Cronos Group has completed its acquisition of Canadelaar, the largest cannabis company operating in the Netherlands’ adult-use cannabis pilot program.
Cronos paid a base purchase price of €57.5 million, with additional cash earnout payments tied to Canadelaar’s normalized EBITDA in 2026 and 2027 at 0.5 times that figure each year.
Based on Canadelaar’s first-half 2026 annualized results, the purchase price works out to about 1.4 times net revenue and 2.9 times adjusted EBITDA.
Canadelaar posted €15.2 million in net revenue in 2024, then increased to €40.6 million in the 12 months ended Sept. 30, 2025, and €41.6 million on an annualized basis for the six months ended June 30, 2026.
Adjusted EBITDA followed a similar pattern: €6.9 million in 2024, rising to €24.2 million in the 12 months ended Sept. 30, 2025, before easing to €20.1 million annualized for the six months ended June 30, 2026.
The company said the decline from the 12-month figure to the annualized six-month figure reflected increased competition after the pilot program became fully operational and all licensed producers joined.
Canadelaar supplies nearly all 69 coffee shops participating in the Dutch program and operates a 540,000-square-foot greenhouse facility. It produces about 20,000 kilograms of dried flower annually.
Cronos said more than 60% of Canadelaar’s revenue comes from cannabis flower, giving the company room to expand into derivative products allowed under the program.
The acquisition gives Cronos a platform in Europe’s largest adult-use cannabis market and positions it as the leader in the Dutch pilot program. Following these announcements, the company's shares moved -1.25%, and are now trading at a price of $3.16. If you want to know more, read the company's complete 8-K report here.
