# EDGAR Filing Document

**Accession Number:** 0001909747
**File Stem:** 0001628280-25-057174
**Filing Date:** 2025-12
**Character Count:** 29340
**Document Hash:** eb0f7dbfd6dcc13ee03e42252ddb89ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-057174.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001628280-25-057174

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jushi Holdings Inc.
- **CENTRAL INDEX KEY:** 0001909747
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 981547061
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94152
- **FILM NUMBER:** 251572826

**BUSINESS ADDRESS:**
- **STREET 1:** 301 YAMATO ROAD
- **STREET 2:** SUITE 3250
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33431
- **BUSINESS PHONE:** 5616179100

**MAIL ADDRESS:**
- **STREET 1:** 301 YAMATO ROAD
- **STREET 2:** SUITE 3250
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33431
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cacioppo James
- **CENTRAL INDEX KEY:** 0001455939

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 551 MADISON AVENUE
- **STREET 2:** 10TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 9)**

**Jushi Holdings Inc.**

*(Name of Issuer)*

**Subordinate Voting Shares, no par value**

*(Title of Class of Securities)*

**48213Y107**

*(CUSIP Number)*

**James Cacioppo**<br>301 Yamato Road<br>Suite 3250<br>Boca Raton FL 33431<br>5616179100

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/11/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **48213Y107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**James A. Cacioppo** | Name of reporting person<br>**James A. Cacioppo** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**20701117.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**25463856.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**20701117.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**25463856.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**46164973.00** | Aggregate amount beneficially owned by each reporting person<br>**46164973.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**19.9%** | Percent of class represented by amount in Row (11)<br>**19.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The amount set forth in rows 7 and 9 above includes (i) 6,911,269 Subordinate Voting Shares which  James A. Cacioopo ("Mr. Cacioppo") has the right to acquire through exercise of stock options within sixty days from December 11, 2025; and (ii) 6,270,221 Subordinate Voting Shares which Mr. Cacioppo has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

The amounts set forth in rows 8 and 10 above include all securities beneficially owned by Mr. Cacioppo (in accordance with Rule 13d-3(d)(1)) through his ownership and/or control of the other Reporting Persons identified herein.

The amount set forth in row 11 above includes all securities directly or beneficially (in accordance with rule Rule 13d-3(d)(1)) owned by Mr. Cacioppo.

With respect to row 12 above, the aggregate amount in row 11 excludes 5,536,463 Subordinate Voting Shares underlying stock options which are unvested and not exercisable within sixty days from December 11, 2025.

The percentage of class in row 13 was calculated based on (i) 196,696,597 Subordinate Voting Shares outstanding as of October 30, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on November 4, 2025, plus (ii) 3,000,000 restricted subordinate voting shares issued to Mr. Cacioppo on December 11, 2025, plus (iii) 6,911,269  Subordinate Voting Shares which Mr. Cacioppo has the right to acquire through exercise of stock options within sixty days from December 11, 2025, and (iii) 24,335,239 Subordinate Voting Shares which Mr. Cacioppo or the other Reporting Persons listed herein has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

| **CUSIP No.** | **48213Y107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**OEP Opportunities, L.P.** | Name of reporting person<br>**OEP Opportunities, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**5000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**5000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5000000.00** | Aggregate amount beneficially owned by each reporting person<br>**5000000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.5%** | Percent of class represented by amount in Row (11)<br>**2.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The amount set forth in rows 7, 9, and 11 above include 2,500,000 Subordinate Voting Shares which OEP Opportunities, L.P. has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

The percentage of class in row 13 was calculated based on (i) 196,696,597 Subordinate Voting Shares outstanding as of October 30, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on November 4, 2025, plus (ii) 3,000,000 restricted subordinate voting shares issued to Mr. Cacioppo on December 11, 2025, plus (iii) 2,500,000 Subordinate Voting Shares which OEP Opportunities, L.P. has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

| **CUSIP No.** | **48213Y107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**One East Capital Advisors, LP** | Name of reporting person<br>**One East Capital Advisors, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4335000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4335000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4335000.00** | Aggregate amount beneficially owned by each reporting person<br>**4335000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.1%** | Percent of class represented by amount in Row (11)<br>**2.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The amount set forth in rows 7, 9, and 11 above include 2,935,000 Subordinate Voting Shares which One East Capital Advisors, LP has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

The percentage of class in row 13 above was calculated based on (i) 196,696,597 Subordinate Voting Shares outstanding as of October 30, 2025, as reported by the Issuer in its Annual Report on Form 10-Q, as filed with the Securities and Exchange Commission on November 4, 2025, plus (ii)  3,000,000 restricted subordinate voting shares issued to Mr. Cacioppo on December 11, 2025, plus (iii) 2,935,000 Subordinate Voting Shares which One East Capital Advisors, LP has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

| **CUSIP No.** | **48213Y107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**One East Partners L.P.** | Name of reporting person<br>**One East Partners L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**5203350.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**5203350.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5203350.00** | Aggregate amount beneficially owned by each reporting person<br>**5203350.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.6%** | Percent of class represented by amount in Row (11)<br>**2.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The amount set forth in rows 7, 9, and 11 above include 2,500,000 Subordinate Voting Shares which One East Partners L.P. has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

The percentage of class in row 13 was calculated based on (i) 196,696,597 Subordinate Voting Shares outstanding as of October 30, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on November 4, 2025, plus (ii) 3,000,000 restricted subordinate voting shares issued to Mr. Cacioppo on December 11, 2025, plus (iii) 2,500,000 Subordinate Voting Shares which One East Partners L.P. has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

| **CUSIP No.** | **48213Y107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ST 2 LLC** | Name of reporting person<br>**ST 2 LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**FLORIDA** | Citizenship or place of organization<br>**FLORIDA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**795488.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**795488.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**795488.00** | Aggregate amount beneficially owned by each reporting person<br>**795488.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.4%** | Percent of class represented by amount in Row (11)<br>**0.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The percentage of class was calculated based on (i) 196,696,597 Subordinate Voting Shares outstanding as of October 30, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on November 4, 2025, plus (ii) 3,000,000 restricted subordinate voting shares issued to Mr. Cacioppo on December 11, 2025.

| **CUSIP No.** | **48213Y107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Serpentine Capital Management II, LLC** | Name of reporting person<br>**Serpentine Capital Management II, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**719080.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**719080.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**719080.00** | Aggregate amount beneficially owned by each reporting person<br>**719080.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.4%** | Percent of class represented by amount in Row (11)<br>**0.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The amount set forth in rows 7, 9, and 11 above consist of 719,080 Subordinate Voting Shares which Serpentine Capital Management II, LLC has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

The percentage of class was calculated based on (i) 196,696,597 Subordinate Voting Shares outstanding as of October 30, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on November 4, 2025, plus (ii) 3,000,000 restricted subordinate voting shares issued to Mr. Cacioppo on December 11, 2025, plus (iii) 719,080 Subordinate Voting Shares which Serpentine Capital Management II, LLC has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

| **CUSIP No.** | **48213Y107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Serpentine Capital Management III LLC** | Name of reporting person<br>**Serpentine Capital Management III LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**FLORIDA** | Citizenship or place of organization<br>**FLORIDA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**9410938.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**9410938.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9410938.00** | Aggregate amount beneficially owned by each reporting person<br>**9410938.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.5%** | Percent of class represented by amount in Row (11)<br>**4.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The amount set forth in rows 7, 9, and 11 above consist of 9,410,938 Subordinate Voting Shares which Serpentine Capital Management III LLC has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

The percentage of class in row 13 above was calculated based on (i) 196,696,597 Subordinate Voting Shares outstanding as of October 30, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on November 4, 2025, plus (ii) 3,000,000 restricted subordinate voting shares issued to Mr. Cacioppo on December 11, 2025, plus (iii) 9,410,938 Subordinate Voting Shares which Serpentine Capital Management III LLC has the right to acquire through exercise of warrants within sixty days from December 11, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Subordinate Voting Shares, no par value

**(b) Name of Issuer:**
Jushi Holdings Inc.

**(c) Address of Issuer's Principal Executive Offices:**
301 Yamato Road, Sutie 3250, Boca Raton, FL, 33431

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the Subordinate Voting Shares, Options and Warrants for investment purposes, and such purchases were made in the Reporting Persons' ordinary course of business. In pursuing such investment purposes, the Reporting Persons may further purchase, hold, vote, trade, dispose or otherwise deal in the Subordinate Voting Shares, Options and Warrants, as they deem advisable to benefit from changes in market prices, changes in the Issuer's operations, business strategy or prospects, or from a sale or merger of the Issuer - subject to limitation based on Mr.Cacioppo's current positions as Chief Executive Officer and member of the Board of Directors of the Issuer.

To evaluate such alternatives, the Reporting Persons routinely monitor the Issuer's operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as alternative investment opportunities, liquidity requirements of the Reporting Persons and other investment considerations.

Consistent with their investment research methods and evaluation criteria, the Reporting Persons may discuss such matters with other officers or other directors of the Issuer, other shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors. Such factors and discussions may materially affect, and result in, the Reporting Persons' modifying their ownership of the Subordinate Voting Shares, Options and Warrants, exchanging information with the Issuer pursuant to appropriate confidentiality or similar agreements, proposing changes in the Issuer's operations, governance or capitalization, or in proposing one or more of the other actions described in paragraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons reserve the right to formulate other plans and/or make other proposals and take such actions with respect to their investment in the Issuer, including any or all of the actions set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D, or acquire additional Subordinate Voting Shares, Options and Warrants or dispose of all Subordinate Voting Shares, Options and Warrants beneficially owned by them, in the public market or privately negotiated transactions subject to limitation based on Mr.Cacioppo's current positions as Chief Executive Officer and member of the Board of Directors of the Issuer. The Reporting Persons may at any time reconsider and change their plans or proposals relating to the foregoing.

On December 11, 2025, in connection with an amendment to his employment agreement, Mr.Cacioppo agreed to receive his 2025 annual cash bonus of $1,050,000 and his annual long-term incentive grant of 3,000,000 options to purchase Subordinate Voting Shares of the Issuer, in the following alternative form: (i) a lump sum cash payment in the amount of $300,000, (ii) 3,000,000 restricted Shares, which shall vest on January 1, 2026, provided Executive remains employed by the Company on January 1, 2026.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information relating to the beneficial ownership of Subordinate Voting Shares by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated herein by reference. The percentages set forth in Row 13 for each of the cover pages filed herewith are calculated based upon: (i) 196,696,597 Subordinate Voting Shares outstanding as of October 30, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on November 4, 2025, plus (ii) 3,000,000 restricted subordinate voting shares issued to Mr.Cacioppo on December 11, 2025, plus (iii) the number of Subordinate Voting Shares which the Reporting Person has the right to acquire through exercise of stock options and/or warrants within sixty days from December 11, 2025.

**(b)**
The information relating to the number of shares as to which there is sole power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition by each of the Reporting Persons set forth in Rows 7 through 10 of the cover pages hereto is incorporated herein by reference.

**(c)**
On December 11, 2025, in connection with an amendment to his employment agreement, Mr.Cacioppo received a grant of 3,000,000 restricted Subordinate Voting Shares of the Issuer pursuant to the Plan.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The securities granted on December 11, 2025, were granted pursuant to the Plan. As set forth in the terms of certain options and warrants granted to Mr. Cacioppo, the applicable options and warrants are unvested and cannot vest or be exercised by Mr. Cacioppo if such vesting and/or exercise would increase Mr. Cacioppo's beneficial ownership beyond 19.99%.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** James A. Cacioppo

**Signature:** James A. Cacioppo

**Name/Title:** /s/ James A. Cacioppo

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** OEP Opportunities, L.P.

**Signature:** OEP Opportunities, L.P.

**Name/Title:** /s/ James Cacioppo, Partner

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** One East Capital Advisors, LP

**Signature:** One East Capital Advisors, LP

**Name/Title:** /s/ James Cacioppo, Partner

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** One East Partners L.P.

**Signature:** One East Partners L.P.

**Name/Title:** /s/ James Cacioppo, Partner

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** ST 2 LLC

**Signature:** ST 2 LLC

**Name/Title:** /s/ James Cacioppo, Managing Member

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Serpentine Capital Management II, LLC

**Signature:** Serpentine Capital Management II, LLC

**Name/Title:** /s/ James Cacioppo, Managing Member

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Serpentine Capital Management III LLC

**Signature:** Serpentine Capital Management III LLC

**Name/Title:** /s/ James Cacioppo, Managing Member

**Date:** 12/15/2025