Washington Trust Bancorp Inc
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Financials : Banks | Company profile

Washington Trust Bancorp, Inc. is a bank holding company and financial holding company. The Company is a holding company of The Washington Trust Company, of Westerly (the Bank), a Rhode Island chartered commercial bank. The Company operates through two business segments: Commercial Banking and Wealth Management Services. The Company offers a range of product lines of banking and financial services to individuals and businesses, including commercial, residential and consumer lending, retail and commercial deposit products, and wealth management services through its offices in Rhode Island, eastern Massachusetts and Connecticut; its automated teller machines (ATMs); telephone banking; mobile banking and its Internet Website (www.washtrust.com). Its investment securities portfolio amounted to $755.5 million, as of December 31, 2016. The Company's total loan portfolio amounted to $3.2 billion, as of December 31, 2016.

Day's Change
0.595 (1.13%)
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(Heavy Day)

Today's volume of 39,425 shares is on pace to be much greater than WASH's 10-day average volume of 43,335 shares.


Metrospaces (OTC:MSPC) Seize Upon Real Estate Market Opportunities in the Cannabis Space; Companies discussed: Aurora Cannabis, Cronos Group, Inc., Altria, Crop Infrastructure Corp.

8:00 am ET December 12, 2018 (Globe Newswire) Print

Investorideas.com, a leading investor news resource covering real estate and cannabis stocks, releases a snapshot looking at the synergistic opportunity for both sectors.

As the emerging cannabis market explodes with increased legalization across North American markets, Metrospaces, Inc. (OTC:MSPC) Company Executive President Mr. Oscar Brito highlights the considerable market opportunities in real estate that many investors may have overlooked.

Listen to the podcast interview with Oscar Brito, Metrospaces, Inc.: https://www.investorideas.com/Audio/Podcasts/2018/121118-OTCMSPC-OscarBrito-RealEstate.mp3

Metrospaces, Inc., a real estate investment firm that invests in operating companies, has made moves in the cannabis space. Brito said the emerging market is growing too fast to ignore and that most of the attention of institutional investors has been focused on aspects other than real estate.

"We're looking around for new opportunities in the marketplace and obviously cannabis is something that is getting to the point where you just can't ignore it any longer," he said. "Everybody jumps into the operating side and that's where the money has really been rushing into. At the same time, we've seen [that] the real estate side has been completely ignored or largely ignored by institutional investors."

The interest of a company like Metrospaces reflects wider trends in the cannabis market that have seen significant market opportunity where legalization has taken effect. An article on Crew Network analyzes the real estate boom that cannabis has helped to instigate in certain parts of the U.S. Pointing out that the sector relies on real estate for cultivation, manufacturing, warehousing and brick-and-mortar stores, the article argues that in cities where it is already legal, cannabis is causing "a spike in warehouse and other industrial property values." The article adds that:

"Data centers, self-storage properties and factories are all being repurposed for cultivation and manufacturing of marijuana. Land values have escalated in states where outside cultivation is permitted."

This is further reflected by the experience in Canada, where a so-called "green rush" is resulting from recreational cannabis legalization on the federal level in October. A piece in the Financial Post cites research from real estate consulting firm Altus Group, indicating that "marijuana-growing facilities have already consumed 8.7 million square feet in the first nine months of 2018," and that "another six-plus-million square feet are in the pipeline." An example of this is Aurora Cannabis Inc.'s (NYSE:ACB) (TSX: ACB) construction of an 800,000 square-foot facility near Edmonton, Alberta, helping to propel that city's commercial real estate sales value to over $1 billion.

More recently, it was announced that tobacco company Altria (NYSE:MO) had acquired 45 percent of Cronos Group, Inc. (NasdaqGM:CRON) (TSX: CRON) stock and would convert existing tobacco farmland into cannabis farmland.

However, as with Metrospaces, it isn't only operators that are taking advantage of the market opportunity. Crop Infrastructure Corp. (CSE:CROP) (OTC: CRXPF), a company that constructs, owns and leases real estate solutions to cannabis operators, has massively expanded their portfolio recently. The company announced on December 6 that it had begun a first phase development covering 1,729,000 square feet (40 acres) of outdoor cannabis and 60,000 square feet of greenhouse at its 1,000-acre cannabis farm in Nevada.

Brito said the position was ideal, as it allows companies like Metrospaces to stick with property without having to worry about the frequently troublesome regulation of the cannabis sector itself.

"We like this quite a bit because we can do what we do best - which is invest in real estate - and being on the real estate side lets you cover yourself from the regulatory situation that we have now, where in some places it's illegal and it's still federally prohibited," he said.

For investors following cannabis stocks, Investor Ideas has created a stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks

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This news is published on the Investorideas.com Newswire - News that Inspires big ideas. Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp. Disclosure: this news article and podcast featuring Metrospaces is a paid for news release on Investorideas.com - third party. Learn more about costs and our services https://www.investorideas.com/News-Upload/.

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