Core Viewpoint The Cannabist Company is undergoing significant restructuring through strategic asset sales and has initiated proceedings under the Companies' Creditors Arrangement Act (CCAA) in Canada to facilitate these transactions and manage its financial challenges. Strategic Transactions - The Cannabist Company has entered into definitive agreements to sell its cannabis operations in Ohio and Delaware, with Holistic Industries acquiring Ohio assets for $47 million and Parma Holdco acquiring Delaware assets for $16.5 million [5][6]. - A non-binding memorandum of understanding has been established for the potential sale of operations in Illinois, New Jersey, Colorado, Massachusetts, Maryland, and West Virginia [7]. CCAA Proceedings - The company has commenced voluntary CCAA proceedings to support the completion of the strategic transactions and preserve liquidity while winding down operations in non-strategic markets like New York and Pennsylvania [2][9]. - An Initial Order has been obtained from the Ontario Superior Court, providing a stay of proceedings for an initial period of ten days and appointing FTI Consulting Canada Inc. as the Monitor [8]. Financial Restructuring - The company has entered into a support agreement with senior secured noteholders, who collectively hold over 60% of the outstanding principal amount of the company's senior secured notes [2]. - The company has appointed SierraConstellation Partners LLC as Chief Restructuring Officer, pending court approval [10]. Operational Changes - The Cannabist Company has ceased operations in New York and is in the process of ceasing operations in Pennsylvania as part of its restructuring efforts [9].

Core Viewpoint - The Cannabist Company has extended its forbearance agreement with senior noteholders, allowing them to defer exercising their rights until February 27, 2026, amidst ongoing financial negotiations [1][2]. Group 1: Forbearance Agreement - The Cannabist Company announced a further extension of the forbearance agreement with an ad hoc group of noteholders holding the Company's 9.25% Senior Secured Notes and 9.00% Senior Secured Convertible Notes, both due December 31, 2028 [1]. - The forbearance agreement allows noteholders to refrain from exercising their rights and remedies under the governing indenture and applicable law until February 27, 2026 [1]. Group 2: Company Overview - The Cannabist Company, formerly known as Columbia Care, is a prominent player in the cannabis industry, operating 69 facilities across 11 U.S. jurisdictions, including 54 dispensaries and 15 cultivation and manufacturing facilities [1]. - The company launched its retail brand, Cannabist, in 2021, establishing a national dispensary network that utilizes proprietary technology platforms [1]. - The Cannabist Company offers a diverse range of cannabis products, including flower, edibles, oils, and tablets, and manufactures several popular brands [1].

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].

Core Concept - Activate is an active gaming arcade that combines gaming with physical exercise, recently opened in White Marsh, Maryland [3][4] Company Overview - Activate occupies over 10,000 square feet and employs around 15 staff members [3] - The company is co-founded by Adam and Megan Schmidt, who previously operated a successful escape room business in Canada [9] Market Position - Activate claims to be "the world's first active gaming facility," targeting families, friend groups, and team-building events [4][9] - The location in White Marsh is positioned as a vibrant community hub for shopping and entertainment, making it an ideal spot for experiential destinations [4] Gaming Experience - The arcade features 13 different game rooms designed to enhance physical activity and social interaction [5] - Notable games include Mega Laser, where players dodge 180 lasers, and Press, which involves pressing 452 light-up buttons [6][7] - Games last between one to three minutes, with a live ranking board for competitive play [7][8] Pricing and Admission - Admission costs $25 plus tax per player from Mondays to Thursdays, and $30 plus tax from Fridays to Sundays and holidays [8] - Each gaming session lasts 75 minutes, with an option to purchase an additional 30 minutes for $15 [8] Expansion Plans - Activate currently operates 29 locations in the United States, with plans to open an additional 20 locations soon [9]