The move follows a growing global trend to decriminalise and legalise the recreational use of cannabis, which has led to share market listings of companies involved in the industry overseas.
Under the Guardians’ Responsible Investment Framework, decisions about ethical exclusions take account of New Zealand law and international conventions to which New Zealand is a signatory. Recreational use of cannabis is currently illegal in New Zealand.
Companies will be excluded from the NZ Super Fund if they are involved in the manufacturing and cultivation of cannabis for recreational use.
They will also be excluded if their main business is to supply recreational cannabis to the public or to other companies; or provide support services for the recreational use of cannabis.
The move is a precautionary one, as the NZ Super Fund does not currently hold any of the companies identified for exclusion.
The NZ Super Fund also excludes companies involved in:
• the manufacture of cluster munitions
• the manufacture or testing of nuclear explosive devices (NEDs)
• the manufacture of anti-personnel mines
• the manufacture of tobacco
• the processing of whale meat
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