Proceedings.

The Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc.

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Active
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Ontario Superior Court of Justice
File
CL-26-00000122-0000
Filings held44
Last activity18 Aug 2026
On the record181 days
Secured debt$179M
OverviewSummary updated

The Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc. commenced CCAA proceedings in Ontario on March 24, 2026, a day after entering into a Support Agreement dated March 23, 2026 with Senior Noteholders holding more than 60% of the principal amount of notes outstanding. As co-issuers under an amended and restated trust indenture dated May 29, 2025, the companies owed Senior Noteholders US$178,993,000 as at February 13, 2026, reduced by a $97 million repayment that day from Virginia Transaction proceeds; the noteholders are described as the fulcrum creditor and are not expected to recover in full. East West Bank held US$40,422,607 as at December 31, 2025, secured by mortgages in New York, New Jersey and Maryland. A disputed IRS claim of US$89,336,921, secured by a September 2024 federal tax lien asserted under Section 280E, is not contemplated to be paid during the proceeding.

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Case updates45 dated entries
#Report

The officer filed report no. Fifth Report. The CC Group is winding down operations in markets without sufficient bidder interest, closing dispensaries, cultivation and manufacturing facilities, and returning leased premises to landlords, while pursuing going-concern sale transactions (Vireo and Maryland) for its remaining markets.

Source: Fifth Report of the Monitor

#Order

The Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc. — CCAA filed, Ontario.

Source: Initial Order

AnalysisAll insights⁠

Case update

Cannabist: the orders go in, and the consent question goes away

A day after the founder of Cannabist's Maryland business swore that his companies could not consent to the assignment of their agreements, Justice Conway approved both sale transactions — $35 million for five states to Vireo, $13.75 million for Maryland to Free State Botanicals — and recorded that there was no opposition. The contracts were taken out of the argument, not out of the deal.

Case update

Cannabist: the consent that cannot be given

The Cannabist group asks the Ontario court on August 18 to approve the sale of its Maryland cannabis business. Among the assets going across is a management agreement and a purchase option over a dispensary — and the man who founded the business Cannabist bought in 2021 swore an affidavit the day before saying his companies cannot consent, because Maryland's regulator may now treat the structure itself as unlawful.

Parties

Debtor

The Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc.

Monitor

FTI

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice DietrichOntario Superior Court of Justice9 orders, Mar 2026 – Aug 202689 cases on record
Justice ConwayOntario Superior Court of Justice5 orders, Aug 2026285 cases on record

Counsel of record

PartyCounselFirst seenSource
ApplicantThe Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc.Stikeman Elliott LLP24 Mar 2026Order · 24 Mar 2026
CreditorAd Hoc Group of Senior NoteholdersGoodmans LLP15 May 2026Factum · 15 May 2026
Capital structureAs asserted in the filings
USD · stated amounts, drawn to scale
Priority classCreditorAmountSource
SecuredSenior Noteholders (holders of Senior Secured Notes and Senior Secured Convertible Notes issued under the A&R Indenture) · in 3 casesSenior secured notes (9.25% p.a., principal $166,262,000) and senior secured convertible notes (9.0% p.a., principal $12,731,000) issued under amended and restated trust indenture dated May 29, 2025; secured by Article 9 UCC collateral and pledge/security agreements dated May 29, 2025 — Balance reduced from prior amount after Feb 13, 2026 repayment of $97 million from Virginia Transaction proceeds; Senior Noteholders described as fulcrum creditor, not expected to recover in full; ~60% of noteholders (by value) are Supporting Noteholders under Support Agreement dated March 23, 2026; Millstreet · as of 13 Feb 2026$179M USDPre-Filing Report of the Proposed Monitor
SecuredUnited States Internal Revenue Service (IRS)Federal tax lien filed September 2024 under Section 280E asserted federal income tax liability — Quasi-governmental/deemed-tax claim; disputed by the CC Group; subject to IRS Payment Plan of $500,000/month; not contemplated to be paid during CCAA proceeding — debtor: Certain entities in the CC Group · as of 31 Dec 2025$89.3M USDPre-Filing Report of the Proposed Monitor
SecuredEast West BankMortgages over certain real property located in New York, New Jersey, and Maryland, under three loan agreements — debtor: Certain members of the CC Group · as of 31 Dec 2025$40.4M USDPre-Filing Report of the Proposed Monitor
Sale processAs stated in the filings

11 transactions · 4 proposed · 4 closed · 3 approved — Sale Approval Order approving both the M&A Transaction and Real Estate TransactionSale Approval Order (Maryland) · 18 Aug 2026

Parties solicited

17

Fifth Report of the Monitor

NDAs signed

15

Fifth Report of the Monitor

Letters of intent

12

Fifth Report of the Monitor

Qualified bids

11

Fifth Report of the Monitor

PurchaserPriceStatusSource
Parmaa sale of the CC Group's Delaware business · asset sale · agreement 23 Mar 2026$16.5Manticipated aggregate consideration of $16.5 million in cash, subject to adjustmentsApprovedSecond Report of the Monitor
multiple third-party buyers of the Remaining States markets, unnameda sale of the CC Group's Colorado, Maryland, New Jersey, Illinois, West Virginia and Massachusetts markets · asset salenot statedProposedSecond Report of the Monitor
purchaser of the Virginia Transaction, unnamedthe Virginia Transaction · asset salenot statedClosed5 Feb 2026Second Report of the Monitor
Holistic Industries Inc.the transaction contemplated by the equity purchase agreement between the Parent Company, Columbia Care LLC and Green Leaf Medical of Ohio III, LLC, as sellers, and Holistic Industries Inc., as purchaser · share sale · agreement 23 Mar 2026$47M (mixed consideration)anticipated aggregate consideration of $47 million, consisting of $34.5 million in cash, $12.5 million in the form of a promissory note and the payment of a deposit in connection with certain premisesClosedOhio Sale Approval Order
Parma Holdco LLCthe transaction contemplated by the asset purchase agreement between the Parent Company and Columbia Care Delaware LLC, and Parma Holdco LLC, as purchaser · asset sale · agreement 23 Mar 2026not statedCloseddate not statedMonitor's Certificate
6797 Bowman Frederick LLCthe related cultivation property · real property · agreement 7 Aug 2026not statedProposedFifth Report of the Monitor
Free State Botanicals Holdings LLCthe Maryland business · asset sale · agreement 7 Aug 2026not statedProposedFifth Report of the Monitor
Vireo Health of Arcadia, LLCthe businesses of the CC Group in the Remaining States · asset sale · agreement 19 Jul 2026$2.5MVireo agreed to increase the aggregate purchase price payable under the Vireo Purchase Agreement by $2,500,000 in cash for the states excluding Maryland; other components of price not quoted in provided textProposedFifth Report of the Monitor
unnamedthe Delaware Transactionnot statedClosed8 May 2026outside 31 Aug 2026Fifth Report of the Monitor
Free State Botanicals Holdings LLCthe Seller Entities' rights, title, and interest in and to the Transferred Assets · asset sale · agreement 31 Jul 2026not statedApproved14 Aug 2026Revised Maryland Sale Approval Order
6797 Bowman Frederick LLCcertain real property consisting of a cultivation facility located at 6797 Bowman Crossing, City of Frederick, Frederick County, Maryland (the 'Real Property') · real property · agreement 31 Jul 2026Debt assumedassignment and assumption by the Real Estate Buyer of certain real property, in consideration of the Real Estate Buyer's assumption of the existing indebtedness secured therebyApproved18 Aug 2026Sale Approval Order (Maryland)
AdvisorsMoelis & Company LLC (financial advisor); Ducera Partners LLC (financial advisor); Grant Kassel (financial advisor)Ohio Sale Approval Order
Closing termsNet proceeds deposited into an escrow account and Monitor's Certificate confirms closing; Seller Entities and Real Estate Seller become Applicants upon delivery of certificateSale Approval Order (Maryland)
Fees and ratesAs stated in the filings

1 engagement · 1 firm — FTI Consulting Canada Inc., —Fifth Report of the Monitor · 13 Aug 2026

FirmPeriodHoursFeesRatesSource
FTI Consulting Canada Inc.Monitor—715.8—$802.37stated averageFifth Report of the Monitor · 13 Aug 2026
Estate financialsReported figures — never derived
Total assets at filing$515M USD
Total liabilities at filing$696M USD

As at 31 Dec 2025 · per unaudited book value per the Company's unaudited monthly report (the 'December 2025 Balance Sheet'), the most recent balance sheet prepared by the Company · The Company (consolidated, as described in the affidavit)

Professional fees to date

$659K

As at 13 Aug 2026Fifth Report of the Monitor

Documents
44 filings
DateDocumentFile
Ancillary Order for Releases (Maryland)
  • Counsel Stikeman Elliott LLP
  • Presiding officer Justice Conway
PDF
Ancillary Order for Releases (Vireo)
  • Counsel Stikeman Elliott LLP
  • Presiding officer Justice Conway
PDF
Endorsement of Justice Conway
  • Presiding officer Justice Conway
PDF
Remaining States Sale Approval Order (Vireo)
  • Closing terms Net cash proceeds deposited into escrow account; releases delivered upon Monitor's Certificate; Subsidiaries become Applicants upon delivery of Monitor's Certificate confirming closing of applicable Transaction.
  • Presiding officer Justice Conway
  • Sale outcome Sale approved — the Purchase Agreement and the Transactions contemplated thereby are hereby approved
PDF
Sale Approval Order (Maryland)
  • Closing terms Net proceeds deposited into an escrow account and Monitor's Certificate confirms closing; Seller Entities and Real Estate Seller become Applicants upon delivery of certificate
  • Presiding officer Justice J. Dietrich
  • Purchaser Free State Botanicals Holdings LLC · the Seller Entities' rights, title, and interest in and to the Transferred Assets · asset sale · approved; 6797 Bowman Frederick LLC · certain real property consisting of a cultivation facility located at 6797 Bowman Crossing, City of Frederick, Frederick County, Maryland (the 'Real Property') · real property · approved
  • Sale outcome Sale approved — Sale Approval Order approving both the M&A Transaction and Real Estate Transaction
PDF
Notice of Appearance - Sugarloaf Holdings LLC and Sugarloaf Enterprises LLCPDF
Responding Affidavit of Philip GoldbergPDF
Affidavit of B. KetwarooPDF
Blackline of Revised Maryland Sale Approval OrderPDF
Revised Maryland Sale Approval Order
  • Closing terms Monitor's Certificate to be delivered confirming closing of the Transactions
  • Presiding officer Justice J. Dietrich
  • Purchaser Free State Botanicals Holdings LLC · the Seller Entities' rights, title, and interest in and to the Transferred Assets · asset sale · approved
  • Sale outcome Sale approved — the Real Estate Purchase Agreement, the Purchase Agreement and the Transactions contemplated therein are hereby approved
PDF
Fifth Report of the Monitor
  • Closing confirmed Closed · 8 May 2026
  • Fee schedule Engagements: Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: FTI Consulting Canada Inc. · Firm quote: FIFTH REPORT OF FTI CONSULTING CANADA INC., IN ITS CAPACITY AS MONITOR · Hours total: Quote: Total hours invoiced by the Monitor in this period were 715.80 for an average hourly rate charged of $802.37/hour · Value: 715.8 · Context quote: appointed FTI Consulting Canada Inc. (' FTI ') as the monitor of the Original Applicants
  • Operational summary The CC Group is winding down operations in markets without sufficient bidder interest, closing dispensaries, cultivation and manufacturing facilities, and returning leased premises to landlords, while pursuing going-concern sale transactions (Vireo and Maryland) for its remaining markets.
  • Process results 17 solicited · 15 NDAs · 12 LOIs · 11 qualified bids · as of 18 Jul 2025
  • + 6 more extracted facts
PDF
Supplemental Motion Record of the ApplicantsPDF
East West Bank Stipulation Order
  • Presiding officer Justice J. Dietrich
PDF
Endorsement of Justice Dietrich
  • Counsel Stikeman Elliott LLP
  • Presiding officer Justice Dietrich
PDF
Factum of the ApplicantsPDF
Service ListTrustee site
Fourth Report of the MonitorPDF
Motion Record of the ApplicantsPDF
Order
  • Closing terms Escrow Agent authorized to release proceeds and redeem Notes upon closing
  • Outside date 31 August 2026
  • Presiding officer Justice J. Dietrich
  • Purchaser Parma Holdco LLC · the transaction contemplated by the asset purchase agreement between the Parent Company and Columbia Care Delaware LLC, and Parma Holdco LLC, as purchaser · asset sale · approved; Holistic Industries Inc. · the transaction contemplated by the equity purchase agreement between the Parent Company, Columbia Care LLC and Green Leaf Medical of Ohio III, LLC, as sellers, and Holistic Industries Inc., as purchaser · share sale · approved
PDF
Order (Stay Extension and Approval of Monitor's Reports and Fees)PDF
Revised Order
  • Closing terms Release of proceeds from Delaware and Ohio Transactions upon closing to satisfy Notes
  • Outside date 31 August 2026
  • Presiding officer Justice J. Dietrich
  • Purchaser Parma Holdco LLC · the transaction contemplated by the asset purchase agreement between the Parent Company and Columbia Care Delaware LLC, and Parma Holdco LLC, as purchaser · asset sale · closed; Holistic Industries Inc. · the transaction contemplated by the equity purchase agreement between the Parent Company, Columbia Care LLC and Green Leaf Medical of Ohio III, LLC, as sellers, and Holistic Industries Inc., as purchaser · share sale · closed
PDF
Revised Order (Redline to May 15 version)PDF
Third Report of the MonitorPDF
Affidavit of T. Lynch (sworn April 9, 2026)PDF
Application Record of The Cannabist Company Holdings Inc. et al, for the issuance of an initial order
  • Financial position Assets $515M USD · Liabilities $696M USD · as at 31 Dec 2025 · per unaudited book value per the Company's unaudited monthly report (the 'December 2025 Balance Sheet'), the most recent balance sheet prepared by the Company · The Company (consolidated, as described in the affidavit)
  • Secured creditors $179M USD · Note: Approximate amount after a portion of Virginia Sale proceeds were distributed via partial redemptions of the Senior Notes; originally issued as $250,750,000 aggregate principal Senior Secured Notes (9.25%) and $19,200,000 aggregate principal Senior Secured Convertible Notes (9.0%). Interest payment due Dec 31, 2025 not made; event of default occurred Jan 30, 2026; subject to Forbearance Agreement extended five times, terminating March 25, 2026. Some Senior Noteholders based in Canada. · Page: 51 · Debtor: The Cannabist Company Holdings Inc. (Parent Company) and The Cannabist Company Holdings (Canada) Inc. (Co-Issuer) · Creditor: Senior Noteholders (holders of Senior Secured Notes and Senior Secured Convertible Notes) under A&R Indenture, Odyssey Trust Company as Indenture Trustee · Security: A&R Indenture dated May 29, 2025; Senior Notes rank pari passu, equally and rateably secured with same right, lien and entitlement over all present and future property of the Company (the Collateral); guaranteed by Subsidiaries
PDF
Brief of the Ad Hoc Group of Senior Noteholders
  • Counsel Goodmans LLP
PDF
Comeback FactumPDF
Initial Factum of The Cannabist Company Holdings Inc. et al.PDF
Notice of Appearance of East West BankPDF
Notice of Application
  • Counsel Stikeman Elliott LLP
PDF
Supplemental Application Record of the Applicants
  • Secured creditors Note: Supporting Noteholders collectively hold more than 60% of aggregate principal amount of Notes outstanding (press release, p.50). On February 5, 2026, following closing of the Virginia Transaction, the Company redeemed $84,488,000 aggregate principal of the 9.25% Notes and $6,469,000 aggregate principal of the 9.0% Convertible Notes (p.51) — these are partial redemption figures, not the total outstanding balance, so no total amount is reported per no-compute rule. · Page: 50 · Debtor: The Cannabist Company Holdings Inc. · Creditor: Supporting Senior Noteholders (holders of 9.25% Senior Secured Notes due December 31, 2028 and 9.0% Senior Secured Convertible Notes due December 31, 2028) · Currency: USD · Security: Senior Secured Notes and Senior Secured Convertible Notes (aggregate principal amount outstanding not stated)
PDF
Monitor's Certificate
  • Closing confirmed Closed · date not stated · Parma Holdco LLC
PDF
Ancillary Order
  • Presiding officer Justice J. Dietrich
PDF
Delaware Sale Approval Order
  • Closing terms Monitor's Certificate confirming closing of the Transaction and net proceeds to be deposited into an escrow account
  • Presiding officer Justice J. Dietrich
  • Purchaser Parma Holdco LLC · the Company's rights, title and interest in and to the purchased assets described in the Purchase Agreement (the 'Purchased Assets') · asset sale · approved
PDF
Ohio Sale Approval Order
  • Closing terms Monitor's Certificate confirms closing; net proceeds deposited into an escrow account
  • Presiding officer Justice J. Dietrich
  • Purchaser Holistic Industries Inc. · the issued and outstanding Equity (as defined in the Purchase Agreement) of Columbia Care OH LLC, Corsa Verde LLC, Cannascend Alternative, LLC, Cannascend Alternative Logan LLC, CC OH Realty LLC and Green Leaf Medical of Ohio II, LLC · share sale · approved
  • Sale advisor Grant Kassel (financial advisor)
  • + 1 more extracted fact
PDF
Second Report of the Monitor
  • Closing confirmed Closed · 5 Feb 2026
  • Process results 17 solicited · 15 NDAs · 12 LOIs · 11 qualified bids · as of 18 Jul 2025
  • Purchaser Holistic Industries, Inc. · a sale of the CC Group's Ohio business · share sale · $47M · approved; Parma · a sale of the CC Group's Delaware business · asset sale · $16.5M · approved; multiple third-party buyers of the Remaining States markets, unnamed · a sale of the CC Group's Colorado, Maryland, New Jersey, Illinois, West Virginia and Massachusetts markets · asset sale · proposed; purchaser of the Virginia Transaction, unnamed · the Virginia Transaction · asset sale · closed
  • Sale advisor Moelis & Company LLC (financial advisor); Ducera Partners LLC (financial advisor)
  • + 1 more extracted fact
PDF
Amended and Restated Initial Order
  • Order date 2 April 2026
  • Stay expiry 29 May 2026
PDF
First Report of the MonitorPDF
Certified Initial Order
  • Applicant The Cannabist Company Holdings Inc. and the Cannabist Company Holdings (Canada) Inc.
  • Appointee FTI Consulting Canada Inc.
  • Appointee role monitor
  • Commencement date 24 March 2026
  • + 5 more extracted facts
PDF
Frequently Asked QuestionsPDF
Initial Order
  • Applicant The Cannabist Company Holdings Inc. and the Cannabist Company Holdings (Canada) Inc.
  • Appointee FTI Consulting Canada Inc.
  • Appointee role monitor
  • Commencement date 24 March 2026
  • + 7 more extracted facts
PDF
List of Known CreditorsPDF
Notice to CreditorsPDF
Pre-Filing Report of the Proposed Monitor
  • Secured creditors $179M USD · Note: Balance reduced from prior amount after Feb 13, 2026 repayment of $97 million from Virginia Transaction proceeds; Senior Noteholders described as fulcrum creditor, not expected to recover in full; ~60% of noteholders (by value) are Supporting Noteholders under Support Agreement dated March 23, 2026; Millstreet Capital Management LLC, purchaser of Virginia/Delaware assets, is a related-party Senior Noteholder · Page: 10 · As of: 2026-02-13 · Debtor: The Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc. (co-issuers), and Subsidiaries (guarantors, save East West Bank mortgaged assets) · Creditor: Senior Noteholders (holders of Senior Secured Notes and Senior Secured Convertible Notes issued under the A&R Indenture) · Security: Senior secured notes (9.25% p.a., principal $166,262,000) and senior secured convertible notes (9.0% p.a., principal $12,731,000) issued under amended and restated trust indenture dated May 29, 2025; secured by Article 9 UCC collateral and pledge/security agreements dated May 29, 2025
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “The Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc.” (CCAA), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/the-cannabist-company-holdings-inc-and-the-cannabist-company-holdings-canada-inc

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/the-cannabist-company-holdings-inc-and-the-cannabist-company-holdings-canada-inc

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.

The Cannabist Company Holdings Inc. et al. — CCAA | Proceedings.