Cronos完成对欧洲最大成人用大麻公司 CanAdelaar的收购-动脉网

Cronos Completes Acquisition of CanAdelaar, Europe’s Largest Adult-Use Cannabis Company

GlobeNewswire 等信源发布 2026-10-15 10:59

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可切换为仅中文

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Cronos acquires CanAdelaar for a base purchase price of €57.5 million plus cash earnout of 0.5x Normalized EBITDA

Cronos以5750万欧元的基础收购价，外加相当于调整后EBITDA 0.5倍的现金对赌支付，收购CanAdelaar

in 2026 and 2027

在2026年和2027年

Establishes Cronos’ European platform with #1 market share

建立克罗诺斯欧洲平台，市场份额位居第一

in the largest adult-use cannabis market in Europe

在欧洲最大的成人用大麻市场

Enables borderless product strategy, leveraging investments in genetics, R&D, and product development

实施无国界产品战略，充分利用在遗传学、研发和产品开发方面的投资

TORONTO, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the “Company”), an innovative global cannabis company, today announced that it has completed its previously announced acquisition of CanAdelaar B.V. (“CanAdelaar”), the largest cannabis company operating within the Netherlands’ adult-use cannabis pilot program, the .

多伦多，2026年10月15日（环球电讯社）——创新型全球大麻公司Cronos Group Inc.（纳斯达克股票代码：CRON）（多伦多证券交易所股票代码：CRON）（“Cronos”或“公司”）今日宣布，已完成此前宣布的对CanAdelaar B.V.（“CanAdelaar”）的收购。CanAdelaar是荷兰成人用大麻试点项目中运营的最大大麻公司。

Wietexperiment

风洞实验

。

Under the terms of the definitive share sale and purchase agreement (the “Purchase Agreement”) announced on December 9, 2025, as amended, Cronos acquired all the outstanding shares of CanAdelaar for a base purchase price of €57.5 million, subject to closing and post-closing adjustments. In addition, contingent consideration is payable in cash in amounts equal to 0.5x CanAdelaar’s Normalized EBITDA in each of 2026 and 2027.

根据2025年12月9日公布的最终股份买卖协议（“购买协议”）（经修订）的条款，Cronos以5,750万欧元的基础收购价格收购了CanAdelaar的所有已发行股份，该价格须受交割及交割后调整的影响。此外，还应支付或有对价，现金金额等于CanAdelaar在2026年和2027年各年度的normalized EBITDA（经调整息税折旧摊销前利润）的0.5倍。

The base purchase price represents approximately 1.4x CanAdelaar net revenue and 2.9x CanAdelaar Adjusted EBITDA based on 1H 2026 annualized results..

基础收购价格相当于CanAdelaar净收入的约1.4倍，以及基于2026年上半年年化结果的CanAdelaar调整后EBITDA的约2.9倍。

“This is a milestone for Cronos,” said Mike Gorenstein, Chairman, President and CEO of Cronos. “With the completion of this transaction, we have established a meaningful and scalable platform in Europe’s largest adult-use cannabis market. CanAdelaar is the clear market leader in the

“这是Cronos的一个里程碑，”Cronos董事长、总裁兼首席执行官Mike Gorenstein表示。“随着此次交易的完成，我们在欧洲最大的成人用大麻市场建立了一个具有重要影响力且可扩展的平台。CanAdelaar是该市场的明确领导者。”

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小麦实验

, with a proven operational track record, strong management team, and leading market share. We are excited to welcome the CanAdelaar team to Cronos and accelerate execution of our borderless product strategy in the Netherlands. With our preparations well underway, we look forward to bringing our innovative, borderless products to Dutch adult-use consumers.”.

，拥有经证实的运营业绩、强大的管理团队以及领先的市场份额。我们很高兴欢迎 CanAdelaar 团队加入 Cronos，并加速在荷兰执行我们的无国界产品战略。随着各项准备工作稳步推进，我们期待将创新的无国界产品带给荷兰的成人娱乐消费者。”

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1 As defined in the Purchase Agreement.

1 如《购买协议》中所定义。

2 Market share measurement based on volume sold and revenue. Market share information provided by CanAdelaar management, based on their surveying of

2 基于销售量和收入的市场份额衡量。市场份额信息由 CanAdelaar 管理层提供，基于其调查

Wietexperiment

风洞实验

coffee shops in Q2 2026.

2026年第二季度的咖啡店。

3 Sources: Cronos and CanAdelaar estimates, Prohibition Partners, Statista, Hanf Journal, which compare the market size of the Wietexperiment to the market sizes of the adult-use cannabis markets in (i) Malta, (ii) Switzerland (within pilot programs across certain cities), and (iii) Germany (within non-profit communal cultivation associations)..

3 资料来源：Cronos 和 CanAdelaar 的估算、Prohibition Partners、Statista、Hanf Journal，这些资料将“大麻实验”的市场规模与以下地区的成人使用大麻市场规模进行了比较：(i) 马耳他，(ii) 瑞士（在部分城市的试点项目范围内），以及 (iii) 德国（在非营利性社区种植协会范围内)。

4 Based on CanAdelaar net revenue and CanAdelaar Adjusted EBITDA for the six months ended June 30, 2026, with Adjusted EBITDA reflecting an add-back of €0.2M of legal expenses in the period. Annualized figures were calculated by multiplying CanAdelaar’s results for the six months ended June 30, 2026 by two.

4 基于CanAdelaar截至2026年6月30日的六个月的净收入和调整后EBITDA，其中调整后EBITDA反映了当期加回的0.2百万欧元的法律费用。年化数据是通过将CanAdelaar截至2026年6月30日的六个月的结果乘以二来计算的。

They are not actual full-year results or forecasts. The underlying unaudited financial information was provided by CanAdelaar management and prepared under Dutch generally accepted accounting principles (“Dutch GAAP”). CanAdelaar Adjusted EBITDA is a non-GAAP financial measure..

这些数据并非实际的全年业绩或预测。基础未经审计的财务信息由CanAdelaar管理层提供，并依据荷兰公认会计准则（“Dutch GAAP”）编制。CanAdelaar调整后EBITDA是一项非GAAP财务指标。

“Joining Cronos is a natural next step for CanAdelaar,” said Christopher Martens, former CEO of CanAdelaar and newly appointed General Manager, Cronos Netherlands. “Our team has built a leading operation in the

“加入Cronos是CanAdelaar的自然下一步，”CanAdelaar前首席执行官、新近任命的Cronos荷兰公司总经理克里斯托弗·马滕斯表示。“我们的团队已经在

Wietexperiment

大麻实验

, and with Cronos’ product innovation and global resources, we are well positioned to serve Dutch adult-use consumers and support the continued success of the program. We believe the experiment provides an important opportunity to build a strong evidence base around the regulated production and supply of cannabis and to help inform the future development of Dutch cannabis policy.”.

凭借Cronos的产品创新和全球资源，我们有能力为荷兰的成人娱乐用途消费者提供服务，并支持该计划的持续成功。我们相信，此次试验提供了一个重要机会，围绕大麻的监管生产和供应建立坚实的证据基础，并为荷兰大麻政策的未来发展提供参考依据。”

The

这

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小麦实验

is a government-led adult-use cannabis pilot program designed to establish a closed, regulated cannabis supply chain across ten participating municipalities. Under the

是一项由政府主导的成人用大麻试点计划，旨在十个参与城市建立封闭且受监管的大麻供应链。在

Wietexperiment

大麻实验

, all 69 coffee shops (cannabis retailers) in the ten participating municipalities

，十个参与城市中的所有69家咖啡店（大麻零售商）

may no longer operate within the legacy ‘tolerated’ market and are required to source their cannabis products exclusively from the ten licensed producers. The framework prohibits the import and export of cannabis products and sales between licensed producers; cannabis produced under the program may only be supplied to coffee shops in the ten participating municipalities..

可能不再在传统的“被容忍”市场内运营，并且必须仅从十家持牌生产商处采购其大麻产品。该框架禁止大麻产品的进出口以及持牌生产商之间的销售；在该计划下生产的大麻只能供应给十个参与城市的咖啡店。

CanAdelaar is headquartered in Voorne aan Zee, Netherlands, and operates a 540,000-square-foot greenhouse facility encompassing cultivation, processing, production and packaging. The company supplies nearly all 69 coffee shops participating in the

CanAdelaar 总部位于荷兰的福尔讷安泽（Voorne aan Zee），运营着一座占地 540,000 平方英尺的温室设施，涵盖种植、加工、生产和包装业务。该公司为参与该项目的几乎全部 69 家咖啡店提供供应。

Wietexperiment

小麦实验

with a portfolio of cannabis products sold under its CanAdelaar Original Grow (“C.O.G.”) brand.

旗下拥有以CanAdelaar Original Grow（“C.O.G.”）品牌销售的大麻产品组合。

The completion of the acquisition positions Cronos as the leader in the

此次收购的完成使Cronos成为该领域的领导者

Wietexperiment

风洞实验

, Europe’s largest adult-use cannabis market, establishes a European operating platform for Cronos’ borderless product strategy, and provides Cronos a role in a thoughtfully designed regulatory framework for adult-use cannabis.

作为欧洲最大的成人用大麻市场，为Cronos的无国界产品战略建立了欧洲运营平台，并使Cronos在精心设计的成人用大麻监管框架中发挥作用。

CanAdelaar’s existing management team will continue to lead the business following the acquisition, operating within Cronos’ global framework. Cronos expects a smooth integration and will continue to focus on regulatory compliance, operational excellence, and responsible adult-use cannabis consumption..

收购完成后，CanAdelaar的现有管理团队将继续在Cronos的全球框架内领导公司业务。Cronos预计整合过程将顺利推进，并将继续专注于监管合规、运营卓越以及负责任的成人用大麻消费。

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5 CanAdelaar estimated coffee shop count within the

5 CanAdelaar 估算了咖啡馆的数量，在

Wietexperiment

大麻实验

as of October 2026.

截至2026年10月。

Transaction Overview

交易概览

Under the terms of the Purchase Agreement, the base purchase price is €57.5 million, subject to closing and post-closing adjustments. In addition, contingent consideration is payable in cash in amounts equal to 0.5x CanAdelaar’s Normalized EBITDA, as defined in the Purchase Agreement, for each of 2026 and 2027..

根据《购买协议》的条款，基础购买价格为5,750万欧元，需受交割及交割后调整的影响。此外，还需支付以现金形式的或有对价，金额等于CanAdelaar公司在2026年和2027年各年度的 normalized EBITDA（定义见《购买协议》）的0.5倍。

Immediately prior to closing, Cronos’ wholly owned subsidiary, CGM B.V., waived all its contractual closing conditions pursuant to an addendum to the Purchase Agreement. Ring International Holding AG, one of the sellers, provided additional indemnities in respect of certain regulatory and environmental matters, subject to contractual limitations.

在交割前夕，Cronos的全资子公司CGM B.V.根据《购买协议》的补充协议，放弃了其所有的合同项下的交割条件。卖方之一的Ring International Holding AG就某些监管和环境事宜提供了额外的赔偿保证，但受合同约定的限制约束。

Further details regarding the addendum are provided in the Company’s Current Report on Form 8-K regarding the acquisition..

有关该补充协议的更多详情，请参见公司就此次收购提交的8-K表格当前报告。

CanAdelaar Highlights

CanAdelaar 亮点

The only large-scale greenhouse cultivator in the

该地区唯一的大型温室种植者

Wietexperiment

风洞实验

, with the other licensed producers operating indoor grow facilities.

，其他持牌生产商则运营室内种植设施。

Current cultivation yield of approximately 20,000 kg of dried flower annually.

目前干花年产量约为20,000公斤。

Leading

领先

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风力实验

market share.

市场份额。

Sales commenced in the fourth quarter of 2023, with net revenue growing to €15.2 million in 2024, €40.6 million in the twelve months ended September 30, 2025, and €41.6 million annualized for the six months ended June 30, 2026.

销售于2023年第四季度启动，净收入在2024年增长至1,520万欧元，在截至2025年9月30日的十二个月内达到4,060万欧元，而在截至2026年6月30日的六个月内，年化净收入为4,160万欧元。

CanAdelaar Adjusted EBITDA of €6.9 million in 2024, €24.2 million in the twelve months ended September 30, 2025, and €20.1 million annualized for the six months ended June 30, 2026.

CanAdelaar 在2024年的调整后EBITDA为690万欧元，截至2025年9月30日的十二个月期间为2,420万欧元，截至2026年6月30日的六个月期间按年化计算为2,010万欧元。

The decline from the twelve months ended September 30, 2025 to the annualized result for the six months ended June 30, 2026 primarily reflects increased competition now that the

从截至2025年9月30日的十二个月期间到截至2026年6月30日的六个月期间的年化结果，这一下降主要反映了随着

Wietexperiment

大麻实验

is fully operational and all licensed producers are participating.

已全面投入运营，所有持证生产商均在参与。

Strategic Rationale

战略理由

The acquisition is expected to provide strategic and financial benefits that will further Cronos’ position as a leading global cannabis company, including:

此次收购预计将带来战略和财务效益，进一步巩固 Cronos 作为全球领先大麻公司的地位，包括：

Enabling Borderless Product Strategy:

启用无边界产品战略：

a platform to bring Cronos’ investments in genetic breeding, product development and brand portfolio to Dutch adult-use consumers. With over 60% of CanAdelaar’s revenue generated by cannabis flower,

一个平台，旨在将Cronos在基因育种、产品开发和品牌组合方面的投资带给荷兰的成人用消费者。CanAdelaar超过60%的收入来自大麻花，

Cronos sees room to expand the genetic offering and bring innovation into derivative product categories permitted under the

Cronos 看到了扩大基因产品供应并将创新引入相关衍生产品类别的空间，这些类别在以下规定下是允许的

Wietexperiment

风力实验

。

Competitive Positioning and Aligned Operations:

竞争定位与协同运营：

CanAdelaar has the highest market share

CanAdelaar 拥有最高的市场份额

十一

within the

在……之内

Wietexperiment

小麦实验

and is the only large-scale greenhouse cultivator of the ten licensed producers, providing an advantaged cost position and a differentiated value proposition.

并且是十家持牌生产商中唯一的大规模温室种植者，从而具备成本优势并提供差异化的价值主张。

Compelling Financial Profile:

令人信服的财务概况：

the base purchase price of €57.5 million

5750万欧元的基础购买价格

十二

represents approximately 1.4x net revenue and 2.9x CanAdelaar Adjusted EBITDA based on 1H 2026 annualized results.

相当于基于2026年上半年年化结果的约1.4倍净收入和2.9倍CanAdelaar调整后EBITDA。

Upside Through Potential Expansion of the Dutch Adult-Use Cannabis Program:

通过荷兰成人用大麻计划的潜在扩张带来的上行空间：

the

这

Wietexperiment

大麻实验

permits the regulated sale of cannabis for adult-use in ten Dutch municipalities (which do not include Amsterdam), covering 69 of a total of 562 coffee shops in the Netherlands and approximately 1.7 million residents of a total Dutch population of 18.1 million,

允许在荷兰十个市镇（不包括阿姆斯特丹）规范销售供成人使用的大麻，涵盖荷兰全国562家咖啡店中的69家，以及荷兰总人口1,810万中的约170万居民，

which could significantly expand the addressable market if the

如果

Wietexperiment

小麦实验

is extended to more municipalities or nationwide. Cronos is encouraged by the interim report on the

扩展到更多城市或全国范围。Cronos 对这份中期报告感到鼓舞

Wietexperiment

小麦实验

commissioned by the Dutch government and published in September 2026, which reported that initial experiences are predominantly positive.

受荷兰政府委托并于2026年9月发布，报告指出初步经验总体上是积极的。

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Thoughtful Regulatory Setup to Promote Responsible Adult Use:

审慎的监管框架以促进负责任的成人使用：

the

这

Wietexperiment

小麦实验

is well-designed and regulated to ensure product testing, quality control and transparency, as well as to allow cannabis sales to adult consumers only, serving as a potential model for other EU countries. Cronos is committed to the continuity of the

设计完善且监管得当，以确保产品测试、质量控制和透明度，并仅允许向成年消费者销售大麻，从而为其他欧盟国家提供一个潜在的典范。Cronos 致力于确保持续性

Wietexperiment

大麻实验

and cooperation with regulators, municipalities, and all industry stakeholders to ensure its long-term success.

并与监管机构、市政当局及所有行业利益相关方开展合作，以确保其长期成功。

Additional information regarding the transaction is available on Cronos’ website under “Investor Relations” and in the Company’s filings on EDGAR and SEDAR+.

有关该交易的更多信息，可在 Cronos 官网的“投资者关系”栏目以及公司在 EDGAR 和 SEDAR+ 上提交的文件中查阅。

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6 CanAdelaar management estimates.

6 CanAdelaar 管理层估计。

7 Market share measurement based on volume sold and revenue. Market share information provided by CanAdelaar management, based on their surveying of

7 基于销售量和收入的市场份额衡量。市场份额信息由CanAdelaar管理层提供，基于其调查

Wietexperiment

风洞实验

coffee shops in Q2 2026.

2026年第二季度的咖啡店。

8 Annualized figures were calculated by multiplying CanAdelaar’s results for the six months ended June 30, 2026 by two. They are not actual full-year results or forecasts. CanAdelaar net revenue is provided by CanAdelaar management, unaudited and prepared under Dutch GAAP.

8 年化数据系将 CanAdelaar 截至 2026 年 6 月 30 日止六个月的结果乘以 2 计算得出。这些数据并非实际的全年业绩或预测。CanAdelaar 的净收入由 CanAdelaar 管理层提供，未经审计，并依据荷兰公认会计准则编制。

9 CanAdelaar Adjusted EBITDA is a non-GAAP financial measure derived from unaudited financial information provided by CanAdelaar management and prepared under Dutch GAAP. Annualized figures were calculated by multiplying CanAdelaar’s results for the six months ended June 30, 2026 by two, with CanAdelaar Adjusted EBITDA reflecting an add-back of €0.2M of legal expenses for the six-month period..

9 CanAdelaar调整后EBITDA是一项非GAAP财务指标，源自CanAdelaar管理层提供的未经审计的财务信息，该等信息系根据荷兰公认会计准则编制。年化数据系将CanAdelaar截至2026年6月30日止六个月的结果乘以2计算得出，其中CanAdelaar调整后EBITDA反映了对该六个月期间内0.2百万欧元法律费用的加回。

10 CanAdelaar management estimate, unaudited, for twelve months ended June 30, 2026.

10 CanAdelaar 管理层估计，未经审计，截至2026年6月30日的十二个月。

11 Market share measurement based on volume sold and revenue. Market share information provided by CanAdelaar management, based on their surveying of

11 基于销售量和收入的市场份额测算。市场份额信息由 CanAdelaar 管理层提供，基于其开展的调查

Wietexperiment

大麻实验

coffee shops in Q2 2026.

2026年第二季度的咖啡店。

12 Base purchase price refers to the €57.5 million base amount before closing and post-closing adjustments including adjustments for CanAdelaar’s net debt position.

12 基础购买价格指在交割前及交割后调整（包括对CanAdelaar净债务状况的调整）之前的5,750万欧元基础金额。

13 Based on CanAdelaar net revenue and CanAdelaar Adjusted EBITDA for the six months ended June 30, 2026, with CanAdelaar Adjusted EBITDA reflecting an add-back of €0.2M of legal expenses in the period. Annualized figures were calculated by multiplying CanAdelaar’s results for the six months ended June 30, 2026 by two.

13 基于CanAdelaar截至2026年6月30日的六个月净收入和调整后EBITDA，其中CanAdelaar调整后EBITDA反映了当期加回的0.2百万欧元法律费用。年化数据是通过将CanAdelaar截至2026年6月30日的六个月业绩乘以二计算得出的。

这些并非实际的全年业绩或预测。基础未经审计的财务信息由CanAdelaar管理层提供，并依据荷兰公认会计准则（“Dutch GAAP”）编制。CanAdelaar经调整EBITDA是一项非GAAP财务指标。

14 Coffee shop count sources: count within the

14 咖啡店数量来源：范围内的计数

我

etexperiment

et实验

is CanAdelaar estimate as of October 2026, nationwide count source is Scientific Research and Data Center (WODC) of the Netherlands’ Ministry of Justice and Security, as of March 31, 2025; population source: Centraal Bureau voor de Statistiek.

CanAdelaar 的估算数据截至 2026 年 10 月；全国统计数据来源于荷兰司法与安全部下属的科学研究与数据中心（WODC），截至 2025 年 3 月 31 日；人口数据来源：荷兰中央统计局。

15 Source: Scientific Research and Data Center (WODC) of the Netherlands’ Ministry of Justice and Security, September 9, 2026;

15 来源：荷兰司法与安全部科学研究与数据中心（WODC），2026年9月9日；

https://www.wodc.nl/actueel/nieuws/2026/09/09/mogelijke-effecten-wietexperiment-nog-niet-vast-te-stellen

; translated from Dutch.

; 译自荷兰语。

About Cronos

关于 Cronos

Cronos is a global cannabis company focused on scaling leading consumer goods products through R&D and innovation. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS®, LIT™, Lord Jones® and C.O.G.

Cronos 是一家全球大麻公司，专注于通过研发和创新扩大领先消费品产品的规模。怀着以负责任的方式提升消费者体验的热情，Cronos 正在打造一个标志性的品牌组合。Cronos 多元化的国际品牌组合包括 Spinach®、PEACE NATURALS®、LIT™、Lord Jones® 和 C.O.G.

For more information about Cronos and its brands, please visit: thecronosgroup.com..

如需了解更多关于 Cronos 及其品牌的信息，请访问：thecronosgroup.com。

Forward-Looking Statements

前瞻性陈述

This press release may contain information that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements.

本新闻稿可能包含根据适用的加拿大和美国证券法律及法院判决（统称“前瞻性陈述”）所界定的“前瞻性信息”或“前瞻性陈述”。本文中所有非明确属于历史性质的信息均可能构成前瞻性陈述。

In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements.

在某些情况下，前瞻性陈述可以通过使用诸如“可能”、“将”、“预期”、“计划”、“预计”、“打算”、“潜在”、“估计”、“相信”等前瞻性术语，或这些术语的否定形式，或其他旨在识别前瞻性陈述的类似表述来加以识别。

Some of the Forward-looking Statements contained in this press release include statements regarding the integration of CanAdelaar and the anticipated strategic and financial benefits of the acquisition; Cronos’ borderless product strategy in the Netherlands; CanAdelaar’s future operations and management; the potential continuation or expansion of the Wietexperiment, its addressable market and its potential as a model for other countries; and the outcomes and financial effects of outstanding regulatory and environmental matters and related contractual adjustments and indemnities.

本新闻稿中包含的前瞻性陈述包括以下方面：关于CanAdelaar的整合以及此次收购预期的战略和财务效益；Cronos在荷兰的无国界产品战略；CanAdelaar未来的运营和管理；“大麻实验”（Wietexperiment）可能的延续或扩展、其可触达市场及其作为其他国家示范模式的潜力；以及未决监管和环境事项的结果与财务影响，以及相关合同调整和赔偿。

Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks. Forward-looking Statements are not guarantees of future performance, and actual results, performance or achievements may differ materially from those expressed or implied by them.

前瞻性陈述必然基于多项估计和假设，尽管管理层认为这些估计和假设是合理的，但它们本质上仍受制于重大的商业、经济和竞争风险。前瞻性陈述并非对未来表现的保证，实际结果、表现或成就可能与其中明示或暗示的内容存在重大差异。

A discussion of some of the material risks applicable to the Company can be found in the Company’s Annual Report on Form 10-K .

有关适用于本公司的部分重大风险的讨论，请参见本公司提交的10-K表格年度报告。

For further information, please contact:

如需更多信息，请联系：

Harrison Aaron

哈里森·亚伦

Investor Relations

投资者关系

Tel: (416) 504-0004

电话：(416) 504-0004

investor.relations@thecronosgroup.com