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Commercial forestry has played an important role in the Canadian economy. Yet, First Nations (FNs) communities have not shared equitably in the benefits. Since 2002, the government of British Columbia (BC) has actively sought to address this inequity by increasing the volume of forest harvesting tenures to FNs. The rationale is that rights to harvest will also enhance economic and then social outcomes, as well as address broader legal and political disputes. However, whether these rights can translate into the expected benefits has received little attention. This paper seeks to help address this knowledge gap by interviewing FNs experts and forestry professionals in BC to understand the long-term goals of FNs in forestry, to strategically evaluate how (and if) opportunities from forestry arise, and to identify institutional factors that influence successful participation in forestry. What we found is that forest tenure can promote economic outcomes, but it often comes at the expense of other intrinsic forest values. We conclude that a rights-based approach alone will not achieve the diverse outcomes related to forestry without effective governance by FNs to evaluate and capitalize on the opportunity in ways that are legitimate to the individual community's values. [ABSTRACT FROM AUTHOR]