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

Rhea-AI Filing Summary

Jonathan P. May, 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 one share of the issuer's common stock and carries an effective price of $0. The RSUs will vest on the date of the issuer's 2026 annual meeting, and settlement will occur as soon as administratively feasible after vesting. Following the grant, the reported number of common shares beneficially owned is 1,545,455 held directly. The Form 4 was signed by an attorney-in-fact on 10/03/2025.

Positive

• 1,545,455 RSUs granted to a director, creating direct alignment via equity ownership
• RSUs have a clear vesting date tied to the 2026 annual meeting, providing a defined timeline for conversion

Negative

• Grant represents potential dilution of 1,545,455 common shares upon settlement
• RSUs issued at an effective $0 price increase the company’s outstanding share count without cash inflow

Insights

Corporate Governance Expert

Large director RSU grant of 1,545,455 shares vests at the 2026 annual meeting.

The filing discloses a single, sizeable equity award to Jonathan P. May executed on 10/01/2025. Because each RSU converts to one common share at $0, the award creates a direct future entitlement to 1,545,455 shares upon vesting and settlement.

This is relevant for shareholder dilution and governance oversight: the grant size and zero purchase price are explicit facts in the Form 4 and should appear in proxy disclosures and equity tables going forward.

Equity Compensation Analyst

RSUs vest at the 2026 annual meeting and will settle administratively after vesting.

The instrument is restricted stock units that convert one-for-one to common shares; the filing records 1,545,455 RSUs granted and 1,545,455 shares beneficially owned following the grant. The conversion price is listed as $0, indicating no cash exercise required for settlement per the Form 4 language.

Investors should note the explicit vesting timing (2026 annual meeting) as the concrete milestone that governs when these RSUs become shares for reporting and dilution purposes.

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^*

MAY JONATHAN P

(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 Jonathan P. May	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

Who filed the Form 4 for Cannabist Co Holdings Inc. (CBSTF)?

The Form 4 reports transactions by Jonathan P. May, filed via attorney-in-fact and signed on 10/03/2025.

How many RSUs were granted to the reporting person?

The filing discloses a grant of 1,545,455 restricted stock units on 10/01/2025.

When do the RSUs vest and when will they be settled?

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

What is the economic cost to the reporting person to receive the shares?

The Form 4 shows an effective price of $0 for the RSUs, meaning no cash purchase price is recorded for conversion.

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

The filing reports 1,545,455 common shares beneficially owned following the reported transaction.

What type of security was granted?

The award is recorded as Restricted Stock Units (RSUs), each representing a contingent right to one share of common stock.