[Form 4] Cannabist Co Holdings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Alison Worthington, a reporting person for Cannabist Co Holdings Inc. (CBSTF), reported on Form 4 that 805,264 restricted stock units (RSUs) were treated as acquired on September 24, 2025 under transaction code M. Each RSU represents a contingent right to one share of common stock. Following the reported transaction, Worthington beneficially owned 1,279,204 common shares directly. The RSUs were originally granted on June 26, 2024 and fully vested on the date of the issuer’s 2025 annual meeting; settlement will occur as soon as administratively feasible after vesting.

Positive

• 805,264 RSUs vested and were recorded as acquired, increasing insider alignment with shareholders
• Beneficial ownership updated to 1,279,204 common shares providing transparency to the cap table
• Grant and vesting dates disclosed: RSUs granted on June 26, 2024 and vested at the 2025 annual meeting

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Insider RSUs vested and converted to beneficial ownership, increasing direct holdings materially in absolute terms.

The filing documents a routine equity compensation settlement where 805,264 RSUs, granted June 26, 2024, vested as of the 2025 annual meeting and were treated as acquired on September 24, 2025 under code M. The reporting person’s direct beneficial ownership rose to 1,279,204 shares. This is a governance disclosure of compensation realization rather than an open-market purchase or sale; it signals insider alignment with shareholder interests through equity ownership but does not disclose cash proceeds or secondary-market trading.

Securities Analyst

TL;DR: Significant number of shares added to insider’s direct holdings via vested RSUs; transaction is non-market, administrative in nature.

The transaction is coded M and represents the conversion/settlement of RSUs into common shares rather than a purchase or sale. Post-transaction beneficial ownership is stated as 1,279,204 shares, providing a clear update to the insider cap table. No exercise price or cash consideration is reported; the RSUs carry a $0 reported share price in the derivative table. The filing does not include market trades, proceeds, or changes to derivative holdings beyond the RSU settlement timing and vesting history.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

WORTHINGTON ALISON

(Last) (First) (Middle)

C/O CANNABIST CO HOLDINGS INC.

321 BILLERICA ROAD

(Street)

CHELMSFORD MA 01824

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cannabist Co Holdings Inc. [ CBSTF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			former Director

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	09/24/2025		M		805,264	A	(1)	1,279,204(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/24/2025		M			805,264	(2)	(2)	Common Shares	805,264	$0	0	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

2. The RSUs were granted on June 26, 2024, and fully vested on the date of the Issuer's 2025 annual meeting. Settlement will occur as soon as administratively feasible following the vesting date.

	/s/ David Sirolly as attorney-in-fact for Alison Worthington	09/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Alison Worthington report on Form 4 for CBSTF?

The Form 4 reports the acquisition of 805,264 RSUs on 09/24/2025, resulting in 1,279,204 common shares beneficially owned.

Were the reported RSUs purchased or granted for cash?

The filing indicates the items are restricted stock units that vested; the derivative table shows a $0 price and does not report cash purchase proceeds.

When were the RSUs originally granted and when did they vest?

The RSUs were granted on June 26, 2024 and fully vested on the date of the issuer’s 2025 annual meeting.

Does the filing show any open-market sales or purchases by the insider?

No. The transaction is coded M for vesting/settlement of RSUs and does not report open-market trading or cash proceeds.

What is the reporting date and signature on the Form 4?

The Form 4 lists the transaction date as 09/24/2025 and is signed by an attorney-in-fact on behalf of Alison Worthington on 09/26/2025.