Global Cannabis Industry Round-Up

January 2026 Edition

January kicked off 2026 with a familiar pattern across global cannabis markets: no single “big bang” reform, but a series of high-impact moves in regulation, capital structure, and cross-border positioning.

This month was defined by three themes:

• Operators shoring up balance sheets and supply chains

• Regulators are tightening the edges (especially around access + hemp-derived cannabinoids)

• Europe’s medical markets are accelerating — while policymakers debate new guardrails

Here’s your January snapshot across Canada, the United States, and Europe — and what it means for the business and talent landscape ahead.

Canada

Capital Discipline Takes Center Stage

Early January brought a clear signal from one of the country’s largest operators: Canopy Growth announced strategic recapitalization transactions aimed at strengthening its financial position going into 2026.

At the same time, the consolidation narrative hasn’t disappeared — it’s just become more selective. Deals that improve cost structure, cultivation efficiency, and medical/export capability remain the priority, not “growth for growth’s sake.” (That mindset also shows up in Canada’s ongoing export build-out, especially around EU-GMP readiness.)

Regulatory Signals: A Notable Shift on CBD Pathways

Health Canada’s Forward Regulatory Plan (2025–2027) remains an important watchlist document for longer-term changes.
One January development stood out: reporting indicated Health Canada removed a proposal related to regulating CBD as a Natural Health Product (NHP) from the plan — while still acknowledging the issue’s importance.

Separately, Ontario’s regulator (AGCO) continues to reinforce a compliance-forward posture: December penalty schedule changes remain relevant heading into January operations planning.

White Ash Perspective:
Canada is entering 2026 in “operator mode,” not hype mode. The market is rewarding teams that can execute: cash discipline, predictable compliance, and export-capable infrastructure.

United States

January underscored a familiar truth for U.S. operators: federal momentum may set the tone, but execution — and risk — still lives at the state and municipal level.

Several states used the opening month of 2026 to refine enforcement priorities, clarify licensing frameworks, or quietly reshape market dynamics.

New York – increased enforcement against unlicensed cannabis retailers while municipalities continued refining local advertising, zoning, and compliance requirements.

California – several municipalities revisited local cannabis tax structures amid retail closures, as state agencies reinforced enforcement against illicit operators.

Ohio – provided additional clarity on adult-use licensing timelines and retail caps as operators adjust early strategies within the state’s 400-store framework.

New Jersey – introduced incremental rule updates focused on licensing efficiency and social-equity implementation as the market transitions toward regulatory stability.

Michigan – maintained a steady compliance posture amid continued price compression and oversupply, reinforcing the importance of scale discipline and cost control.

Florida – advanced medical market oversight, while vertically integrated operators are positioned ahead of potential adult-use reform.

Texas – continued licensed medical dispensary activity despite ongoing uncertainty around THC enforcement thresholds, underscoring the state’s fragmented cannabis and hemp regulatory landscape.

Municipal-Level Trends
Across multiple states, January also saw cities and counties revisit:

• Public consumption restrictions

• Advertising and signage limitations

• Zoning, buffer, and permitting rules

These local decisions continue to materially impact operators, often independent of state-level legalization frameworks.

White Ash Perspective:
January reinforced that U.S. cannabis remains a multi-layered regulatory business. Operators entering 2026 will need leadership teams capable of managing simultaneous federal signalling, state rulemaking, and municipal enforcement — often with conflicting priorities.

Europe

Infrastructure & Expansion Signals

January saw continued operational build-out across Europe’s medical cannabis markets, alongside growing regulatory scrutiny as patient access expands.

• Germany – held a Bundestag Health Committee hearing examining potential changes to medical cannabis access, including tighter oversight of telemedicine and prescribing pathways, signalling increased regulatory guardrails as the market scales.

• United Kingdom – continued infrastructure development within the medical cannabis and life sciences ecosystem, while industry stakeholders flagged ongoing complexity and delays across CBD and medical regulatory pathways.

• Spain – maintained steady momentum in medical distribution and pilot frameworks, with operators strengthening EU-GMP-aligned supply chains ahead of broader regulatory clarity.

• Italy – continued reliance on imports to meet medical cannabis demand, reinforcing opportunities for EU-GMP exporters and cross-border suppliers.

• Portugal – remained a key cultivation and export hub, with operators expanding production capacity focused on serving European medical markets.

• Netherlands – progressed its regulated cannabis supply experiment, with controlled supply-chain oversight remaining central to government policy discussions.

• Switzerland – advanced regional adult-use pilot programs, providing ongoing data and insight into regulated non-medical access models.

Talent Implications

European cannabis companies are increasingly recruiting leaders with:

• EU-GMP manufacturing and quality leadership experience

• Multi-country regulatory and compliance expertise

• Cross-border medical distribution backgrounds

• International operational scaling experience

Experienced North American executives with prior global leadership exposure continue to be drawn into senior European roles, particularly where operational discipline and regulatory fluency are critical.

White Ash Perspective:
January reinforced that Europe’s cannabis market is evolving through controlled expansion rather than sweeping reform. Infrastructure, compliance, and leadership depth — not speed — remain the defining competitive advantages.

The Talent Take

January’s signals reinforce a global hiring shift already underway:

• More demand for finance + restructuring fluency (capital discipline is back in focus)

• Regulatory and quality leadership rising in priority (especially EU medical supply chains)

• Operators who can run “two realities” at once (e.g., U.S. rescheduling upside + status quo constraints)

Across Canada, the U.S., and Europe, the companies best positioned for 2026 are building leadership benches designed for complexity, not headlines.

Closing Thought

January didn’t deliver sweeping reform — but it did deliver direction.

The early winners in 2026 will be the organizations that treat this period as a positioning window: strengthen balance sheets, de-risk compliance, and invest in leaders who can execute under shifting rules.

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