Pilgrim Soul Financial Model
EdTech Startup Financials (Free Excel Download)
Cannabis brand positioned as the "creativity" category king - proprietary live resin blends, branded journals, and content ecosystem targeting the Creative Class.
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About this model
Pilgrim Soul is a cannabis brand built around creativity, proprietary live-resin blends, journals, and a broader content ecosystem. It targets a creative consumer identity rather than competing solely on commodity cannabis products, using physical goods and content to deepen the brand relationship.
The business has distinct product economics: cannabis vapes sold through dispensaries carried a stated 51% gross margin, while journals sold through web and Amazon carried 82%. It launched in California in 2021 and outlined a national roadmap across states including Oregon, Washington, Colorado, Illinois, and New York.
The model separates cannabis wholesale, DTC journals, and potential licensing revenue. Retail doors, SKU velocity, price, COGS, excise taxes, content, marketing, and state rollout determine margin, working capital, and the returns from national expansion.
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 Pilgrim Soul
pilgrimsoul.com
How to build a detailed financial model for Pilgrim Soul
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Pilgrim Soul model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Four proprietary live resin vape blends (No. 001–004): Creative Awareness, Creative Imagination, Creative Focus, Creative Reflection. Each is a 3-strain formula, 500mg, ceramic/rechargeable hardware.
- "Creative Thinking Journal" - guided journal sold DTC and via Amazon; top-500 Amazon bestseller (#452 in Dec 2021), 2,021 ratings at 5-star.
- Expert content platform (PilgrimSoul.com) ranking #1–#9 for top cannabis+creativity SEO terms.
- Creativity curriculum (online + journal exercises).
- Future: creativity sharing/community platform.
- Positioned as a "360° creative toolkit" - cannabis + content + curriculum + community.
Market
- 38 million members of the Creative Class in America
- $29.7 billion projected US cannabis spend by the Creative Class by 2025
- World Economic Forum: "Creativity is an essential skill for 2025"
- 30% of Americans make a living by being creative
- 70–80% of cannabis sales influenced by budtenders in dispensaries
- No SAM/SOM breakdown provided. No TAM source cited for the $29.7B figure beyond the deck claim.
Revenue model
- Cannabis products (vape blends): sold wholesale to dispensaries; gross margin 51%. Outsourced cultivation and manufacturing; in-house branding, product spec, and quality standards.
- DTC journals/curriculum: sold via PilgrimSoul.com and Amazon; gross margin 82% on DTC journals; AOV $52.35.
- Licensing (future): national brand licensing to multi-state operators (cultivators, manufacturers, dispensaries).
- Celebrity collaboration editions: e.g. Martin Lawrence Edition journal - audience expansion play.
- Advertising revenue potential: company notes ability to advertise on social media and Google (unlike pure cannabis brands) as a competitive advantage.
- Channel mix not broken out by revenue; website conversion rate 3.80%.
Traction & metrics
All from slide 20:
- $5.8M in revenue in first 15 months of active sales
- $4,600,000 annual sales for 2021
- 4 full-time employees as of November 2021
- $3M spent on social marketing (cumulative)
- 3.80% website conversion rate
- $52.35 average DTC order value
- 82% gross margin on DTC journals
- 51% gross margin on cannabis products
- 250,000-name database of creative cannabis users
- Amazon book rank #448 in December 2021
- 2021 Clio Award for cannabis brand design
- No monthly revenue cadence, no customer count, no retention/churn data in deck.
- Implied start of active sales: ~mid-2020 (15 months to approximately Q4 2021).
Unit economics
- DTC gross margin: 82% (journals)
- Cannabis product gross margin: 51%
- Average DTC order value: $52.35
- Total social marketing spend to date: $3M - implies blended CAC is high relative to 2021 revenue, but no customer count given so CAC is not calculable from deck.
- Blended gross margin: Not calculable (cannabis vs. journal revenue split not disclosed).
Competition / moat
- No named competitors shown. Deck claims "no brand today stands specifically for creativity" in cannabis.
- Stated competitive advantages:
- Exclusive cannabis blend formulas (proprietary strain matrix with AbstraxTech)
- SEO dominance for top 50 creativity+cannabis phrases
- Best-selling journal (brand credibility outside cannabis)
- Diverse revenue streams outside cannabis (allows digital ad spend)
- Licensable brand architecture
- Alliance with iconic creative leaders / celebrity collaborations
- In-house branding/design
Team & funding ask / use of funds
- Founder: Shawn Gold - former CMO at Lowell Herb Co. (cannabis), TechStyle Fashion Group (Fabletics, JustFab, SavageXFenty), Wattpad, MySpace; founding publisher of Weblogs Inc. (Engadget).
- No other named team members.
Recommended financial model
- Archetype + why: Hybrid DTC / cannabis CPG multi-revenue-stream P&L model. Two distinct product lines (cannabis vapes at 51% GM via wholesale/dispensary channel; journals/DTC at 82% GM via web + Amazon) require separate revenue and COGS modules. National expansion adds a licensing/royalty revenue layer in outer years. Closest archetype: consumer brand 3-statement with segmented product P&L + licensing ramp.
- Forecast horizon & granularity: 5 years (2022–2026), monthly for Year 1–2, annual for Years 3–5. Deck's expansion map runs to Q2 2023 - monthly granularity needed to model state-by-state rollout cadence.
- Key drivers & assumptions:
| Driver | Value / Rationale |
|---|---|
| 2021 revenue baseline | $4.6M |
| Cannabis product gross margin | 51% |
| Journal / DTC gross margin | 82% |
| DTC average order value | $52.35 |
| DTC website conversion rate | 3.80% |
| Revenue mix: cannabis vs. journal | ~70% cannabis / 30% journal; cannabis is primary revenue driver given wholesale distribution, but exact split not in deck |
| States live (Year 1, 2022) | 3–4 (CA active; OR/WA/CO per expansion map) |
| States live (Year 3, 2024) | 8–10 per map trajectory |
| Dispensary revenue per state per year | $500K–$1.5M depending on state size; calibrated to $4.6M CA + early multi-state |
| Licensing royalty rate | 5–8% of in-state wholesale sales; industry norm for cannabis IP licensing |
| DTC revenue growth rate | 30–50% YoY driven by SEO flywheel and database marketing to 250K users |
| Social marketing spend | 20–25% of DTC revenue; calibrated to $3M historical spend vs. revenue |
| Headcount growth | 4 FTE base (2021); scale to ~15–20 by 2024 as states added |
| OpEx (G&A, product dev, content) | $800K–$1.2M/year base, scaling with headcount |
| Capital intensity | Low - outsourced cultivation and manufacturing; mainly working capital for inventory and brand spend |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: State expansion slows (2 new states/year); DTC growth 15% YoY; licensing delayed to 2025. Key risk: regulatory changes, social ad bans on cannabis-adjacent content.
- Base: 3–4 new states/year per roadmap; DTC 30% YoY; first licensing deals in 2023. Breakeven by 2024.
- Bull: Rapid 6–8 state rollout; viral journal/celebrity collab drives DTC 60%+ YoY; licensing at scale generates meaningful royalty stream by 2024. National brand by 2025.
- Flex variables: state expansion pace, DTC revenue CAGR, licensing royalty rate, social marketing efficiency (CPM normalization).
- Required sheets / outputs:
- Assumptions - all drivers in one place, tagged by source
- Revenue build - three segments: (a) Cannabis wholesale by state, (b) DTC journal/merch, (c) Licensing royalties
- COGS & Gross Profit - segment-level margins; blended GM walk
- OpEx - headcount plan, marketing (social + content), G&A
- P&L (Income Statement) - monthly Year 1–2, annual Year 3–5
- Cash Flow - operating cash flow; working capital (inventory build for new states)
- State expansion tracker - timeline tab: state entry dates, revenue ramp curve, licensing vs. direct
- Scenario toggle - Bear / Base / Bull switcher on assumptions sheet
- KPI dashboard - blended GM%, marketing efficiency (revenue per $ social spend), DTC conversion, database growth
Frequently asked
Is the Pilgrim Soul financial model free?+
Yes. The Pilgrim Soul 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 Pilgrim Soul'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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