Cronos to acquire CanAdelaar, Dutch cannabis market leader, for US$67M upfront plus earnouts

Cronos Group Inc.

Upfront consideration of €57.5M (US$67.0M) cash, plus earnout of 0.5x normalized EBITDA in 2026 and 2027.
CanAdelaar is the largest cannabis company in the Netherlands' adult-use pilot program (Wietexperiment), one of ten licensed growers.
Upfront consideration represents ~1.4x LTM revenue and ~2.4x LTM EBITDA (unaudited, Dutch GAAP, 12 months ended Sep 30, 2025).
Transaction expected to close in H1 2026, subject to regulatory approvals including Dutch Minister of Health and Bibob screening.
Acquisition unanimously approved by Cronos board; deal establishes footprint in Europe's largest adult-use cannabis market.

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