The Cannabist Company Enters Into Forbearance Agreement With Senior Secured Noteholders

Core Viewpoint - The Cannabist Company has entered into a forbearance agreement with noteholders due to liquidity challenges, following its decision to forgo interest payments on its senior secured notes [1][2][4]. Group 1: Forbearance Agreement - The Cannabist Company has signed a forbearance agreement with an ad hoc group of noteholders holding over 75% of its 9.25% and 9.00% Senior Secured Notes due December 31, 2028 [1][4]. - The forbearance agreement allows the noteholders to refrain from exercising their rights until February 17, 2026, due to the company's failure to make interest payments [4]. Group 2: Financial Strategy - On December 31, 2025, the company opted not to make interest payments to enhance short-term financial flexibility and preserve liquidity while evaluating strategic alternatives, including asset sales [2][3]. - The non-payment of interest during the 30-day grace period constitutes an event of default, prompting discussions with noteholders about potential strategies to address liquidity needs [2][3]. Group 3: Company Overview - The Cannabist Company, formerly known as Columbia Care, is a leading cultivator and retailer of cannabis products in the U.S., operating 77 facilities across 12 jurisdictions [5]. - The company offers a wide range of cannabis products and has established a national dispensary network under its retail brand, Cannabist [5].