Cronos Group to Acquire Europe’s Largest Adult-Use Cannabis Company in $67 Million Deal

OG article by Anthony Martinelli

December 9, 2025

Cronos Group has announced a definitive agreement to acquire CanAdelaar B.V., Europe's largest licensed producer in the Netherlands' adult-use cannabis pilot program, for $67 million in cash. This deal grants Cronos full ownership of a company supplying nearly all coffee shops under the Wietexperiment, a regulated pilot launched in April 2025 for four years with possible extension. The agreement includes contingent payments based on CanAdelaar's EBITDA in 2026 and 2027. Cronos CEO Mike Gorenstein stated the acquisition establishes a strong European foothold, supports a borderless product strategy, and leverages CanAdelaar's rapid growth and the Netherlands' influence on global cannabis culture. The Wietexperiment mandates exclusive purchases from ten licensed producers, prohibiting imports, exports, and sales outside pilot boundaries. CanAdelaar operates a 540,000-square-foot facility in Voorne aan Zee, producing 20,000 kilograms of dried flower annually under the C.O.G. brand, including flower, pre-rolls, hash, and edibles. Revenue surged from $17.7 million in 2024 to $47.3 million for the 12 months ending September 30, 2025, with EBITDA at $28.2 million. The upfront price is 1.4 times trailing revenue and 2.4 times trailing EBITDA. The acquisition aligns with Cronos' goals of expanding its European presence, utilizing genetics and product development across markets, and capitalizing on the only industrial-scale greenhouse in the pilot.