Does creating the canvas at each frame is not bad for performance ?
You can also reset the blendMode at the end of the draw by using blendMode(NORMAL)
such as :
background(255);
translate(300,300);
rotate(radians(angle));
noStroke();
scale(2);
blendMode(MULTIPLY);
fill(255,0,0);
ellipse(30,30,60,60);
fill(0,255,0);
ellipse(60,60,60,60);
fill(0,0,255);
ellipse(60,30,60,60);
angle++;
blendMode(NORMAL);