- Cronos acquires CanAdelaar for a base purchase price of €57.5 million plus cash earnout of 0.5x normalized EBITDA1 in 2026 and 2027
- Establishes Cronos’ European platform with No. 1 market share2 in the largest adult-use cannabis market in Europe3
- Enables borderless product strategy, leveraging investments in genetics, R&D and product development
[PRESS RELEASE] – TORONTO, Oct. 15, 2026 – Cronos Group Inc., an innovative global cannabis company, announced that it has completed its previously announced acquisition of CanAdelaar B.V., the largest cannabis company operating within the Netherlands’ adult-use cannabis pilot program, the Wietexperiment.
Under the terms of the definitive share sale and purchase agreement announced on Dec 9, 2025, as amended, Cronos acquired all the outstanding shares of CanAdelaar for a base purchase price of €57.5 million, subject to closing and post-closing adjustments. In addition, contingent consideration is payable in cash in amounts equal to 0.5x CanAdelaar’s Normalized EBITDA in each of 2026 and 2027. The base purchase price represents approximately 1.4x CanAdelaar net revenue and 2.9x CanAdelaar adjusted EBITDA based on the first half of 2026 annualized results.4
“This is a milestone for Cronos,” said Mike Gorenstein, chairman, president and CEO of Cronos. “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. With our preparations well underway, we look forward to bringing our innovative, borderless products to Dutch adult-use consumers.”
“Joining Cronos is a natural next step for CanAdelaar,” said Christopher Martens, former CEO of CanAdelaar and newly appointed general manager of Cronos Netherlands. “Our team has built a leading operation in the Wietexperiment, and with Cronos’ product innovation and global resources, we are well positioned to serve Dutch adult-use consumers and support the continued success of the program. We believe the experiment provides an important opportunity to build a strong evidence base around the regulated production and supply of cannabis and to help inform the future development of Dutch cannabis policy.”
The Wietexperiment is a government-led adult-use cannabis pilot program designed to establish a closed, regulated cannabis supply chain across 10 participating municipalities. Under the Wietexperiment, all 69 coffee shops (cannabis retailers) in the 10 participating municipalities5 may no longer operate within the legacy “tolerated” market and are required to source their cannabis products exclusively from the 10 licensed producers. The framework prohibits the import and export of cannabis products and sales between licensed producers; cannabis produced under the program may only be supplied to coffee shops in the 10 participating municipalities.
CanAdelaar is headquartered in Voorne aan Zee, Netherlands, and operates a 540,000-square-foot greenhouse facility encompassing cultivation, processing, production and packaging. The company supplies nearly all 69 coffee shops participating in the Wietexperiment with a portfolio of cannabis products sold under its CanAdelaar Original Grow (COG) brand.
The completion of the acquisition positions Cronos as the leader in the Wietexperiment, Europe’s largest adult-use cannabis market, establishes a European operating platform for Cronos’ borderless product strategy and provides Cronos a role in a thoughtfully designed regulatory framework for adult-use cannabis.
CanAdelaar’s existing management team will continue to lead the business following the acquisition, operating within Cronos’ global framework. Cronos expects a smooth integration and will continue to focus on regulatory compliance, operational excellence and responsible adult-use cannabis consumption.
Transaction Overview
Under the terms of the purchase agreement, the base purchase price is €57.5 million, subject to closing and post-closing adjustments. In addition, contingent consideration is payable in cash in amounts equal to 0.5x CanAdelaar’s normalized EBITDA, as defined in the purchase agreement, for each of 2026 and 2027.
Immediately prior to closing, Cronos’ wholly owned subsidiary, CGM B.V., waived all its contractual closing conditions pursuant to an addendum to the purchase agreement. Ring International Holding AG, one of the sellers, provided additional indemnities in respect of certain regulatory and environmental matters, subject to contractual limitations. Further details regarding the addendum are provided in the company’s current report on Form 8-K regarding the acquisition.
CanAdelaar Highlights
- The only large-scale greenhouse cultivator in the Wietexperiment, with the other licensed producers operating indoor grow facilities.
- Current cultivation yield of approximately 20,000 kilograms of dried flower annually.6
- Leading Wietexperiment market share.7
- Sales commenced in the fourth quarter of 2023, with net revenue growing to €15.2 million in 2024, €40.6 million in the 12 months ended Sept. 30, 2025, and €41.6 million annualized for the six months ended June 30, 2026.8
- CanAdelaar adjusted EBITDA of €6.9 million in 2024, €24.2 million in the 12 months ended Sept. 30, 2025, and €20.1 million annualized for the six months ended June 30, 2026.9 The decline from the 12 months ended Sept. 30, 2025, to the annualized result for the six months ended June 30, 2026, primarily reflects increased competition now that the Wietexperiment is fully operational and all licensed producers are participating.
Strategic Rationale
The acquisition is expected to provide strategic and financial benefits that will further Cronos’ position as a leading global cannabis company, including:
- Enabling Borderless Product Strategy: a platform to bring Cronos’ investments in genetic breeding, product development and brand portfolio to Dutch adult-use consumers. With more than 60% of CanAdelaar’s revenue generated by cannabis flower,10 Cronos sees room to expand the genetic offering and bring innovation into derivative product categories permitted under the Wietexperiment.
- Competitive Positioning and Aligned Operations: CanAdelaar has the highest market share11 within the Wietexperiment and is the only large-scale greenhouse cultivator of the 10 licensed producers, providing an advantaged cost position and a differentiated value proposition.
- Compelling Financial Profile: The base purchase price of €57.5 million12 represents approximately 1.4x net revenue and 2.9x CanAdelaar adjusted EBITDA based on 1H 2026 annualized results.13
- Upside Through Potential Expansion of the Dutch Adult-Use Cannabis Program: The Wietexperiment permits the regulated sale of cannabis for adult use in 10 Dutch municipalities (which do not include Amsterdam), covering 69 of a total of 562 coffee shops in the Netherlands and approximately 1.7 million residents of a total Dutch population of 18.1 million,14 which could significantly expand the addressable market if the Wietexperiment is extended to more municipalities or nationwide. Cronos is encouraged by the interim report on the Wietexperiment commissioned by the Dutch government and published in September 2026, which reported that initial experiences are predominantly positive.15
- Thoughtful Regulatory Setup to Promote Responsible Adult Use: The Wietexperiment is well-designed and regulated to ensure product testing, quality control and transparency, as well as to allow cannabis sales to adult consumers only, serving as a potential model for other EU countries. Cronos is committed to the continuity of the Wietexperiment and cooperation with regulators, municipalities and all industry stakeholders to ensure its long-term success.
Additional information regarding the transaction is available on Cronos’ website under “Investor Relations” and in the company’s filings on EDGAR and SEDAR+.
