Government Pension Fund Global, Oslo, has excluded investments in companies distributing marijuana for medicinal purposes, a spokeswoman said.
The 8.98 trillion Norwegian kroner ($1.1 trillion) sovereign wealth fund decided not to be invested in companies with direct exposure to medicinal cannabis after a total evaluation, the spokeswoman added.
GPFG declined to disclose its motivations for excluding cannabis from its investments.
"Due to market sensitivity we will not give any details on the assessments leading up to our investment decisions," she said.
GPFG invested at least 615 million Norwegian kroner in the cannabis industry as of Dec. 31 through its exposure to shares of Aurora Cannabis Inc., Insys Therapeutics and Scotts Miracle-Gro.