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

Rhea-AI Filing Summary

Jeff Clarke, a director of Cannabist Co Holdings Inc. (CBSTF), was granted 1,545,455 restricted stock units (RSUs) on 10/01/2025. Each RSU represents a contingent right to receive one share of the issuer's common stock, and the RSUs will vest on the date of the issuer's 2026 annual meeting. Settlement of the vested RSUs will occur as soon as administratively feasible following vesting. The report shows 1,545,455 common shares beneficially owned following the transaction, held in a direct ownership form, with a reported per-unit price of $0.

Positive

• 1,545,455 RSUs granted to a director aligns leadership with shareholder interests
• RSUs vest at the 2026 annual meeting, providing a clear vesting milestone

Negative

• None.

Insights

Corporate Governance Expert

Director received equity grant of 1,545,455 RSUs to vest at 2026 annual meeting.

The filing records a grant of 1,545,455 RSUs to Jeff Clarke, each converting to one share upon vesting. This is a board-level equity award rather than an option or cash payment, indicating compensation aligned with share ownership.

The RSUs vest on the issuer's 2026 annual meeting and will be settled administratively after vesting, which means transfer of shares depends on internal processing timelines.

Executive Compensation Analyst

Large fixed RSU grant reported with $0 per-unit price at grant.

The transaction lists the grant price as $0, consistent with RSUs that convert into shares without cash purchase. The grant increases the director's direct beneficial ownership to 1,545,455 common shares following the award.

This structure ties future value to the common stock performance between grant and settlement, with vesting pegged to the 2026 annual meeting.

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

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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^*

CLARKE JEFF

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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

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)	10/01/2025		A		1,545,455		(2)	(2)	Common Shares	1,545,455	$0	1,545,455	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 October 1, 2025, and will vest on the date of the Issuer's 2026 annual meeting. Settlement will occur as soon as administratively feasible following the vesting date.

	/s/ David Sirolly as attorney-in-fact for Jeff Clark	10/03/2025
	** 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 Cannabist Co Holdings (CBSTF) disclose in this Form 4?

The filing reports a grant of 1,545,455 restricted stock units (RSUs) to director Jeff Clarke on 10/01/2025, each convertible into one common share.

When will the RSUs granted to Jeff Clarke vest?

The RSUs will vest on the date of the issuer's 2026 annual meeting and will be settled as soon as administratively feasible after vesting.

How many shares will Jeff Clarke beneficially own after the grant?

The report shows 1,545,455 common shares beneficially owned following the reported transaction, held directly.

What price was reported for the RSU grant?

The Form 4 lists a per-unit price of $0, consistent with RSUs that convert into shares without a cash purchase at grant.

Does the Form 4 indicate when settlement will occur?

Settlement will occur as soon as administratively feasible following the RSUs' vesting on the 2026 annual meeting date.