Tightened domestic supply and approved canopy, a growing export market, and greater demand for premium, hand-trimmed and craft products are continuing to drive wholesale cannabis prices up. This is according to the newest annual report from the Global Cannabis Exchange Ltd. and the Canadian Cannabis Exchange Ltd.

The Bulk Wholesale Cannabis and Distillate Pricing Report provides an overview of the 2024 market and looks ahead at what 2025 holds. 

According to the report, the average wholesale price of cannabis flower increased from $1.07 per gram in 2023 to $1.28 in 2024. The Canadian Cannabis Exchange projects that it will continue to rise to around $1.61 a gram in 2025, on average. 

The quality of the product also weighed significantly on the price, with hand-trimmed flower trading at an average price of $1.39/gram in 2024, 31.1% higher than the $1.06/gram average price for machine-trimmed flower. Higher THC levels also tend to command a higher price, as expected. 

The price of trim also nearly doubled in 2024, trading at a weighted average price of $0.11/gram, compared to the 2023 average of $0.06/gram.

While producers in Ontario continue to dominate supply, their share of the volume of cannabis flower traded on the exchange has declined from a 69.7% market share in 2022 to 33.3% in 2024. 

At the same time, Quebec’s market share increased from 10.5% in 2022 to 34.9% in 2024, while Alberta increased from 4% in 2022 to 16.5% in 2024, and BC increased from 5.2% in 2022 to 7.8% in 2024. The rest of the Canadian provinces combined saw a decline from 10.6% market share in 2022 to 7.6% in 2024. 

The age of cannabis being traded on the exchange has also been steadily declining, with cannabis harvested less than six months prior making up the biggest share of the market by the end of 2024. Price volatility also calmed down in 2024 compared to 2023. 

For whole cannabis extracts and concentrates, the price of a kilogram of CBD isolate listed on the exchange in 2024 was $18,000, while CBG isolate was $6,633, CBN isolate was $7,380, and THCV distillate was $14,000.

THC distillate ranged from $1,000 to $2,800, while CBD distillate ranged from $675 a kilogram to $1,800. Wholesale THC distillate prices declined somewhat in 2024 from the previous year, as did THCa Isolate and CBD isolate. 

THC and terpene inflation continues

The average reported THC and terpene levels of cannabis traded on the exchange have risen from 22.42% THC and 2.29% terpenes in 2022 to 25.92% THC and 2.75% terpenes in 2024. 

Cannabis exports

While Canada has dominated the export market for several years, the report also cautions that products from countries like Thailand and South Africa will continue to gain a foothold in 2025, bringing more competition to the international cannabis market. 

Focusing on quality and consistency can help Canadian companies maintain their market share. However, the possibility of a weakening Canadian dollar and other international economic factors, especially the threat of US tariffs, can also impact Canada’s cannabis export market. 

According to the Canadian government, Canadian cannabis companies exported 8,729 kilograms of cannabis in 2024, a 34% year-over-year increase.

Australia received the most—3,512.5 kilograms, a 5% year-over-year increase. Germany was second with 1,546.2 kg, down by 27% year-over-year. Czechia was third, receiving 1,151.3 kg, followed by Israel with 1,085.3 kg, Portugal with 960.5 kg, the Netherlands with 154.6 kg, and the UK with 145.8 kg. 

While the report predicts exports will continue to increase in 2025, it also notes declining domestic sales, a trend StratCann has been following. This trend is expected to continue in 2025 as overall consumer spending in Canada is expected to decline.  

The full report can be viewed here. 

About GCX: 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 counterparties, GCX and CCX are uniquely positioned to deliver impartial, aggregated market data and insights, empowering buyers and sellers to make informed trading decisions. Market participation is governed by the standardized GCX and CCX Client Agreement, which outlines the rules for access, engagement, and transactions. These standardized rules streamline purchasing and sales processes for market participants.

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