The Cannabist Co. Divests Dispensary Footprint in Pennsylvania

[PRESS RELEASE] – NEW YORK, Aug. 18, 2025 – The Cannabist Co. Holdings Inc., one of the most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., announced the successful closing of the sale of its Pennsylvania affiliate that owns the medical dispensaries to VP Investment Holdings LLC. VP Holdings is comprised of principals from a leading privately held dispensary operator in Pennsylvania, Restore Integrative Wellness Center LLC.

The sale will include a concurrent supply agreement with VP Holdings for products produced by Cannabist’s grow/processing affiliate, Green Leaf Medicals LLC (gLeaf). This strategic Pennsylvania transaction accelerates The Cannabist Co.’s wholesale cultivation presence by enhancing the commercialization of its state-of-the-art grow-processor facility located in Saxton, Pa., while continuing to serve the broader medical market through high-quality medical marijuana.

Pennsylvania Transaction Highlights

• VP Holdings acquired Columbia Care Pennsylvania LLC from Columbia Care LLC via an equity purchase agreement for approximately $10 million in cash paid at closing.
• Columbia Care Pennsylvania’s three operational medical dispensaries are located in Scranton, Allentown and Wilkes-Barre, Pa. VP Holdings expects to rebrand all three locations to the Restore brand immediately.
• As additional consideration, VP Holdings and Restore have entered into a supply agreement with The Cannabist Co. (through gLeaf), thereby expanding The Cannabist Co.’s wholesale distribution footprint in Pennsylvania.
• The Cannabist Co. will continue to enhance and expand its wholesale presence in-state by driving the performance of its Saxton grow-processor facility.

The Cannabist Co. Management Commentary

“This Pennsylvania transaction is a clear example of executing on our strategic plan to simplify our business and optimize existing assets, while delivering immediate financial benefits,” CEO David Hart said. “We’ve taken a proactive and thoughtful step that strengthens our balance sheet, bolsters liquidity and enhances our operational focus. By divesting our retail footprint in Pennsylvania for all cash and entering into a meaningful wholesale agreement, we are now better positioned to optimize our best-in-class Saxton cultivation facility and expand distribution of our high-quality products to patients across the state. This transaction positions us to better capitalize on the current medical landscape and future opportunities in a potential adult-use market.”

CLD Advisory served as exclusive financial adviser, and Foley Hoag LLP served as legal adviser, while Cannabis Law Solutions served as Pennsylvania regulatory counsel to The Cannabist Co. Ballard Spahr LLP acted as legal adviser to Restore.