Cronos Group (CRON) Goes 7.6% 'High' on Cannabis Expansion in Europe

We recently published Small But Savage: 10 Stocks Delivering Outsized Gains. Cronos Group Inc. (NASDAQ:CRON) is one of the best performers on Tuesday.

Cronos Group jumped by 7.56 percent on Tuesday to finish at $2.69 apiece as investor sentiment was fueled by its cannabis expansion program with the full acquisition of a European company.

In a statement on the same day, Cronos Group Inc. (NASDAQ:CRON) said that its wholly-owned subsidiary entered into a definitive agreement to acquire CanAdelaar B.V., the largest cannabis company in the Netherlands, for $67 million with additional contingent consideration payable in cash based on 0.5x of CanAdelaar’s normalized EBITDA in 2026 and 2027.

“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,” Cronos Group Inc. (NASDAQ:CRON) Chairman, President, and CEO Mike Gorenstein.

“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,” he added.

According to the company, CanAdelaar currently cultivates approximately 20,000 kg of dried flower annually, and is the only industrial-scale greenhouse cultivator in the Wietexperiment.

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