Cannabis Dispensary Pro Forma
Consumer Excel Template (Free Download)
Turn store utilization, basket mix, compliance costs, and 280E tax treatment into a projected dispensary pro forma.
professionals from Deloitte
About this pro forma
This pro forma frames a license-gated cannabis retail operation for owners, investors, and lenders. Store openings, transactions, basket mix, delivery fees, product margins, budtender labor, security, compliance, and overhead flow into projected EBITDA and cash flow.
The underlying Excel engine preserves the defining IRC Section 280E treatment: federal tax on gross profit and state tax on EBIT. Use the projected outputs to assess a location, license opportunity, funding need, and regulatory-risk-adjusted value.
What every model includes
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
What's inside the Cannabis Dispensary Pro Forma
- Projected stores, transactions, utilization, and average basket
- Five-category product-mix revenue and delivery/online fees
- Category gross margins and inventory-driven cost of goods
- Budtender, manager, security, compliance, and overhead forecast
- 280E federal and state tax outputs with effective tax rate
- Unlevered cash flow, DCF enterprise value, equity value, and value per share
Formatted to IB standards
Named theme colors repaint the whole workbook in one click, on top of an investment-banking structure with clear input, output, and cross-sheet reference styling - brand-ready, institutional-grade, and fully auditable.
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Frequently asked
Who uses this dispensary pro forma?+
Dispensary operators, license applicants, investors, buyers, and lenders evaluating regulated retail economics.
What is modeled under 280E?+
Federal tax is charged on gross profit because ordinary operating expenses and depreciation are not deductible under 280E; state tax is charged on EBIT.
Are product categories separate?+
Yes. Flower, pre-rolls, vapes and concentrates, edibles and beverages, and accessories and CBD are projected separately.
Why is the valuation conservative?+
The projected tax drag and regulatory-risk premium flow through to cash flow and the DCF output.
Have more financial modelling questions? Contact us
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