CBSTF insider filing: Director awarded 1,545,455 RSUs on 10/01/2025

Rhea-AI Filing Summary

Cannabist Co Holdings Inc. (CBSTF) reported a grant of 1,545,455 restricted stock units (RSUs) to director Julie A. Hill on 10/01/2025. Each RSU represents the contingent right to one share of the issuer's common stock and the reported grant carries a $0 purchase price. The RSUs will vest on the date of the issuer's 2026 annual meeting, and settlement is to occur as soon as administratively feasible following vesting. Following the grant, Ms. Hill is reported to beneficially own 1,545,455 shares directly.

Positive

• 1,545,455 RSUs align director Julie A. Hill with shareholder outcomes by tying compensation to equity
• RSUs granted at $0 indicate stock-based compensation rather than cash expense at grant

Negative

• Grant creates potential issuance of 1,545,455 common shares upon settlement, representing dilution
• Significant director award disclosed without context on outstanding share count or prior holdings

Insights

Corporate Governance Analyst

Director awarded 1,545,455 RSUs vesting at the 2026 annual meeting.

This filing documents a director compensation award: 1,545,455 RSUs were granted on 10/01/2025 to Julie A. Hill, each convertible to one share at $0 cost, indicating a stock-based compensation payment rather than a purchased equity stake.

Because RSUs convert to common shares upon settlement, the grant creates the potential issuance of 1,545,455 shares, which is a concrete dilution amount disclosed in the form.

Vesting is tied to the issuer's 2026 annual meeting; the vesting date is the monitorable milestone disclosed in this filing.

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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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^*

HILL JULIE A

(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 Julie Hill	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 Julie A. Hill report on Form 4 for CBSTF?

The Form 4 reports a grant of 1,545,455 RSUs to Julie A. Hill on 10/01/2025, each representing one share and carrying a $0 price.

When do the RSUs granted to the director vest?

The RSUs vest on the date of the issuer's 2026 annual meeting, with settlement to occur as soon as administratively feasible after vesting.

How many shares will the RSUs convert into for CBSTF?

Each RSU represents the right to one share, so the grant could convert into 1,545,455 common shares upon settlement.

Does the Form 4 show a purchase price for the RSUs?

Yes, the Form 4 lists the price as $0, indicating no cash purchase price was paid for the RSUs.

Was this Form 4 filed individually or by more than one reporting person?

The form is filed by one reporting person (checked as one reporting person on the form).