That's totally normal.
Eventually, all the leaves on that cane will turn brown and wrinkled like that and then fall off, and if the process has already started, it can happen really fast, as in a matter of two weeks, or it can happen much slower. When it happens fast, people usually freak and start watering the hell out of the plant, thinking it's dying, and that winds up killing it. As long as the cane itself stays green - greenish yellow, there's a possibility it can rebloom, so don't cut it once it sheds its leaves.