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
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 British Columbia, a major retail labour strike ended, restoring stability to one of the country’s most competitive provincial markets.
Customs officials in Rotterdam intercepted over 53,000 kg of cannabis exported from Canada this year — more than five times 2024’s total, revealing how legal product is fueling illicit European 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.
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.
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.
Subscribe to our Global Cannabis Industry Round-Up to receive insights directly from White Ash Group’s international team each month.
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