Ms. Lee Ann Evans reports

THE CANNABIST COMPANY ENTERS INTO FORBEARANCE AGREEMENT WITH SENIOR SECURED NOTEHOLDERS

The Cannabist Company Holdings Inc. has entered into a forbearance agreement, with an ad hoc group of noteholders of the company's 9.25 per cent senior secured notes due Dec. 31, 2028, and the 9.00 per cent senior secured convertible notes due Dec. 31, 2028. The forbearing noteholders collectively hold more than 75 per cent of the aggregate principal amount of notes outstanding.

On Dec. 31, 2025, the company elected not to make the interest payments due on the notes under the amended and restated indenture, as supplemented, governing the notes, to enhance its short-term financial flexibility and preserve liquidity as it continues to evaluate strategic alternatives following the recent announcement of the sale of its Virginia assets to an affiliate of Millstreet Credit Fund LP. The failure to make the Dec. 31 interest payments on the due date did not constitute an event of default under the indenture. However, the non-payment of the Dec. 31 interest payments during the 30-day grace period under the indenture constitutes an event of default.

During the grace period, the company and the forbearing noteholders discussed potential strategies and options to address the company's liquidity needs, including potential additional asset sales or other strategic, financial or restructuring transactions or proceedings, which resulted in entering into the forbearance agreement.

Pursuant to the forbearance agreement and subject to the terms and conditions set forth therein, the forbearing noteholders agreed to forbear from exercising any of their rights and remedies under the indenture and applicable law until Feb. 17, 2026, as a result of the company's failure to make the Dec. 31 interest payments. The company, its advisers and the advisers to the forbearing noteholders continue to discuss options to address the company's liquidity needs; however, there can be no assurances an agreement will be reached or an extension of the forbearance agreement will be entered into prior to Feb. 17, 2026.

About The Cannabist Company Holdings Inc. (formerly known as Columbia Care)

The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with licences in 12 U.S. jurisdictions. The company operates 77 facilities including 61 dispensaries and 16 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multistate providers of cannabis in the United States and delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including dreamt, Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press and Amber.

We seek Safe Harbor.