The Norwegian Oil Fund sells out of cannabis

Cannabis, Hashish, HashA Cannabis plant. Cannabis is used for both recreational and medical use. All products thereof are prohibited under Norwegian law , Photo: Pixabay

The Norwegian Oil Fund sells out of cannabis

The oil fund will no longer invest in companies that are directly involved in Cannabis.

“We have already decided not to invest in companies with direct exposure to cannabis,” Communications Manager of Norges Bank Investment Management (NBIM), Thomas Sevang, tells Dagens Næringsliv.

It led to reactions when the newspaper in March wrote that the fund made NOK 446 million from investments in five companies related to cannabis products during the first two months of the year.

Sevang will not go into details of which companies the decision to sell the cannabis shares will affect. The sales will not be announced before the annual inventory overview, ie next year.

“The question of companies related to cannabis is relatively recent. There are challenges in defining which companies are covered by it,” he explains.



Drug enforcers pleased

The Norwegian Drug Police Association (NNPF) is pleasantly surprised by the signals from the Norwegian Pension Fund Global.

“This is very good. It would be ethically reprehensible if the Norwegian society were to make money from the suffering of others. I believe that we must continue the discussion on the ethical guidelines for the oil fund’s investments. This is a step in the right direction,” Leader of NNPF, Jan Erik Bresil, comments.

No comments have come to light from patient groups that benefit from medicinal cannabis, such as  cannabidiol (CBD).

© NTB Scanpix / #Norway Today
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