Cronos completes €57.5M acquisition of CanAdelaar, adding Dutch Wietexperiment cannabis leader

Cronos Group Inc.

Cronos and CGM B.V. closed the CanAdelaar purchase on Oct. 15, 2026, paying a base price of €57.5M plus cash earnouts of 0.5x 2026 and 2027 Normalized EBITDA.
CanAdelaar operates a 540,000-square-foot Dutch greenhouse and supplies nearly all 69 Wietexperiment coffee shops; 2024 net revenue was €15.2M and 1H 2026 annualized was €41.6M.
The parties deducted a proposed €12.5M DCMR odor penalty from the initial price; Ring indemnifies Cronos for Bibob revocation and odor issues up to €22.5M, plus €100k for edibles fines.
CanAdelaar's Bibob review decision from the Dutch Minister was still outstanding at closing; Ring indemnity notices are capped at Oct. 15, 2033, with €22.5M for Bibob/odor claims.
CanAdelaar's 1H 2026 annualized revenue was €41.6M and Adjusted EBITDA €20.1M, versus €40.6M revenue for the twelve months ended Sept. 30, 2025.

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