Cannabist Company (CBSTF) CFO moves to consulting role at $15K/mo

The Cannabist Company Holdings Inc. (CBSTF) reported that its Chief Financial Officer, Derek Watson, resigned his employment position on November 15, 2025 but will continue to serve as CFO as a non-employee consultant.

Rhea-AI Filing Summary

The Cannabist Company Holdings Inc. (CBSTF) reported that its Chief Financial Officer, Derek Watson, resigned his employment position on November 15, 2025 but will continue to serve as CFO as a non-employee consultant. The company states that his transition is not due to any disagreement over its financial statements, internal controls, operations, policies or practices.

Under a new CFO Consulting Agreement, Mr. Watson will allocate a minority of his working time to the company and receive $15,000 per month. He remains eligible for the 2025 executive bonus plan based on performance from January 1, 2025 to November 15, 2025. The consulting term runs from November 16, 2025 to May 15, 2026 and can be ended by either party, with the company able to pay an amount equal to two months of fees in lieu of notice.

Insights

Corporate governance and executive transitions analyst

CBSTF shifts its CFO from employee to part-time consultant while retaining continuity and flexibility in the finance function.

The Cannabist Company is keeping Derek Watson in the Chief Financial Officer role but changing his status from employee to non-employee consultant as of November 15, 2025. He will devote a minority of his working time to the company and receive a consulting fee of $15,000 per month, which is clearly defined in the agreement along with eligibility for the 2025 executive bonus over a set performance term.

The consulting arrangement has an initial term from November 16, 2025 to May 15, 2026 and includes mutual termination rights with two months’ written notice, plus an option for the company to make a payment equal to two times the monthly fee in lieu of notice. The company explicitly states that the transition is not due to disagreements on financial reporting or controls, which helps reduce concern about accounting-related issues, though the shift to a part-time consulting structure means investors will watch how the finance function operates under this new arrangement.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What executive change did The Cannabist Company (CBSTF) announce in this 8-K?

The Cannabist Company announced that its Chief Financial Officer, Derek Watson, resigned his employment position effective November 15, 2025 and moved into a non-employee consulting role while continuing to serve as CFO.

Is Derek Watson completely leaving The Cannabist Company (CBSTF)?

No. Although Derek Watson resigned as an employee, the company entered into a CFO Consulting Agreement under which he will continue to serve as Chief Financial Officer in a non-employee consultant capacity, allocating a minority of his working time to the company.

What are the key financial terms of Derek Watson’s consulting agreement with CBSTF?

Under the CFO Consulting Agreement, Derek Watson will receive a consulting fee of $15,000 per month and remains eligible to participate in the company’s discretionary executive bonus plan for 2025 based on performance from January 1, 2025 to November 15, 2025.

How long will Derek Watson’s CFO consulting role at The Cannabist Company last?

The initial term of the Engagement Agreement runs from November 16, 2025 to May 15, 2026, and it may continue until modified or terminated according to its terms by either Derek Watson or the company.

Can The Cannabist Company terminate the CFO consulting agreement early?

Yes. The company can terminate the Engagement Agreement for cause by written notice or for any reason with at least two months’ written notice, and it may choose to end it with immediate effect by paying Derek Watson an amount equal to two times the monthly fee in lieu of notice.

Did Derek Watson’s transition involve any disagreement over CBSTF’s financial reporting?

The company states that Mr. Watson’s transition from employee to non-employee consultant is not a result of any disagreement with the company or any matter relating to its financial statements, internal controls, operations, policies or practices.

Where can investors find the full terms of the Watson CFO Consulting Agreement for CBSTF?

The company indicates that the full Watson CFO Consulting Agreement will be filed as an exhibit to its Annual Report on Form 10-K for the year ended December 31, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/17/2025 - 06:12 PM Learn about SEC filing dates

false000177673800017767382025-11-172025-11-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 8-K

____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 17, 2025

____________________

THE CANNABIST COMPANY HOLDINGS INC.

(Exact Name of Registrant as specified in its charter)

____________________

British Columbia			000-56294			98-1488978
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

321 Billerica Road Chelmsford, Massachusetts			01824
(Address of principal executive offices)			(Zip Code)

(978) 910-1486

(Registrant’s telephone number, including area code)

Not Applicable

(Registrant’s name or former address, if change since last report)

____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02.			Departure of Directors or Certain Officers; Election of Directors;
			Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 15, 2025, Derek Watson, the Chief Financial Officer (“CFO”) of The Cannabist Company Holdings Inc. (the “Company”), resigned his employment position with the Company, effective November 15, 2025, and entered into a CFO Consulting Agreement, dated November 15, 2025 (the “Watson CFO Consulting Agreement” or the “Engagement Agreement”) with the Company, as further described below. Mr. Watson’s transition from employee to non-employee consultant is not a result of any disagreement with the Company or any matter relating to its financial statements, internal controls, operations, policies or practices.

Through the Watson CFO Consulting Agreement, the Company engaged Mr. Watson to continue to serve as the Chief Financial Officer of the Company in a non-employee consultant capacity, allocating a minority of his working time to the Company. Mr. Watson joined the Company as an employee in 2022 as the Chief Financial Officer. Pursuant to the Engagement Agreement, the Company will pay Mr. Watson $15,000 per month. In addition, Mr. Watson will be eligible to participate in the Company’s discretionary executive bonus plan for 2025 based on a performance period from January 1, 2025, to November 15, 2025 (the “Bonus Performance Term”), subject to the terms of the Company’s discretionary executive bonus plan and based upon the achievement of corporate and individual goals. The initial term of the Engagement Agreement is from November 16, 2025, to May 15, 2026, and may continue until modified or terminated on its terms. The Engagement Agreement can be terminated (1) for cause by Cannabist by providing written notice of its intention to terminate the Agreement for cause or (2) at any time for any reason by Mr. Watson provided that written notice is sent at least (2) months prior to the effective date of termination or (3) at any time for any reason by the Company provided that written notice is sent at least two (2) months prior to the effective date of termination. The Company may, at its absolute discretion, when terminating the Engagement Agreement, elect to notify Mr. Watson in writing that it is exercising its right to terminate the Engagement Agreement with immediate effect and that it will be making a payment to Mr. Watson in lieu of notice. The Company’s payment in lieu of notice shall be equivalent to two (2) times the monthly fee. The Engagement Agreement also provides for customary confidentiality, no conflict of interest, and indemnification provisions.

The foregoing description of the Watson CFO Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the Watson CFO Consulting Agreement, which will be filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			THE CANNABIST COMPANY HOLDINGS INC.
			By:			/s/ David Sirolly
			Name:			David Sirolly
			Title:			Chief Legal Officer & General Counsel

Date: November 17, 2025