Cronos Group announced today that it has reached a definitive agreement to acquire CanAdelaar B.V., the largest licensed producer participating in the Netherlands’ adult-use cannabis pilot program.
The $67 million cash deal gives Cronos full ownership of a company that now supplies nearly every coffee shop operating under the Wietexperiment, the country’s tightly regulated adult-use pilot.
Cronos says the purchase will establish a strong European foothold at a time when the Netherlands is testing one of the most structured adult-use models in the world. The agreement includes additional contingent payments tied to CanAdelaar’s EBITDA performance in 2026 and 2027.
Mike Gorenstein, Cronos’ CEO, said the move positions the company to expand its “borderless product strategy,” pointing to CanAdelaar’s rapid growth and the Netherlands’ long-standing role in shaping global cannabis culture. He noted that the Wietexperiment creates a fully regulated supply chain and gives Cronos the opportunity to introduce proven product lines to a new consumer base.
The Wietexperiment, enacted in 2020, requires all 72 coffee shops across ten participating municipalities to purchase exclusively from one of ten licensed producers. Importing, exporting and sales outside the pilot boundary are prohibited. The experimental phase formally launched in April 2025 and is expected to run for four years, with the option for an extension.
CanAdelaar has quickly become the dominant participant in the pilot. Operating from a 540,000-square-foot greenhouse and processing facility in Voorne aan Zee, the company produces roughly 20,000 kilograms of dried flower per year and sells flower, pre-rolls, hash and edibles under its C.O.G. brand. Revenue grew from $17.7 million in 2024 to $47.3 million in the 12 months ending September 30, 2025, with EBITDA reaching $28.2 million over that same period.
Cronos says the acquisition is aligned with several strategic goals: expanding its European footprint, leveraging its genetics and product development work across multiple markets, and strengthening its competitive position by inheriting the only industrial-scale greenhouse operation within the pilot program. The upfront price represents roughly 1.4 times CanAdelaar’s trailing revenue and 2.4 times trailing EBITDA.
Company officials also highlighted the potential for long-term upside if the Dutch government eventually expands adult-use sales beyond the ten pilot municipalities. The Netherlands has more than 560 coffee shops nationwide, meaning the pilot currently covers only a fraction of the country’s total consumption market.
The deal has been approved by Cronos’ board and is expected to close in early 2026, pending regulatory clearance in the Netherlands.
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