Bank of Montreal and related entities report a significant ownership position in Cannabist Co Holdings Inc. common stock. As of 09/30/2025, they beneficially own 36,721,908 shares, representing 7.01% of the outstanding common stock.
The group reports sole voting and dispositive power over 4,729,000 shares and shared voting power over 31,992,518 shares. The securities are held in the ordinary course of business, primarily in a prime brokerage capacity on behalf of clients who may receive dividends or sale proceeds. The reporting persons state the holdings are not for the purpose of changing or influencing control of Cannabist and include standard language declining admission that they are part of a coordinated group.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Cannabist Co Holdings Inc.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
13766HAB5
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
13766HAB5
1
Names of Reporting Persons
Bank of Montreal
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,729,000.00
6
Shared Voting Power
31,992,518.00
7
Sole Dispositive Power
4,729,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
36,721,908.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.01 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
13766HAB5
1
Names of Reporting Persons
BANK OF MONTREAL HOLDING INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,729,000.00
6
Shared Voting Power
31,992,518.00
7
Sole Dispositive Power
4,729,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
36,721,908.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.01 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP No.
13766HAB5
1
Names of Reporting Persons
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
309.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
309.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
309.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
13766HAB5
1
Names of Reporting Persons
BMO NESBITT BURNS INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,729,000.00
6
Shared Voting Power
31,992,518.00
7
Sole Dispositive Power
4,729,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
36,721,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
Bank of Montreal
BANK OF MONTREAL HOLDING INC.
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
BMO NESBITT BURNS INC.
(b)
Address or principal business office or, if none, residence:
1 First Canadian Place
Toronto, Ontario, Canada
M5X1A1
(c)
Citizenship:
Bank of Montreal - CANADA (FEDERAL LEVEL)
BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL)
(d)
Title of class of securities:
Common Stock, no par value
(e)
CUSIP No.:
13766HAB5
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
36,721,908
(b)
Percent of class:
7.01 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 4,729,000
BANK OF MONTREAL HOLDING INC. - 4,729,000
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 309
BMO NESBITT BURNS INC. - 4,729,000
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 31,992,518
BANK OF MONTREAL HOLDING INC. - 31,992,518
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 0
BMO NESBITT BURNS INC. - 31,992,518
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 4,729,000
BANK OF MONTREAL HOLDING INC. - 4,729,000
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 309
BMO NESBITT BURNS INC. - 4,729,000
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 0
BANK OF MONTREAL HOLDING INC. - 0
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 0
BMO NESBITT BURNS INC. - 0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The securities reported herein are held in the ordinary course of business of the Reporting Person acting as prime broker on behalf of certain clients who have the power to direct the receipt of dividends from, or the proceeds from the sale of such securities.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Documents
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What ownership stake does Bank of Montreal report in Cannabist Co (CBSTF)?
Bank of Montreal and its related entities report beneficial ownership of 36,721,908 Cannabist Co common shares, representing 7.01% of the class as of 09/30/2025.
Which entities related to Bank of Montreal are included in this Cannabist Co (CBSTF) filing?
The filing covers Bank of Montreal, BANK OF MONTREAL HOLDING INC., BMO NESBITT BURNS INC. WEALTH MANAGEMENT, and BMO NESBITT BURNS INC., all organized under Canada .
How much voting power does Bank of Montreal report over Cannabist Co (CBSTF) shares?
The reporting persons disclose sole voting power over 4,729,000 shares and shared voting power over 31,992,518 Cannabist Co common shares.
Are Bank of Montreal’s Cannabist Co (CBSTF) holdings intended to influence control of the company?
No. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Cannabist Co.
On whose behalf are the Cannabist Co (CBSTF) shares reported by Bank of Montreal held?
The filing explains that the securities are held in the ordinary course of business with the reporting person acting as prime broker on behalf of certain clients, who may direct dividends or sale proceeds.
Does the filing say Bank of Montreal is part of a group regarding Cannabist Co (CBSTF) stock?
The reporting persons note they may be deemed members of a group for legal purposes but expressly state that the filing should not be construed as an admission that they are acting as a group regarding Cannabist Co securities.
