Cronos Group announced Thursday that it has completed its acquisition of CanAdelaar, the largest marijuana producer operating in the Netherlands’ regulated recreational marijuana pilot program, according to the company.
The deal carries a base price of €57.5 million, subject to adjustments. Additional cash payments will equal half of CanAdelaar’s normalized earnings before interest, taxes, depreciation and amortization for each of 2026 and 2027.
CanAdelaar operates a 540,000-square-foot greenhouse facility in Voorne aan Zee, handling cultivation, processing, production and packaging. It supplies nearly all 69 coffee shops participating in the Dutch program, known as the Wietexperiment, Cronos said.
The acquisition gives Cronos a European production base for introducing its genetics and products to Dutch consumers. CanAdelaar’s existing management team will continue running the business.
Before closing, Cronos subsidiary CGM B.V. waived its contractual closing conditions. Seller Ring International Holding AG provided additional protections against certain regulatory and environmental liabilities, subject to contractual limits.
The pilot covers 10 municipalities, excluding Amsterdam. Marijuana produced through the program can only be supplied to participating coffee shops, and the framework prohibits imports and exports of marijuana products.
