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

Rhea-AI Filing Summary

James A.C. Kennedy, an officer and former director of Cannabist Co Holdings Inc. (CBSTF), reported a Section 16 transaction on 09/24/2025 showing the acquisition of 805,264 restricted stock units (RSUs) which represent the right to receive one share each. The filing states these RSUs were granted on June 26, 2024 and fully vested on the date of the issuer's 2025 annual meeting. Following the transaction the reporting person’s beneficial ownership is listed as 3,185,817 common shares. The RSUs will be settled as soon as administratively feasible. The form was signed by an attorney-in-fact on 09/26/2025.

Positive

• 805,264 RSUs vested, converting to the right to receive 805,264 common shares
• Beneficial ownership increased to 3,185,817 common shares, indicating greater insider stake
• Grant and vesting dates disclosed (granted 06/26/2024; vested at 2025 annual meeting) providing clear timeline

Negative

• None.

Insights

Securities Analyst

TL;DR: Large insider grant vested, increasing reported beneficial ownership materially but does not provide price or cash flow detail.

The filing documents a grant and vesting of 805,264 RSUs for James A.C. Kennedy that converted into a reported increase in beneficial ownership to 3,185,817 shares. This is a sizable equity issuance to an insider relative to the single transaction disclosed and could affect outstanding float and insider alignment with shareholders. The RSUs were granted in June 2024 and vested at the 2025 annual meeting with settlement pending; the filing shows no cash consideration and lists the derivative price as $0 for the underlying units.

Corporate Governance Expert

TL;DR: Vesting of a large RSU award to an officer/former director is governance-relevant but routine if previously approved.

The disclosure confirms vesting of RSUs granted on 06/26/2024 and full vesting at the 2025 annual meeting. Key governance details available in the filing include the grant date, vesting date, and the mechanics that RSUs convert one-for-one to common shares. The filing does not include board approval language, grant documentation, or whether this issuance was part of a pre-approved plan, limiting assessment of governance process from this form alone.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

KENNEDY JAMES A C

(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)	3,185,817(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 James A. C. Kennedy	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 James A.C. Kennedy report on the Form 4 for CBSTF?

He reported the acquisition of 805,264 RSUs on 09/24/2025 which represent the right to receive one share each.

How many shares does the reporting person beneficially own after the transaction?

The filing lists 3,185,817 common shares as the amount beneficially owned following the reported transaction.

When were the RSUs granted and when did they vest according to the Form 4?

The RSUs were granted on 06/26/2024 and fully vested on the date of the issuer's 2025 annual meeting.

Will the vested RSUs be settled immediately?

Settlement will occur as soon as administratively feasible following the vesting date; the filing does not give a specific settlement date.

Did the Form 4 show any cash price for the derivative securities?

The filing shows a $0 price for the underlying RSU conversion in the derivative table.