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Nine companies kicked out of oil fund

Norges Bank has decided to exclude nine firms from its Government Pension Fund Global, seven of which are cannabis or tobacco companies.

Oil fund CEO Nicolai Tangen | Photo: Tony Colli/PR

The executive board of Norges Bank has decided to exclude Aurora Cannabis, Canopy Growth, Cronos Group and Tilray Brands, stating that the fund has concluded it should not be invested in companies that ”themselves or through entities they control [...] produce cannabis for drug purposes,” a press release reports.

Scandinavian Tobacco Group, Eastern CO and Hanjaya Mandala Sampoerna have also been excluded on the basis that the fund should not invest in firms that produce tobacco or tobacco-related products.

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