Oil futures settled higher on Monday, supported by signs of stronger global demand, even as India continues to suffer from record daily cases of COVID-19. "To some degree, given the onset of warmer weather in many parts, the worst of the pandemic may be priced in and this will bring a tailwind of [oil] demand," said Phillip Streible, chief market strategist at Blue Line Futures. June West Texas Intermediate crude
CLM21,
Tilray Inc. undefined shareholders voted to approve the Canadian cannabis company's proposed merger with Aphria Inc. undefinedundefined at a special meeting on Friday, according to media reports, paving the way for the creation of the world's biggest cannabis company measured by revenue. The move was widely expected after Aphria shareholders voted in favor of a deal by a wide margin, with a total of 99.38% of shares voted approving it on April 14. The deal is expected to close in the second quarter. Under the terms of the proposed deal, Aphria shareholders will receive 0.8381 of a Tilray share of class 2 common stock for each Aphria share owned. Tilray changed its bylaws in April to reduce its shareholder vote quorum to one-third of the voting power of the outstanding shares entitled to vote to approve the deal, instead of a majority of the voting power of the outstanding shares. That move was also expected to make it easier for the deal to be approved. Tilray shares closed Friday down 1.78%, but have gained 122% in the year to date. Aphria shares closed down 0.5% and are also up 122% year-to-date. The Cannabis ETF undefined has gained 47% and the S&P 500 undefined has gained 9%.