Cronos Completes CanAdelaar Purchase for €57.5 Million
The cannabinoid company closed its all-cash acquisition of the Dutch Wietexperiment leader to build a European platform and a borderless product strategy.
Cronos Group Inc. (CRON) completed its all-cash acquisition of CanAdelaar B.V., the largest cannabis company in the Netherlands’ adult-use cannabis pilot, for a base purchase price of €57.5 million plus a cash earnout of 0.5 times CanAdelaar’s normalized EBITDA in 2026 and 2027.
The deal gives Cronos a European platform with the No. 1 market share in what it described as the largest adult-use cannabis market in Europe, and a route to apply its genetics, research and product-development work across the Dutch program.
CanAdelaar is one of ten licensed producers in the Wietexperiment, a closed supply chain that began sales in the fourth quarter of 2023 and entered its experimental phase on April 7, 2025. The company operates a 540,000-square-foot greenhouse in Voorne aan Zee and is the only industrial-scale greenhouse cultivator among the licensed producers; the others run indoor facilities. It supplies nearly all 72 coffee shops in the ten participating municipalities with flower, pre-rolls, hash and edibles under its C.O.G. brand.
Cronos said the up-front consideration represented about 1.4 times CanAdelaar’s net revenue and 2.4 times EBITDA for the twelve months ended September 30, 2025, when the target reported net revenue of $47.3 million and EBITDA of $28.2 million. More than 75% of that trailing revenue came from cannabis flower, even as the Wietexperiment has also legalized certain edibles, vapes, pre-rolls and hash.
Mike Gorenstein, chairman, president and CEO of Cronos, said: “With the completion of this transaction, we have established a meaningful and scalable platform in Europe’s largest adult-use cannabis market. CanAdelaar is the clear market leader in the Wietexperiment, with a proven operational track record, strong management team, and leading market share. We are excited to welcome the CanAdelaar team to Cronos and accelerate execution of our borderless product strategy in the Netherlands.”
The parties had signed the share sale and purchase agreement on December 9, 2025, when Cronos said the deal was expected to close in early 2026. Closing conditions included Dutch regulatory clearances, license confirmations and a Bibob background check. The companies later extended the long-stop date to September 9, 2026, with no other material changes to the terms.
The Wietexperiment covers ten municipalities, excluding Amsterdam, and accounts for 72 of the 562 coffee shops in the Netherlands. Cronos said the program’s design limits cannabis to responsible adult use and that it is committed to cooperation with regulators and municipalities. It also pointed to upside if the Dutch government eventually expands the pilot to more municipalities or nationwide.