Redrawing the Map: global cannabis trade in 2025

The Global Cannabis Exchange (GCX) Spring 2025 Report offers a snapshot of the international cannabis landscape in flux. As cannabis reform accelerates around the world, this report maps out the trade networks, wholesale pricing trends for EU-GMP & GACP flower, and regulatory shifts shaping supply chains from Canada, Europe, Thailand and beyond.

Canada’s gold standard remains entrenched

Canadian producers continue to dominate the global medical cannabis export market, earning USD $190 million in 2024 thanks to EU-GMP credentials and consistent product quality. Emerging producers in South America, Africa, and Southeast Asia are undercutting Canadian wholesale bulk dried flower prices by as much as 50%, especially for GACP-certified flower and extracts.

Despite the cost advantages of new players, the report underscores one consistent buyer demand: reliability. Markets like Germany, the UK, and Switzerland place premium value on traceability, documentation, and repeatable quality, areas where Canadian licensed producers still lead.

Pricing pressures meet premium persistence

While new sources of production are introducing downward pressure on wholesale cannabis pricing, the market isn’t experiencing a simple race to the bottom. Instead, there’s growing segmentation: budget-tier product from emerging markets is expanding access, while certified, high-THC flower continues to command top dollar in premium-focused jurisdictions.

• In Germany, EU-GMP certified flower over 20% THC is trading for as much as €3.25/gram.
• Switzerland is home to the highest recorded prices globally, with similar flower reaching up to ₣3.80/gram.
• Australia is feeling the squeeze, as high-THC GACP flower drops to AUD $2.70/gram in some cases.
• In the UK, GACP flower can be sourced for under £1.50/gram, while top-tier EU-GMP imports hover near £2.70/gram.

Buyers across all markets are increasingly seeking supply relationships that balance affordability with documentation, safety, and compliance, particularly in medical-use scenarios where patient safety and regulatory scrutiny are paramount.

New markets, new momentum

Poland

Rapid expansion has made Poland one of Europe’s most dynamic cannabis markets. Medical cannabis consumption rose by 224% in 2023, with pharmacy networks and patient numbers both scaling quickly. The government responded by doubling import quotas and tightening prescribing rules, shifting focus toward oils and extracts while restricting access to inhalable hemp products. 

Switzerland

A leader in cannabis science and policy experimentation, Switzerland is laying the groundwork for a state-controlled, non-profit adult-use market. While full legalization remains on the horizon, EU-GMP imports play a critical role in both pilot programs and the country’s growing cannabinoid research initiatives. With premium pricing and a pharma-focused mindset, Switzerland represents a high-value destination for certified global producers.

Colombia

Low-cost cultivation and increasing export volumes are turning Colombia into a serious force in global trade, with production costs as low as $0.06/gram. Regulatory reforms and quota limitations remain a barrier to scale, but Colombia’s growth trajectory suggests it could rival traditional suppliers in the years ahead.

Thailand

Following decriminalization in 2022, Thailand experienced a boom in cannabis entrepreneurship, followed by a market correction as unregulated growth and price collapse took their toll. Today, a more controlled framework is emerging. With over 1,000 licensed clinics and a strong agricultural base, Thailand is increasingly focused on compliant exports of non-inhalable medical products like topicals, tinctures, and edibles. Strategic positioning within the Asia-Pacific region makes Thailand a key player in bridging supply between East and West.

What’s next for the global market?

Global cannabis commerce is maturing. The chaotic early days of legal trade are giving way to coordinated, transparent, and increasingly regulated markets. Buyers and investors are now evaluating supply chains through the lens of quality assurance, auditability, and long-term reliability.

To stay ahead in this rapidly evolving landscape, access to up-to-date insight is essential. Download the full GCX Spring 2025 Global Cannabis Report for free to explore detailed pricing breakdowns, country-specific trends, and strategic forecasts shaping the next era of international cannabis trade.

About the GCX group of companies 

The Global Cannabis Exchange Ltd. (GCX) and its subsidiaries, Canadian Cannabis Exchange Ltd. (CCX), American Cannabis Exchange Inc. (ACX), and Loud Lion Supply Ltd., have been providing integrated wholesale brokerage and exchange services to the legal global cannabis industry since 2020.

GCX and CCX operate a live, transparent trading platform where all bids, offers, and trades are executed. This ensures members receive timely, accurate, and equitable access to market price information. With a network of over 700 counter-parties, GCX and CCX are uniquely positioned to deliver impartial, aggregated market data and insights, empowering buyers and sellers to make informed trading decisions.

Report by the Global Cannabis Exchange (GCX)