Cronos Group Inc. announced on October 15, 2026, that it has completed the acquisition of CanAdelaar B.V., a private cannabis company operating in the Netherlands. The transaction was executed by Cronos’ wholly owned subsidiary, CGM B.V., following the unanimous approval of the Company’s Board of Directors. Under the terms of the amended Share Sale and Purchase Agreement, Cronos acquired all issued and outstanding shares of CanAdelaar.
The base purchase price for the acquisition is €57.5 million, subject to closing and post-closing adjustments. In addition to the base price, contingent consideration is payable in cash equal to 50% of CanAdelaar’s Normalized EBITDA for each of 2026 and 2027. The base price represents approximately 1.4x CanAdelaar’s net revenue and 2.9x its Adjusted EBITDA based on annualized results for the six months ended June 30, 2026.
CanAdelaar is the largest cannabis company operating within the Netherlands’ adult-use cannabis pilot program, known as the Wietexperiment. The company supplies nearly all 69 coffee shops participating in the program with products sold under its CanAdelaar Original Grow brand. CanAdelaar operates a 540,000-square-foot greenhouse facility and is the only large-scale greenhouse cultivator among the ten licensed producers in the program.
As part of the closing, an addendum to the Purchase Agreement was executed. This addendum waived all closing conditions and addressed specific indemnities. Notably, the parties agreed to treat a proposed €12.5 million environmental penalty notice issued by the Dutch regulator DCMR as indebtedness under the Purchase Agreement, deducting this amount from the estimated initial purchase price. The final penalty amount has not yet been formally imposed. Ring International Holding AG, one of the sellers, provided additional indemnities covering specific regulatory and environmental risks, with Ring’s liability capped at €22.5 million plus 50% of any excess over the €12.5 million deduction.
CanAdelaar’s management team will continue to lead the business following the acquisition. The company supplies cannabis to the Wietexperiment, a government-led pilot program designed to establish a regulated supply chain across ten participating municipalities. Cronos stated that the acquisition establishes a European platform for its borderless product strategy.
