Medical Products. The exact amount wasn't reported but the company said it will be able to develop new products and expand its marketing and sales capabilities.

"The Grand Ronde Tribal Council and Economic Development unit are very business savvy and the fact they are routinely presented with numerous opportunities to invest their monies, but make very few investments, is a huge testament to SAM Medical," Adrian Polliack, the firm's president, said in a press release.

The acquisition is part of the tribe's effort to diversity ifs economy.

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SAM Medical sells minority stake to Grande Ronde tribe (The Portland Business Journal 1/30)