Responsible Investment News

NZ Super Fund won't buy recreational cannabis shares

And spokeswoman Catherine Etheredge said the ban would be reviewed should Parliament ever go further and legalise cannabis for recreational use.

The move followed a growing global trend to decriminalise and legalise the recreational use of cannabis, which had led to share market listings of companies involved in the industry overseas, said Etheredge, though the exclusion did not include companies involved with licensed and authorised medicinal cannabis.

Recreational use of cannabis was illegal in New Zealand under the Misuse of Drugs Act 1975, and contrary to New Zealand's commitments to international drug conventions, she said.

Those international conventions were signed in 1961, 1971, and 1988, and were designed to limit the growth and sale of narcotics, with the United States of America taking the lead. In 1971, the phrase "The War on Drugs" was coined by US president Richard Nixon.

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