Global Cannabis Industry Round-Up
February 2026 Edition
February 2026 reinforced a theme that is quickly defining the year: disciplined execution over expansion headlines.
Across global markets, operators focused on:
Strengthening balance sheets and tightening cost controls
Navigating increasingly nuanced state, provincial, and municipal rulemaking
Building EU- and export-ready infrastructure amid regulatory scrutiny
While January set the tone, February sharpened it.
Here’s your February snapshot across Canada, the United States, and Europe — and what it means for the business and talent landscape ahead.
Canada
Selective Consolidation & Export Focus
February activity across Canada signalled continued financial recalibration rather than aggressive growth.
Canopy Growth Corporation continued emphasizing capital restructuring and cost alignment following its early-year balance sheet initiatives. Meanwhile, operators such as Tilray Brands and Organigram Holdings remained focused on international distribution channels and premium product positioning.
Export readiness — particularly EU-GMP alignment — remains central to long-term strategy. Operators investing in medical credibility and cross-border infrastructure are positioning for margin stability beyond domestic recreational compression.
Provincial Developments
Ontario – The AGCO maintained a firm compliance posture, with retailers reporting continued enforcement scrutiny around store standards, promotional activity, and licensing timelines. The market remains competitive, with store density pressuring margins.
British Columbia – Ongoing wholesale and distribution refinements continue as the province balances private retail expansion with public distribution oversight.
Alberta – Retail saturation remains a theme, prompting operators to optimize footprint and renegotiate lease structures in certain urban markets.
Québec – The province maintained its tightly controlled public retail framework, reinforcing stability but limiting private-sector growth avenues.
White Ash Perspective:
Canada is operating in a “refinement cycle.” The winners in 2026 will not be the most aggressive — they’ll be the most operationally disciplined and export-aligned.United States
United States
February reinforced a defining reality for U.S. cannabis in 2026: market maturity now varies significantly by state — and leadership teams must operate accordingly.
Rather than sweeping reform headlines, February activity reflected recalibration across mature markets, positioning in emerging states, and continued enforcement in previously saturated regions.
Alabama – The state’s long-anticipated medical cannabis market inched closer to commercial operation as regulators opened the patient registration portal and awarded the final dispensary license. With inspections and certifications now underway, midyear retail launch remains on track.
Virginia – Medical cannabis continues to display stable demand, with January sales holding steady after a record December. That consistency is occurring against a backdrop of advancing adult-use legislation, positioning the state for a potential November launch.
Ohio – In response to recent regulatory changes tightening high-THC categories, a petition drive officially launched aiming to overturn the new marijuana regulations. The effort signals ongoing tension between policymakers and segments of the cannabis/hemp producer community.
Missouri – Lawmakers advanced a ban on certain hemp-derived THC products, intensifying efforts to regulate intoxicating hemp channels and protect licensed operators. Concurrently, Kansas City debated allowing 24/7 retail operations under revised zoning rules, underscoring the push-pull between regulatory tightening and commercial expansion within the state.
Michigan – Newly implemented cannabis tax increases triggered a noticeable downturn in legal market sales data, spotlighting price sensitivity and diversion risk in one of the nation’s largest and most mature adult-use programs.
Illinois – Retailers reported record product sales volumes in 2025, but increased unit movement did not translate to higher profitability. Continued price compression amid competitive pressure is squeezing margins across the state’s mature marketplace.
Massachusetts – Regulators signalled willingness to intervene in production dynamics by exploring a cultivation permit freeze to address oversupply and downward pricing pressure. The move marks a more assertive policy approach to stabilizing market fundamentals.
Colorado – Cannabis sales continued to retreat, with 2025 on pace for a multi-year decline in both revenue and unit volume. The sustained softening in demand raises questions about long-term consumption trends in one of the country’s most established markets.
White Ash Perspective:
February’s state headlines reflect a marketplace increasingly focused on structural stability rather than headline growth:
Emerging and nascent programs are solidifying launch timelines.
Mature markets are grappling with pricing pressure and tax impacts.
Regulatory friction — particularly around hemp-derived intoxicants — is shaping competitive dynamics.
Local governments remain influential in operational standards.
The overall picture: operators and leadership teams that can navigate regulatory complexity and financial discipline will have a strategic edge in 2026.
Europe
Controlled Expansion & Regulatory Guardrails
Europe’s February activity reflected continued medical market expansion — accompanied by increasing regulatory oversight.
Germany – Policymakers continued discussions around medical access oversight, including telemedicine and prescribing guardrails. As patient volumes scale, regulatory scrutiny is tightening.
United Kingdom – Medical infrastructure development continues, though stakeholders highlight persistent complexity in CBD and medical regulatory pathways.
Portugal – Remains a cultivation and export anchor for EU-GMP supply chains, with operators expanding production capacity aimed at broader European demand.
Italy – Ongoing reliance on imports reinforces cross-border opportunities for compliant producers.
Netherlands – The regulated cannabis supply experiment continues under tightly controlled oversight, providing incremental data to policymakers.
Switzerland – Regional adult-use pilot programs progress methodically, emphasizing controlled data collection over rapid expansion.
Talent Implications
European operators are increasingly recruiting leaders with:
EU-GMP manufacturing and quality expertise
Multi-jurisdiction regulatory fluency
Cross-border distribution leadership experience
International scaling backgrounds
North American executives with prior public-company and compliance-heavy experience continue to attract interest for senior European mandates.
White Ash Perspective:
Europe is expanding — but deliberately. Infrastructure, regulatory sophistication, and leadership depth remain competitive advantages.
The Talent Take
February reinforced a global hiring recalibration:
Stronger demand for CFOs and finance leaders with restructuring fluency
Elevated priority on regulatory, compliance, and quality executives
Commercial leaders who understand margin quality — not just top-line growth
Executives are comfortable operating in “dual realities” (e.g., reform optimism alongside regulatory constraint)
Across Canada, the U.S., and Europe, companies entering 2026 from a position of strength are building leadership teams designed for complexity — not volatility.
Closing Thought
February didn’t bring sweeping reform — but it did bring clarity.
The global cannabis industry is in a positioning window. Organizations that strengthen balance sheets, sharpen compliance infrastructure, and invest in disciplined leadership will outperform those still waiting for a catalyst event.
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