Norway’s sovereign wealth fund is excluding several Canadian companies because they produce recreational marijuana, which remains illegal in the Nordic country.
Fund manager Norges Bank Investment Management announced this week that Aurora Cannabis, Canopy Growth Corp, Cronos Group and Tilray Brands – all based in Canada – will be excluded from the world’s largest sovereign wealth fund, the Government Pension Fund Global (GPFG).
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Canada is the only large country to have legalized adult-use cannabis, but Germany has pledged to follow suit and Uganda regulated the drug in 2014.
The GPFG’s Council on Ethics recommended the Canadian companies be excluded from investment by the fund “due to production of cannabis for recreational use.”
The move by Norges Bank is the latest blow to the Canadian companies, which have seen their stock prices fall drastically in recent years as losses stretch into the billions of dollars.
Stock losses in
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