Global Cannabis Industry Round-Up
November 2025 Edition
The global cannabis industry continues to evolve — from market consolidation in Canada to regulatory momentum in the U.S. and Europe’s accelerating reforms.
Here’s your monthly snapshot of key developments shaping the cannabis business and executive talent landscape worldwide.
Global Overview
November saw shifting market dynamics across all major cannabis regions. Europe continued its steady climb with Germany’s adult-use rollout, while North American markets leaned further into operational efficiency and leadership transitions.
Industry analysts report global price compression and a pivot from rapid expansion to sustainable, disciplined growth.
Canada
Regulatory & Policy Updates
Despite ongoing advocacy from an under-resourced industry association, the 2025 federal budget offered no relief for cannabis producers. Excise taxes and regulatory burdens persist, while reimbursement rates for veterans’ and RCMP medical cannabis were cut from $8.50 to $6.00 per gram, a move widely criticized for undermining patient access and sector stability.
Health Canada ran a consultation from August 30 to October 29 2025 on proposed amendments to the Cannabis Tracking System Order.
Reducing or harmonizing reporting/administrative burdens in the supply-chain tracking system.
Improving operational efficiency by collecting only essential data.
In Alberta, provincial distributor Alberta Gaming, Liquor and Cannabis (AGLC) reported nearly $700 million in wholesale cannabis sales for the 2024–2025 fiscal year, reflecting steady consumer demand and strong supply chain performance across the province.
In British Columbia, a major retail labour strike ended, restoring stability to one of the country’s most competitive provincial markets.
Market Climate
Retail oversaturation remains a key challenge in Ontario, where independents continue to face pricing pressure.
Canada’s top five companies now represent 38% of total recreational sales — further evidence of a fragmented, competitive market.
Numerous Producers and Retailers: There are over 1,600 licensed producers and many independent retailers, most of which are small to medium-sized operations.
Decentralized Market Share: As of Q1 2025, the single largest producer held an overall market share of just over 10%, indicating no single dominant entity.
Provincial Regulations: Varying provincial rules — such as Ontario’s 150-store ownership cap — prevent the rise of a few massive national chains, reinforcing market decentralization.
Ongoing Consolidation: Despite fragmentation, strategic mergers and acquisitions are underway as larger, more sophisticated players seek to gain share and improve efficiency, signalling a maturing but still evolving industry.
Talent & Leadership
We’re seeing leadership shifts away from pure production and toward export, regulatory, and brand-building roles.
Strategic advisory hires — particularly from outside cannabis — reflect a trend toward experienced business operators entering the space.
White Ash Perspective:
Canada is maturing into a market defined by efficiency and discipline. The winning organizations are optimizing leadership teams for supply chain management, export compliance, and disciplined growth.
United States
State-by-State Highlights
Florida - Adult-use legalization initiatives are being prepared for future ballots, signalling ongoing regulatory discussions
New Jersey – The incoming governor has signalled support for home cultivation, while the state launched a $5 million entrepreneur grant program to aid compliance-ready start-ups.
Michigan – New wholesale tax guidance (24%) is reshaping margins and pricing strategy.
Pennsylvania – Movement toward medical program expansion continues as legalization talks gain momentum ahead of 2026.
Arkansas – The state’s medical cannabis market continues to break sales records, with 2025 on pace to surpass all previous years as patient enrollment and product diversity grow.
Virginia – Following the 2025 election, Virginia is poised for the largest adult-use cannabis rollout in years, with hundreds of retail permits expected and billions in projected annual sales. The policy shift marks a major turning point for the mid-Atlantic region.
Minnesota – New regulations on testing, labelling, and licensing are disrupting the state’s hemp-THC market. Industry groups warn that the sudden changes could raise costs and force smaller producers out.
Talent & Leadership
MSOs are competing aggressively for regulatory, finance, and multi-state operations leaders.
Experienced executives who can navigate complex state frameworks remain in short supply.
White Ash Perspective:
The U.S. remains fragmented but forward-moving. Each state’s progress brings opportunity — and complexity. Companies that invest early in seasoned compliance and growth leadership will dominate as federal policy continues to evolve.
Europe
Germany
The continent’s largest market is stabilizing after its 2024 reform rollout. Industry estimates project the medical segment will exceed €670 million in 2025.
Overcapacity and price compression are emerging, yet Germany remains the key launchpad for European expansion.
United Kingdom
Still primarily medical-only, the UK market shows slow but steady patient growth. Analysts forecast long-term potential near £5 billion annually, pending broader reform.
New partnerships between UK clinics and European suppliers hint at gradual liberalization.
Talent & Leadership
European demand for EU-GMP and cross-border compliance specialists continues to grow.
North American executives with global expansion experience are being recruited into senior European roles.
White Ash Perspective:
Europe is now the next frontier. As policy frameworks mature, talent mobility across the Atlantic is rising — bringing a new class of globally-minded leaders to the sector.
The Talent Take
Across all markets, cannabis companies are prioritizing operational and leadership excellence over rapid growth.
We’re seeing strong demand for:
Executives skilled in multi-jurisdiction compliance and strategy
Leaders with experience scaling internationally
Finance, supply chain, and people leaders who can build sustainable value across regulated markets
White Ash Group continues to support this evolution by connecting global talent with forward-thinking cannabis companies in North America and Europe.
By the Numbers – Nov 2025 Snapshot
$73.5 B – Estimated global industrial cannabis market value in 2025
11.5% CAGR – Forecasted annual growth through 2034
36% – Europe’s share of the global market in 2024
Closing Thought
The global cannabis industry is entering a phase defined by maturity, specialization, and international movement of talent. For organizations and professionals alike, agility and adaptability will separate those who thrive from those who fade.
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