The Cannabist Pursues Restructuring With $63.5 Million in Asset Sales on the Table

The company has signed definitive agreements for Ohio and Delaware and is seeking additional deals in other states.

The Cannabist Company is moving ahead with a major restructuring as it works to sell parts of its business and deal with ongoing financial pressure.

The cannabis operator announced that it has signed agreements to sell its Ohio and Delaware assets. It has also signed a memorandum of understanding to sell most of its remaining operations in several other U.S. states. At the same time, the company has started court-supervised restructuring proceedings in Canada under the Companies’ Creditors Arrangement Act, known as the CCAA.

According to the company, the goal is to complete these sales, protect liquidity, and wind down operations in markets that are not part of the deals. That includes New York, where operations have already stopped, and Pennsylvania, where the company is in the process of shutting down.

The Ohio sale agreement would transfer the company’s cannabis business in that state to Holistic Industries for $47 million. The deal includes $34.5 million in cash at closing and a $12.5 million promissory note. The transaction is expected to close in the third quarter of 2026, pending court approval and other conditions.

In Delaware, Cannabist has agreed to sell substantially all of its cannabis assets to Parma Holdco for $16.5 million in cash. That transaction is expected to close in the second quarter of 2026, also subject to court approval and customary closing conditions.

The company said it is also working toward final agreements to sell operations in Illinois, New Jersey, Colorado, Massachusetts, Maryland, and West Virginia. Those talks are not yet final.

This follows an earlier deal in Virginia. Cannabist previously sold its Virginia business to Parma for $130 million. That transaction closed on February 5, 2026, and the company used part of the proceeds to pay down debt.

Cannabist said the restructuring is the result of a broader strategic review by a special committee of independent directors. The company explored different options, including asset sales, mergers, and other financial transactions, before deciding this path was the best available option for the company and its stakeholders.

As part of the CCAA process, the Ontario court granted an initial order that includes a temporary stay of proceedings and the appointment of FTI Consulting Canada as monitor. The company’s management will continue running day-to-day operations under court supervision. Cannabist also plans to start Chapter 15 proceedings in the U.S. so the Canadian process can be recognized there.

The company said holders of more than 60% of its senior secured notes support the restructuring plan, the asset sales, and the related court proceedings.

Cannabist warned that trading of its shares on Cboe Canada is expected to be halted and that the company may face a delisting review.

Formerly known as Columbia Care, The Cannabist Company operates cannabis cultivation, manufacturing, and retail businesses across multiple U.S. markets. It said the current restructuring is aimed at preserving value while it exits unprofitable or unsustainable parts of the business.

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