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.

Price
Delayed
$53.47
Day's Change
0.595 (1.13%)
Bid
--
Ask
--
B/A Size
--
Day's High
53.63
Day's Low
52.48
Volume
(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.

39,425

CBD-derived Products are Slated to Aid the Hemp Industry Growth

9:00 am ET December 14, 2018 (PR Newswire) Print

The hemp industry continues to grow at a rapid pace, as its market grew by 16% in 2017. The industry is primarily driven by sales in the hemp-derived product and personal care segment. According to Hemp Business Journal, a division of New Frontier Data, the industry was valued at approximately USD 820 Million in 2017 and is projected to reach USD 1.9 Billion by 2022. Additionally, the market is projected to grow at a CAGR of 14.4% during the forecast period. Hemp-derived CBD products drove in USD 190 Million worth of sales in 2017, while personal care products reported sales of USD 181 Million. By 2022, the hemp-derived CBD product segment is expected to grow substantially and deliver sales of approximately USD 646 Million. Meanwhile, the personal care product segment is expected to reach sales of USD 259 Million. The CBD market is gaining traction, especially with the U.S. Food and Drug Administration's decision to delist it as a schedule 1 drug back in September. The decision marked a major milestone in the cannabis market as CBD was the first cannabis component to receive federal approval. The Yield Growth Corp. (CSE: BOSS), Aurora Cannabis Inc. (NYSE: ACB), Level Brands, Inc. (NYSE: LEVB), Cronos Group Inc. (NASDAQ: CRON), Charlotte's Web Holdings, Inc. (OTC: CWBHF)

The emerging CBD market has caused many cannabis players in the industry to expand their portfolios. Specifically, a growing segment within the CBD sector is beauty and wellness products. CBD-based beauty and wellness products are becoming increasingly popular due to their beneficial effects as these products are non-psychoactive and are said to offer relief from pain, anxiety and depression, stimulate appetite and have anti-inflammatory and anti-acne properties, according to a New York Times article. Among CBD-based products, skin care treatments are especially popular. "CBD is the most promising drug that has come out for neuropsychiatric diseases in the last 50 years," said Dr. Esther Blessing, an Assistant Professor at New York University School of Medicine. "The reason it is so promising is that it has a unique combination of safety and effectiveness across of very broad range of conditions."

The Yield Growth Corp. (CSE: BOSS) earlier today, announced breaking news that, "its shares commenced trading on the Canadian Securities Exchange under the symbol BOSS. At the same time, Yield Growth President and CEO Penny Green announces the appointment of Sandi Lesueur as President of the 100% owned subsidiary, Urban Juve Provisions Inc., effective immediately.

The Yield Growth Corp. is led by a diverse team of executives dedicated to rapid and sustainable business and financial growth.

Its principal asset is Urban Juve, an Ayurveda-inspired skin care and beauty brand that rejuvenates and nourishes from within: spirit to skin. Urban Juve's key ingredient -- cannabis sativa hemp root oil -- combines with natural and pure essential oil-based formulations to create quality products that are now available online and will soon be available at select retail stores across Canada.

The newly appointed President of Urban Juve is accomplished cosmetics executive Sandi Lesueur. Highlights of her professional experience include the design and launch of several product lines for physicians and celebrities such as dermatologist and president of the Dermatology Association of Canada Dr. Jason Rivers and Oprah Winfrey's makeup artist, Derrick Rutledge at OOH Lifestyle. Over her eight-year tenure, she played part in the meteoric rise of MAC Cosmetics where she developed expertise to recognize and situate innovative brands as future dominant players in the cosmetics business.

Her health and wellness knowledge -- combined with experience in global production, distribution and brand cohesion -- will position the newly launched Urban Juve as a unique force in a lucrative, growing sector in full-spectrum health. The Urban Juve Distinction: The Ayurvedic knowledge and recipes at the heart of Urban Juve take root in a lifetime of experience applied to holistic health care. Now, the brand is flowering into a trusted range of custom-crafted, patented recipes and blends. The formulas centre around the medicinal properties of the root of cannabis sativa, also known as hemp root.

In India, Ayurveda makes use of Cannabis in more than 80 traditional herbal formulas with results that range beyond mere physical and aesthetic impact. Oil that has been extracted from the hemp root is recorded in ancient medicine as providing skin repair and anti-inflammatory effects. As this critical ingredient is balanced and formulated with companion botanicals and carrier oils, it stimulates the healthy regrowth of skin at the molecular level. By promoting the natural death of unhealthy cells, Urban Juve's recipes renew and restore skin's health in a fashion that transcends conventional notions of cosmetics. Urban Juve is more than skin-deep beauty, it is a full embrace of the healing properties of the natural world.

Urban Juve Product Launches: Urban Juve's introductory product line include: an anti-aging serum and a lip balm. The Anti-Aging Serum ($85 CDN) incorporates the soothing qualities of hemp root and hemp seed oil with a proprietary blend of essential oils. This tailored combination absorbs into and hydrates skin cells.

The Urban Juve Lip Balm ($10 CDN) creates a soothing protective layer with coconut oil and beeswax, which provides a healthy, hydrating environment for the critical hemp root and seed oils to moisturize and freshen. A hint of peppermint tops off the formula for a fresh feeling, flavour and aroma. The company is currently manufacturing another ten products and within, its first year, expects to grow to offer as many as 50 SKUs. These may include massage and body oils, face mists, moisturizer, deodorant, and topical creams for acute and chronic pain.

About The Yield Growth Corp. & Urban Juve: The Yield Growth Corp. is a diverse team of business executives dedicated to rapid, sustainable financial growth for businesses with viable models for success. The team's experience spans across venture capital, international investor relations and licensing agreements, intellectual property strategies, and corporate governance best practices in North America. Its directors and officers have experience at multi-billion dollar international companies including M.A.C. Cosmetics, Aritzia, Skechers, Pepsi and Coca-Cola. Yield Growth owns 100% of Urban Juve Provisions Inc., which has a catalogue of more than 50 wellness formulas."

Aurora Cannabis Inc. (NYSE: ACB), headquartered in Edmonton, Alberta, with funded capacity in excess of 430,000 kg per year and sales and operations in 14 countries across five continents, is one of the world's largest and leading cannabis companies. Aurora Cannabis Inc. recently announced that it has established a partnership agreement with Evio Beauty Group Ltd. pursuant to which Aurora has made a strategic investment in Evio Beauty. Under the terms of the Agreement, Aurora and Evio Beauty Group will collaborate to develop a line of co-branded hemp seed oil cosmetic products as well as a collection of CBD infused cosmetic products. The partnership between Evio Beauty and Aurora is aimed at creating a new line of approved hemp seed oil-based product formulations, as well as approved CBD based products. Aurora and Evio Beauty anticipate that the partnership will result in greater brand recognition and cross-selling opportunities to customers of both companies.

Level Brands, Inc. (NYSE: LEVB) is an innovative marketing and licensing company that provides bold, unconventional, and socially responsible branding for leading businesses. Recently, Level Brands, Inc., through its licensing agreement with Isodiol International, Inc., is pleased to announce the online launch of five new cannabidiol (CBD) products under the kathy ireland(R) Health & Wellness brand. "It's very exciting to be at the forefront of the CBD industry, as we educate families about the power of CBD without THC," states Kathy Ireland, Chairman Emeritus and Chief Brand Strategist of Level Brands. "We continue to believe that the CBD industry will see enormous growth over the next decade on a global scale. Recently, the Brightfield Group reported that the global market for CBD could top USD 22 Billion in the next four years. If passed, the 2018 Farm Bill which includes the Hemp Farming Act of 2018, will remove hemp as a designated controlled substance thereby legalizing the crop under federal law, which will allow CBD to be legally sold in all 50 states. The passage of the 2018 Farm Bill, which would replace the 2017 Farm Bill which expires on September 30, 2018, would be a significant positive development for the industry."

Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across five continents. Cronos Group Inc. recently announced that it has entered into a sponsored research agreement with the Technion Research and Development Foundation of the Technion - Israel Institute of Technology to explore the use of cannabinoids and their role in regulating skin health and skin disorders. The preclinical studies will be conducted by Technion over a three-year period and will focus on three skin conditions: acne, psoriasis and skin repair. "We believe that the potential applications of cannabinoids to regulate skin health and treat skin disorders are vast, and we are excited to begin exploring these applications through our partnership with Technion," said Mike Gorenstein, Chief Executive Officer of Cronos Group. "Using rigorous data to develop efficacious topical and transdermal formulations will be key to creating differentiated products that provide quality treatments to our consumers and strengthen our brand portfolio."

Charlotte's Web Holdings, Inc. (OTCQX: CWBHF) is the market leader in the production and distribution of innovative hemp-based cannabidiol ("CBD") wellness products. Charlotte's Web Holdings, Inc. recently reported its financial results for the third quarter and nine-months ended September 30, 2018. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures. Highlights of Third Quarter 2018 Results versus Third Quarter 2017 Results include: Organic revenue growth of 57% to USD 17.7 Million; Gross profit (before biological asset adjustments) increased 54% to USD 13.8 Million, or 78% of consolidated revenue. "During the third quarter we completed a successful initial public offering and private placement that generated significant capital for the Company that is being deployed to accelerate our growth in the hemp-derived CBD sector," said Hess Moallem, President and Chief Executive Officer. "This capital is being used primarily to expand the Company's cultivation and production capacities to meet the increasing demand for our industry leading Charlotte's Web products, both domestically and internationally. Charlotte's Web is the market leader in the rapidly expanding hemp-derived CBD wellness markets, and we are committed to the highest quality products and efficacy. Our future product expansion plans will continue to support the stringent demands and expectations of our valuable customers."

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