Subsequent Event |
6 Months Ended |
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Jun. 30, 2025 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT •On or about July 2, 2025, the Company entered into definitive agreements to divest its Balboa, CA manufacturing facility for approximately $738 thousand in gross proceeds •On July 16, 2025, the Compensation Committee of the Board of Directors (the “Board”) of The Cannabist Company Holdings Inc. (the “Company”) approved a Transaction Bonus Plan (the “Bonus Plan”). Under the Bonus Plan, the Company will establish a bonus pool (the “Bonus Pool”). The size of the Bonus Pool will be 1.50% of the transaction value, as defined and determined by the Compensation Committee, for divestitures or other strategic transactions, not previously approved by the Board, that are closed while the Bonus Plan is in effect. The Bonus Pool, if qualifying divestitures or strategic transactions are completed, will be funded directly from funds available for general corporate purposes and will be capped at $5,000,000. Certain key employees of the Company who are designated as participants will be eligible to be paid a bonus or bonuses based on individual allocations of the Bonus Pool, as determined by the Compensation Committee. •On July 17, 2025, Jesse Channon, the Company’s President, entered into a second amended and restated employment agreement with the Company pursuant to which the termination and change of control provisions of Mr. Channon’s amended and restated employment agreement with Company, dated March 11, 2024, were amended to provide that if Mr. Channon resigns for “Good Reason” (as defined in the Channon A&R Employment Agreement), Mr. Channon will receive an amount equal to 18 months of his then current Base Salary plus target bonus, less all applicable withholdings and deductions, paid over an 18-month period, and the Company shall pay its share of Mr. Channon’s health insurance premiums to continue Mr. Channon’s health insurance coverage for 18 months beyond the termination date. •On or about August 4, 2025, the Company entered into definitive agreements to divest three dispensaries in Pennsylvania for $10 million in gross proceeds and also signed a supply agreement with the same buyer.
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