Cannabis stocks rally after 3 surveys find Americans increasingly favor legalization

Cannabis stocks rose across the board on Tuesday, as three separate surveys found Americans are increasingly in favor of legalization, demonstrating a major shift in opinion over the last two decades.

Smoke Wallin, president of L.A.-based Vertical Companies, said he expects the ban to be dropped in the near term, and likely before the next presidential election in 2020.From Canada comes the news that cannabis companies are growing enough of the plant, but are still having problems with delivery, as MarketWatch’s Max Cherney reported.

Organigram posted earnings for its fiscal second quarter to Feb. 28 on Monday, showing a loss of C$6.4 million , or 5 cents a share, in its fiscal second quarter to Feb. 28, after earnings of C$1.076 million, or 1 cent a share, in the year-earlier period. Revenue excluding excise taxes came to C$26.9 million. The consensus of four analysts polled by FactSet was for EPS of 2 cents and revenue of C$24.2 million.

“We continue to believe Aphria’s cultivation and automation skills provide a solid competitive advantage, and the company’s 10% market share in the recent quarter is notable, but at this stage, we gravitate towards other names in the sector with stronger balance sheets and more defined strategies for the medium term,” they wrote in a note to clients.Aurora Cannabis Inc. ACB, +4.35% ACB, +3.87% announced an agreement to buy the Hempco Food and Fiber Inc. sharesHEMP, +9.

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