Norway GPFG to No Longer Invest in Cannabis Linked Companies
Posted on 05/25/2019
Norwegian business daily Dagens Naeringsliv first reported that Norway Government Pension Fund Global (GPFG) held equity positions in at least five cannabis-linked companies at the end of 2018. These companies include Scotts Miracle-Gro, Aurora Cannabis, INSYS Therapeutics, Canopy Growth, and Aphria. Norway’s GPFG is a major index institutional investor, so many of these stock investments could have been caught up in the equity benchmark. Norges Bank Investment Management (NBIM), the manager of Norway’s SWF, disclosed that the wealth fund will no longer own stakes in companies linked or who have exposure to the cannabis (Marijuana) industry.
Norway’s GPFG already has a ban on tobacco investments.
Cannabis remains an illegal substance in Norway.