This report from MMJ Daily, published on 4 November 2026.
Lower-end wholesale prices for medical cannabis flower in Germany have fallen roughly 30 to 35% since spring, according to the Fall 2026 Global Cannabis Report by the Global Cannabis Exchange (GCX).
GCX, which runs wholesale trading platforms and brokerage services with a network of more than 700 counterparties across its group, compiles its price ranges from transactions on its platforms, quoted and negotiated pricing and market intelligence.
The report prices four import markets, split by certification and by potency above or below 20% THC. Germany recorded the steepest declines, Australian prices fell 8 to 24%, and the UK and Switzerland were the only markets where prices did not fall.
“I think it’s mostly a new baseline for commodity flower,” says Steve Clark, CEO of GCX Group of Companies.
“The supply side is structural: Canada produced about 3,500 tonnes against about 1,100 tonnes of domestic demand, Thai GACP sites went from 149 to 266 in six months, and Australia is sitting on about 12 months of inventory. At GCX we don’t see a real recovery before H2 2027. In Germany, the end of statutory reimbursement removed the reference price.”
The Canadian figure covers unpackaged dried flower in the 12 months to March 2026, up 44%, and the demand figure is a GCX estimate. “I read the UK and Switzerland holding as protection, not strength: Schedule 2 rules and mostly out-of-pocket patients limit discounting. Only premium high-THC EU-GMP is holding up.”
In Canada, bulk wholesale prices fell to $1.22 per gram in late 2025, after years of well-funded, integrated producers accepting thinner margins in exchange for market share, he writes in the report. “We have seen this compression in Canada and are in the second downturn in terms of wholesale cannabis pricing. As the supply chain continues to expand, margins are getting squeezed,” he remarks.
Germany
GACP flower now trades at €0.40 to 1.20 per gram below 20% THC and €0.80 to 2.00 above it, while EU-GMP flower ranges from €0.85 to 1.95 below 20% THC and €1.30 to 3.15 above it. Germany ended statutory reimbursement of dried flower on July 30, affecting an estimated 65,000 patients, and the average price of dispensed products in pharmacies dropped from about €4.00 per gram in Q2 to around €2.80 in Q3. Import figures do not yet reflect the change. Revised BfArM data put Q1 2026 imports at 67.6 tonnes, a pace of about 270 tonnes for the year, against 201 tonnes in 2025, and the report calls Q3 data a real test of the reimbursement change.
As always, potency sets the price, with GACP offers rising by roughly €0.10 per gram for each THC point, demand for flower below 20% THC collapsing and aged lots clearing at distressed prices. Premium Canadian EU-GMP flower has held up best, with the top end down about 9%, in line with declared Canadian export values to Germany, which fell from C$2,954 per kilogram over February to April to C$2,677 over May to July. Portuguese processors charge about €0.30 to 0.80 per gram to bring GACP flower up to GMP standard, which the report says effectively sets the floor for the price gap between the two certifications.
In June, the state health office in Hesse questioned whether GACP flower can be processed under GMP after long-distance transit, arguing that GMP should apply from harvest, including drying and trimming. Under that line, importers will need documentation and SOPs showing where each step took place, by whom and under what conditions, with final sign-off by a German Qualified Person, and other states are believed to be considering similar steps, the report says.
“I think Canadian producers with their own EU-GMP certification or nearby certified facilities to cultivators come out ahead. GMP is a harvest certification and we have seen cold supply chains emerging to get ahead of possible changes,” he says. “Scaled, vertically integrated groups, such as Organigram/Sanity, High Tide/Remexian and Curaleaf, also come out ahead, and so do importers with clean documentation, German Qualified Person sign-off and state buy-in. I could foresee the emergence of hubs in Germany in favorable states.”
Organigram closed its acquisition of Sanity Group in April 2026, High Tide took a majority stake in Remexian Pharma in September 2025, and Curaleaf’s hostile bid for Aurora remains open until December 4.”I think pure upgraders in Portugal, Czechia, Malta and Switzerland get squeezed. Portuguese licenses already fell from 49 to 43,” he says.
“GACP-only exporters, whether Thai, Colombian or South African, get squeezed as well in the absence of EU-GMP groups coming online, and so do mid-sized operators without scale or certification,” he adds. Portugal exported about 66 tonnes in the first half of 2026. “I don’t believe those channels close overnight.”
UK and Switzerland
On the other hand, the UK saw the broadest increases. GACP flower holds at £1.25 to 2.25 per gram below 20% THC and has firmed to £1.60 to 2.85 above it, while EU-GMP flower holds at £2.25 to 3.50 below 20% THC and has risen to £2.30 to 4.05 above it, the highest top end in the report.
Declared values for Canadian flower shipped to the UK rose 13% between February to April and May to July 2026, to about C$2,547 per kilogram, and GCX applied about half of that increase because volumes are thin. Imports more than doubled to 30.1 tonnes in 2025, with 57% arriving direct from Canada. “Germany will remain the largest import market, but the price of entry and the proof required are both rising, and markets like the UK are where the strongest margins are still being made,” he writes in the report.
Swiss prices held steady too. GACP flower remains at CHF 1.50 to 2.00 per gram below 20% THC and trades at CHF 1.75 to 2.35 above it, while EU-GMP flower holds at CHF 2.00 to 3.00 below 20% THC and has edged up to CHF 2.50 to 3.65 above it.
THC-dominant preparations rose from 25% to 49% of prescriptions, which the report ties to the small increases at the top end, but with roughly 90% of patients paying out of pocket, the report says there is limited room for further price gains.
Australia and Thailand
Australian wholesale prices fell across every category. GACP flower now trades at A$0.85 to 1.60 per gram below 20% THC and A$1.10 to 2.50 above it, and EU-GMP flower ranges from A$1.30 to 2.60 below 20% THC and A$1.85 to 3.90 above it.
Domestic production rose 30.5% to 55.3 tonnes in 2025, inventories reached about 50.8 tonnes, the government cut the import quota from 101 to 88 tonnes, and low-cost Thai flower took a quarter of imports. Low-potency flower lost about two thirds of its dispensed volume between H1 and H2 2025, and declared Canadian export values to Australia averaged about C$1,117 per kilogram over May to July 2026, down 35% from the 2025 average.
In September, Thailand’s cabinet approved a bill restricting cannabis to medical and research use, with three-year licenses across the supply chain, and Thai flower still reaches Germany only in small volumes. “I don’t expect material volume in 2026, and I think 2027 is plausible if the Thai bill passes,” he says.
“What I see holding it back: no EU-GMP processing, which is the bottleneck; the bill is cabinet-approved but passage in the House isn’t guaranteed; immature export logistics and inconsistent quality, while buyers want secure long-term supply; early imports turned off German buyers and Thai growers are working to scale and build market trust. Australia only needs GACP, which is why Thai volume jumped there from 1.1 to 20.7 tonnes. For Germany, we expect Thai flower to arrive via Portugal or Czechia, so some is already hiding in ‘Portugal’ stats,” he says.
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