Cronos Completes Acquisition of CanAdelaar, Europe’s Largest Adult-Use Cannabis Company
Cronos Group has completed its acquisition of CanAdelaar B.V., the largest cannabis company in the Netherlands' Wietexperiment adult-use pilot program, for a base price of €57.5 million plus a cash earnout of 0.5x Normalized EBITDA in each of 2026 and 2027. The deal values CanAdelaar at roughly 1.4x net revenue and 2.9x Adjusted EBITDA on 1H 2026 annualized figures, giving Cronos the #1 market share in what it calls Europe's largest adult-use cannabis market. CanAdelaar's revenue has grown from €15.2M in 2024 to €41.6M annualized in 1H 2026, though Adjusted EBITDA annualized to €20.1M from €24.2M TTM amid rising competition as the pilot became fully operational.
Key figures
- Deal Value Usd
- €57.5 million (base purchase price)
- Earnout
- cash earnout of 0.5x CanAdelaar Normalized EBITDA in each of 2026 and 2027
- Ev to ebitda
- 2.9x Adjusted EBITDA (1H 2026 annualized)
- Ev to revenue
- 1.4x net revenue (1H 2026 annualized)
- Greenhouse sqft
- 540000
- Canadelaar net revenue 2024
- €15.2 million
- Canadelaar net revenue ttm sep 2025
- €40.6 million
- Canadelaar annual cultivation yield kg
- 20000
- Canadelaar net revenue annualized 1h 2026
- €41.6 million
- Canadelaar adjusted ebitda annualized 1h 2026
- €20.1 million
AI analysis
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