Peter Lee
About Peter Lee
Peter Lee is an independent director of The Cannabist Company Holdings Inc. (CBSTF), appointed June 5, 2025. He is President and Chief Operating Officer of Leafly Holdings, Inc. since May 1, 2024, and previously served as president, CFO, secretary, and director of Merida Merger Corporation. He holds a B.S. in Business Administration from UC Berkeley Haas and an MBA from Stanford GSB; age 49 as disclosed in the director nominee table.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Merida Merger Corporation | President | Aug 2019–Feb 4, 2022 | — |
| Merida Merger Corporation | CFO, Secretary, Director | Sep 2019–Feb 4, 2022 | — |
| Sentinel Rock Capital, LLC | Co‑founder & Managing Partner | 2011–Apr 2018 | Long/short equity fund leadership |
| Spring Point Capital | Analyst & Partner | 2009–2011 | Long/short equity investing |
| Blackstone Kailix (The Blackstone Group) | Sector Head (Financials & Retail) | 2007–2009 | Hedge fund business leadership |
| Tiger Management | Analyst | 2005–2007 | Public investments analysis |
| J.H. Whitney & Co. | Senior Associate | 2000–2002 | Growth private equity investing |
| Capital Z Partners | Associate | 1999–2000 | Private equity investing |
| Morgan Stanley Capital Partners | Analyst | 1997 | Private equity analyst |
External Roles
| Organization | Role | Tenure | Exchange/Status |
|---|---|---|---|
| Leafly Holdings, Inc. | President & COO; Director | President & COO since May 1, 2024; Director since Feb 4, 2022 | OTC |
Board Governance
- Independence: Determined independent under Nasdaq/CSA guidelines; the board had seven independent directors, including Peter Lee.
- Committee assignments: Audit Committee member; all Audit Committee members are independent and financially literate. Jeff Clarke serves as Chair.
- Attendance and engagement: Appointed June 5, 2025; attended 1 of 1 board meetings post‑appointment in 2025 YTD.
- Executive sessions: Independent directors meet in camera at the end of each regular board meeting.
- Board structure and leadership: Jonathan P. May is Lead Director. Position descriptions for Lead Director and Chair are defined.
- Shareholder support: Elected September 26, 2025 with strong support.
| Election (AGM Sept 26, 2025) | For | Withheld | Broker Non‑Votes |
|---|---|---|---|
| Peter Lee | 146,958,509 | 22,514,663 | 91,502,816 |
Fixed Compensation
- Director compensation structure (FY 2024): Non‑employee directors received cash retainers and annual RSU grants; no options and no meeting fees disclosed. Cash fees vary with roles (lead director, committee chairs/members). Peter Lee was appointed in 2025, so he did not receive 2024 director compensation.
| Non‑Employee Director Compensation (FY 2024) | Cash Fees (USD) | RSU Grant Fair Value (USD) | RSU Units | Options | Non‑Equity Incentive | Total (USD) |
|---|---|---|---|---|---|---|
| Example: Jeff Clarke | $59,500 | $153,000 | 805,264 | — | — | $212,500 |
| Example: Julie Hill | $45,000 | $153,000 | 805,264 | — | — | $198,000 |
| Example: Jonathan P. May | $72,000 | $153,000 | 805,264 | — | — | $225,000 |
| Program notes | — | — | RSUs annually | No options granted | None | — |
Notes: Share-based awards converted to USD per grant-date FX 1 CAD = 0.730896 USD; RSU count of 805,264 per listed director.
Performance Compensation
- Performance-conditioned elements for directors: None disclosed; director equity is time‑based RSUs (no PSUs, no performance metrics).
- Equity grant timing practices and controls are governed by the Compensation Committee to align with trading windows and avoid timing advantages.
Other Directorships & Interlocks
| Director | Other Reporting Issuer | Exchange |
|---|---|---|
| Peter Lee | Leafly Holdings, Inc. | OTC |
- Potential interlock/conflict context: Peter Lee’s executive role at Leafly (cannabis marketplace) could create perceived conflicts if Cannabist has commercial arrangements with Leafly; the company’s Code of Ethics requires disclosure and recusal in conflict situations. No specific transaction is identified in the cited materials.
Expertise & Qualifications
- Financial literacy and audit oversight suitability affirmed by Audit Committee composition.
- Deep capital markets and private equity expertise across hedge funds (Tiger, Blackstone Kailix, Sentinel Rock) and PE (J.H. Whitney, Capital Z, Morgan Stanley Capital Partners).
- Education: B.S. UC Berkeley Haas; MBA Stanford GSB.
Equity Ownership
- Director share ownership guidelines: Directors must hold shares equal to 5x annual cash retainer; five years to comply. Statement of compliance as of Dec 31, 2024 pertains to then‑current directors.
- Hedging policy: Directors and certain employees are prohibited from hedging (short sales, puts, calls).
- 10b5‑1 trading arrangements: No director or executive adopted/terminated such plans in Q3 2025.
| Beneficial Ownership (as of Aug 8, 2025) | Common Shares | % of Common | Proportionate Voting Shares | % of PV Shares | Total Capital Stock | % of Total |
|---|---|---|---|---|---|---|
| Peter Lee, Director | — | — | — | — | — | — |
Notes: Company reported 499,178,724 common shares outstanding; “—” indicates none disclosed for the director.
Governance Assessment
- Independence and audit oversight: Lee’s independence and Audit Committee membership, alongside financial literacy, support board effectiveness in financial reporting oversight.
- Shareholder confidence: Strong election margin (146.96M for vs. 22.51M withheld) indicates broad investor support at the 2025 AGM.
- Engagement: Immediate post‑appointment attendance (1/1) and participation on Audit Committee suggest active engagement.
- Alignment: As a new director, no beneficial ownership was disclosed as of Aug 8, 2025; ownership guidelines provide a five‑year path to alignment. Monitor progress toward the 5x retainer requirement.
- Conflict controls: Dual role at Leafly warrants monitoring for any commercial ties; the company’s conflicts policy mandates disclosure and recusal, mitigating governance risk if applied rigorously.
RED FLAGS to Monitor
- Low disclosed ownership early in tenure (monitor for guideline compliance over time).
- Potential perceived conflicts due to executive role at Leafly; watch for any related‑party transactions or business dealings and appropriate recusal/documentation.
- Committee workload and attendance: ensure continued participation and full engagement in Audit Committee meetings post‑appointment (not yet disclosed in detail for 2025).