HEHervé Financial Model
Consumer/DTC Startup Financials (Free Excel Download)
Luxury cannabis-infused edibles brand (French-themed macarons + patented Le Mirage hard-candy dispenser), raising growth capital to expand across North America.
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About this model
Hervé is a luxury cannabis-edibles brand built around French-inspired macarons and its patented Le Mirage hard-candy dispenser. Launched in February 2020, it seeks premium positioning through product design, packaging, and quality in a regulated consumer category.
The company primarily sells through wholesale cannabis dispensaries in Nevada, while planning expansion to Oregon, Michigan, California, Colorado, Canada, and a national CBD or hemp channel. It was raising $3 million of growth capital, so geographic rollout and compliance are material assumptions.
The model is a regulated CPG P&L built from retail doors, SKU velocity, wholesale price, COGS, excise taxes, distributor economics, and marketing. State launches, production capacity, retailer sell-through, and repeat purchase determine growth and margin.
A turnkey financial model
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.
About Hervé
How to build a detailed financial model for Hervé
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Hervé model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Hervé Signature Macarons: French macarons, 10 mg THC each, 3 per box (30 mg/box), 3 flavors (Raspberry, Chocolate, Salted Caramel), 23K gold-brushed, handmade, almond flour, gluten-free.
- Le Mirage dispensing system: Patented (US Patent App 62/986,166 + Industrial Design Patent) hard-candy edible dispenser styled as a lipstick/lip balm. Holds 5-piece insert, doseable, resealable, refillable, child-resistant, hygienic. Insert flavors are vegan, gluten-free, 2 cal/serving, no added sugar, beet-derived sweetener, room-temp stable.
- Both product lines are positioned as the only luxury cannabis edible brand; commanded Forbes, High Times, Business Insider, Marijuana Business Daily coverage organically.
- Awards: Jack Herer Global Cannabis Awards US Cup Dec 2020 - Best New Edible of 2020 (Macarons) and Best Hard Candy of 2020 (Le Mirage).
Market
- 15 US states + DC have recreational marijuana laws; 38 states + DC have medical marijuana laws.
- No explicit TAM/SAM/SOM dollar figures provided in deck.
- Deck references the "luxury edibles" sub-category as "largely untapped" and positions Hervé as first-mover.
- CBD/hemp national market cited as an additional addressable channel (online, retail, hotels, vending, pop-up) with no size figure given.
Revenue model
- Primary channel: Wholesale to dispensaries (B2B). Retailer applies ~2.5× markup.
- Pricing: Hervé avg $0.63/mg THC (vs. Premium Chocolates $0.33, Premium Gummies $0.32). Some SKUs command up to $1.07/mg at dispensary shelf.
- SKU count: 4 Le Mirage SKUs, plus macaron SKUs (3 signature + 2 special edition at time of deck).
- Le Mirage gross margin (wholesale): 60% on 2-pack inserts.
- Overall blended gross margin: 75%.
- Licensing (future): Royalty model for Le Mirage technology to third-party licensees; Hervé retains exclusive rights to supply dispensers + insert molds. Not included in 2021 forecasts per deck.
- CBD/Hemp (future): DTC online, national retail, hotels, vending, kiosks.
- Collaborations (future): Co-branded limited-edition Le Mirage with cannabis brands; distribution through partner channels.
Traction & metrics
- Launched Feb 14, 2020 in Las Vegas, NV.
- ~750 boxes sold in week 1 at Planet 13 alone.
- Dispensary count: Launch=10 → Pandemic low=3 → End Nov 2020=29 → End 2020=32.
- +290% dispensary footprint growth since launch; +970% since pandemic low.
- Revenues trending up MoM "despite a 97% drop in tourism to Nevada" - no absolute revenue figures disclosed.
- Avg sales per SKU (from chart, slide 17): Hervé ~$2,000/SKU (4 SKUs), Premium Chocolates ~$4,500/SKU (9 SKUs), Premium Gummies ~$1,500/SKU (6 SKUs).
- Overall gross margin: 75%.
- Le Mirage 2-pack insert gross margin: 60%.
- Retailer markup: ~2.5×.
- Launch media reach: 43.9M impressions; 673,000 social media views.
- By late 2020–early 2021: 77M+ total media impressions; 34M online reads in last 4 months; 60+ celebrity/influencer posts; 18.84% social engagement rate; 400% social media follower growth.
- 5 potential partners under NDA across new markets.
- 13M unique views on Thrillist (Feb 2021) mentioned.
Unit economics
- Overall gross margin: 75% (blended, all products).
- Le Mirage 2-pack inserts: 60% gross margin at wholesale.
- Retailer markup: ~2.5× (implying retail price is 2.5× Hervé's wholesale price).
- Hervé avg price/mg: $0.63 vs. competitors at $0.32–$0.33 - premium ~2× on $/mg.
- Max dispensary shelf price recorded: $1.07/mg.
- Automation efficiencies flagged as upcoming cost reduction driver.
Competition / moat
- Competitors referenced: "Premium Gummies" and "Premium Chocolates" (unnamed nationally recognized brands).
- Hervé moat: (a) Patented Le Mirage dispensing system (4 patents) - not easily replicable; (b) First-mover in luxury cannabis edibles sub-category; (c) State-ratified equipment, SOPs, packaging and shelf-stability certifications built up in Year 1; (d) Strong press/media flywheel (Forbes, High Times, Business Insider, Marijuana Business Daily); (e) Room-temp-stable inserts - compatible with all current US & Canadian cannabis edible markets.
- No direct luxury-cannabis edible competitor named.
Team & funding ask / use of funds
- Co-founder: Sébastien Centner (named in executive summary sign-off).
- No further team slide or bios present in deck.
- Funding ask: $3 million growth round.
- Use of funds / horizon: 24 months of expansion.
- Launch in 4–5 new cannabis markets
- Expand into national CBD/Hemp market
- Develop Le Mirage licensing model
- Form brand collaborations
- Implement manufacturing automation
- Leverage media for brand growth
Recommended financial model
- Archetype + why: Multi-revenue-stream cannabis CPG P&L with state-by-state market rollout module. Primary model is a wholesale CPG revenue build (SKUs x dispensaries per state x sell-through rate x wholesale ASP) with separate revenue streams for (a) existing Nevada ops, (b) new state launches, (c) national CBD/hemp channel, and (d) licensing royalties. This is an operating company with real (growing) revenues, strong gross margins, and a clearly staged expansion plan - a standard 3-statement operating forecast is appropriate. Not an M&A or SPAC deck.
- Forecast horizon & granularity: 5-year forecast (mentioned "5-year financial forecast" in deck executive summary). Monthly granularity for Year 1–2 (capital deployment + market launches); annual summaries for Years 3–5.
- Key drivers & assumptions:
- Nevada dispensary count: 32 at end of 2020; growth rate to full market
- Wholesale ASP per box/unit: $0.63/mg × 30 mg = ~$18.90/macaron box implied; Le Mirage 2-pack implied from 60% GM and COGS
- Gross margin - Macarons:
- Gross margin - Le Mirage inserts: 60%
- Gross margin - blended: 75%
- New market launch timing:
- Dispensaries per new market ramp:
- Sell-through velocity per dispensary per SKU per month:
- CBD/hemp channel revenue:
- Licensing revenue: Explicitly excluded from 2021 forecast per deck;
- OpEx: COGS (manufacturing labor, ingredients, molds, packaging); S&M (PR/influencer); G&A; automation capex in Year 1–2
- Automation capex:
- Fundraise: $3M at close; no valuation / equity terms disclosed
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: 4–5 new markets in 24 months, CBD/hemp Year 2, licensing Year 3
- Bull: Faster state rollouts (6+ states, MSO partnership accelerates), licensing deal signed in Year 1, automation reduces COGS → GM expands to 80%+
- Bear: 1–2 new markets only in 24 months (regulatory delays, partner issues), CBD/hemp deferred, licensing not signed; Nevada revenue growth constrained by lack of tourism
- Required sheets / outputs:
- Assumptions dashboard (all drivers in one place, flagged DECK vs. ASSUMED)
- Revenue build - by state/channel: Nevada | New States (one tab per state or cohort) | CBD/Hemp | Licensing
- COGS & gross margin build - by product line (Macarons vs. Le Mirage inserts)
- OpEx schedule (S&M, G&A, automation capex)
- P&L (monthly Y1–Y2, annual Y3–Y5)
- Cash flow & runway (critical - $3M raise, 24-month horizon; must show burn and when breakeven)
- Balance sheet (simplified; needed to track cash)
- Scenario toggle (Base / Bull / Bear)
- KPI summary: dispensary count by state, avg revenue per dispensary, GM%, EBITDA%, cash runway
Frequently asked
Is the Hervé financial model free?+
Yes. The Hervé model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Hervé's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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