The cancellation refers to the TM registration NOT the actual mark itself.
There are numerous instances in which a TM registration will be canceled / abandoned and yet the TM is still in commercial use by the mark holder.
And on a related note, it's sometimes possible for a TM registration to be "revived" after cancelation / abandonment. And furthermore, there's often nothing that precludes the mark holder from simply applying for the mark again; the date of first use is typically what counts, not when the mark was filed (some exceptions, such as intent-to-use filings).
In a nutshell, one should not assume it's safe until they are relatively sure the mark is no longer being used in commerce by the former mark holder and/or licensees.
Ron