Cronos closes €57.5 million purchase of Dutch grower CanAdelaar

Cronos Group Inc., the Nasdaq- and TSX-listed cannabis producer, said on October 15, 2026 that it had completed its acquisition of CanAdelaar B.V., the largest supplier in the Netherlands' regulated adult-use pilot program known as the Wietexperiment.

Cronos paid a base price of €57.5 million for all of CanAdelaar's shares, subject to closing and post-closing adjustments, under a purchase agreement first announced on December 9, 2025 and later amended, according to a company statement distributed by GlobeNewswire. The sellers will also receive cash payments equal to 0.5 times CanAdelaar's normalized EBITDA for each of 2026 and 2027. Cronos said the base price equals about 1.4 times net revenue and 2.9 times adjusted EBITDA on annualized first-half 2026 results.

CanAdelaar, based in Voorne aan Zee, runs a 540,000-square-foot greenhouse and supplies nearly all 69 coffee shops in the 10 municipalities taking part in the pilot. Net revenue was €15.2 million in 2024 and €41.6 million on an annualized basis for the six months ended June 30, 2026, while annualized adjusted EBITDA fell to €20.1 million from €24.2 million for the 12 months ended September 30, 2025 as rival licensed producers entered the market.

Mike Gorenstein, chairman, president and chief executive of Cronos, called the closing "a milestone for Cronos." Christopher Martens, formerly chief executive of CanAdelaar, becomes general manager of Cronos Netherlands, and the existing management team stays in place.

This story was first reported by GlobeNewswire.