Entering 2026, the Canadian wholesale cannabis market is expected to be more volatile and competitive due to rapid supply growth, moderating domestic demand, and rising global competition, according to a new report from the Global Cannabis Exchange Ltd. (GCX).
While early 2025 saw price strength driven largely by increased exports, this led to increased production and a surplus by the end of the year, a trend that could continue into 2026. The figures are based on product and pricing information from GCX and its subsidiary, the Canadian Cannabis Exchange (CCX), which operates a cannabis wholesale trading platform.
Exports, which doubled in 2025, are Canada’s main pressure valve on supply and pricing. GCX expects exports to rise an additional 27% in 2026, with Germany and Australia continuing to be the top destinations. However, increasing global supply competition from other countries could compress prices and limit some of Canada’s market-share expansion.
Unpackaged flower production in Canada increased significantly through 2025, once again outpacing the combined demand from retail and exports and pushing wholesale prices down to a near two-year low of $1.22/gram in September and October.
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