Cronos Group has completed its acquisition of CanAdelaar B.V., the largest cannabis company in the Netherlands' adult-use pilot programme, for a base price of €57.5m plus an earn-out, the company said on 15 October.
Why Cronos Group Inc. is buying CanAdelaar B.V.
Cronos said CanAdelaar is the clear market leader in the Wietexperiment and that the deal gives it a European operating platform. CanAdelaar's existing management team will continue to run the business.
Deal terms and financing
The €57.5m base price is subject to closing and post-closing adjustments, including for CanAdelaar's net debt. Contingent consideration is payable in cash, equal to 0.5x CanAdelaar's normalised EBITDA in each of 2026 and 2027. The parties had extended the long-stop date in May 2026 to allow time for Dutch regulatory clearance and licence confirmations.
Market context
CanAdelaar operates a 540,000 sq ft greenhouse in Voorne aan Zee with capacity of about 20,000kg of dried flower a year and supplies nearly all of the 69 coffee shops in the pilot. Its net revenue was €41.6m and adjusted EBITDA €20.1m on an annualised first-half 2026 basis, according to unaudited management figures.
