At the end of the month (March 30, 2026), shareholders of one of the fastest growing Canadian licenced producers, Organigram Global, will convene to decide the fate of its proposed €250m acquisition of Sanity Group. 

The deal, announced in February, marks the largest bet on Europe’s largest medical cannabis market by a North American operator to date, and signals a bullish outlook on the European opportunity more widely. 

While perhaps the most significant, certainly from the European perspective, it is by no means the only major M&A deal to have been announced over the last few months. 

Just this week, German pharmaceutical cannabis company Canify AG and African medical cannabis cultivator MG Health Limited announced plans to merge. Canify’s announcement came just days after Tilray announced its $40m acquisition of craft beer giant Brewdog. 

These examples are just the tip of the iceberg. Since September 2025, over a dozen further significant M&A deals have been announced across the globe. 

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• September 19, 2025 – InterCure / ISHI (Botanico Ltd.) Financials undisclosed 
• September 2025 – High Tide / Remexian Pharma €27.2m for 51% stake (implying ~€53m full equity value) Your own reporting
• October 14, 2025 – Vireo / Schwazze convertible notes $62m for notes with ~$91m face value (30% discount to par); Vireo to acquire majority of Schwazze’s 63 dispensaries and 10 manufacturing facilities in Colorado and New Mexico
• December 9, 2025 – Cronos / CanAdelaar US$67m upfront plus EBITDA-based earnout 
• December 15, 2025 – Canopy Growth / MTL Cannabis C$179m enterprise value 
• December 22, 2025 – Vireo / Eaze $47m in base consideration, all-stock (84m subordinate voting shares at $0.56 per share)
• December 16, 2025 – Vireo / PharmaCann Colorado assets $49m all-stock plus assumption of certain liabilities
• December 30, 2025 – TerrAscend / Union Chill $13m total commitment 
• January 5, 2026 – Wyld / Grön Financials undisclosed 
• January 06, 2026 – Nabis / Humble Cannabis Solutions ~$33m 
• January 14, 2026 – Little Green Pharma / Cannatrek reverse takeover (all stock transaction)
• February 05, 2026 – Millstreet Credit Fund / Cannabist Virginia assets $130m loan-to-own 
• February 18, 2026 – Organigram / Sanity Group up to €250m (€113.4m upfront, earnout of up to €113.8m) 
• March 3, 2026 – Verdant Capital Partners / Native Roots 17 Colorado stores, financials undisclosed 
• March 2, 2026 – Tilray / BrewDog £33m for BrewDog’s global brand and IP, UK brewing operations, and 11 brewpubs across the UK and Ireland. 
• March 12, 2026 – Canify AG / MG Health Financials undisclosed 

With this in mind, it seems hard to argue that the long-touted ‘tidal wave’ of cannabis M&A deals is not now upon us.

But, as Mitchell Osak, strategist, consultant, and author of the Cannabis Management Review, argues, with thousands of companies operating across a fragmented global cannabis industry, ‘inevitably some M&A is happening’.

In his view, for this to represent a genuine wave, ‘lots of big, strategic deals that meaningfully influence sector revenue, market structures and the participant business performance’, must take place. 

Writing in a lengthy analysis circulated privately earlier this year, seen by Business of Cannabis, Osak argues that the industry is not yet financially or structurally healthy enough for that bar to be met. Balance sheets are too stretched, Schedule III too widely misunderstood, and the macro environment too precarious for anything resembling a tidal wave in 2026.

Yet not everyone agrees with that assessment. Veteran cannabis investor Seth Yakatan argues that the industry may already be in the early stages of a consolidation cycle. The mistake, he suggests, is expecting the next wave of cannabis M&A to resemble the headline-driven mergers that have defined other industries.

Click through to page 2 to read Mitchell Osak’s arguments in detail.