Cronos Group is set to acquire CanAdelaar, one of the largest cannabis companies operating within the Netherlands' adult-use cannabis pilot program. Cronos is purchasing the Dutch adult-use grower for around €57.5 million, or US$67.0 million.
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"Our acquisition of CanAdelaar is a financially compelling and highly strategic transaction that will establish a strategic footprint in Europe and enable us to leverage our investments in borderless products," said Mike Gorenstein, Chairman, President and CEO of Cronos. "The Netherlands has a deep cannabis heritage, and its coffee shops are known worldwide to have played a foundational role in the evolution of the legal cannabis industry. European expansion is an important area of focus for us, and we were especially intrigued that the Netherlands legislated and established a responsible and well-functioning adult-use cannabis market with the Wietexperiment. We are excited to work with the Dutch government, regulators, coffee shops, adult consumers and all stakeholders to make the Wietexperiment a continued success. CanAdelaar's management team has rapidly and efficiently scaled the business into a clear market leader in Europe's largest adult-use cannabis market. This makes it an ideal fit for our borderless product strategy, as we seek to build upon the strong foundation that CanAdelaar has developed."
Canadelaar is one of the largest growers in the Netherlands. The company supplies cannabis products to almost all 72 coffee shops that participate in the cannabis experiment. Canadelaar also makes and packages edible cannabis products and supplies pre-rolled joints.
Recently, the grower made headlines following complaints from the local community about odor nuisance. CanAdelaar has also been fined €1M by both the municipality and the environmental authority.
For more information:
Cronos Group
76 Stafford Street, Suite 302
Toronto, Ontario 
M6J 2S1
(416) 504-0004
[email protected]
thecronosgroup.com
