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Max Wölk
Platform · Infrastructure · AI/ML · Data · Business Portal
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CFO · Finance
Bouchra
Finance · Controlling · Cash · Reporting
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Before anything else
LET ME BE HONEST WITH YOU.
We built something remarkable in one of the hardest categories on earth. Regulated. Stigmatized. Complicated. And we were right to be cautious. Operating in a gray zone teaches you to protect what you have.
But caution has a shelf life. The numbers are no longer asking us to be careful. They're screaming at us to press.
For every €1 we spend acquiring a customer, we earn back somewhere between €27 and €62 over three years. We've been sitting on a money machine and treating it like a liability. That window of hesitation is officially closed. Today we talk about 2026 — and 2026 is the year we go.
The foundation
LOOK WHAT WE BUILT.
Every one of these numbers is a person who chose us over everything else on the shelf.
59,528
People trust us
Registered users through March 2026.
19,844
Of them, they buy
1 in 3 who sign up places a real order. For a regulated category, that's extraordinary.
€525K
We earned together
€282K in prescription fees + €243K pharmacy commission. All-time.
16×
Year-on-year buyer growth
807 buyers in 2024 → 13,042 in 2025. Q1 2026 alone nearly matched all of last year.
That last number — 16× — is not a rounding error. That's a launch. We are accelerating.
Why we stop being modest
THE MATH IS UNDENIABLE.
There's one number I want you to carry out of this room. I want it tattooed on the inside of your eyelids.
€8.35
What we pay to acquire one buyer — Meta-attributed.
€720–€3,620
What they give back
2025-Q1 cohort: €720 in platform GMV per person (still climbing). 2025-Q3 cohorts: tracking past €980. Our top 1,000 buyers: €3,620 each.
3.8× — 20×
LTV/CAC on real numbers
We pay eight euros. We get back thirty to a hundred and sixty-five. Observed. Measured. Not a model.
Every euro we don't put into acquisition at these returns is a euro we chose to leave on the table. 2026 is the year we stop choosing that.
First-time buyers, by quarter
THE POOL IS COMPOUNDING.
Every quarter is bigger than the one before it. Q1 2026 is already 7.4× the size of the second half of 2024.
First-time buyers per quarter
807
2024 H2
1,144
2025 Q1
1,815
2025 Q2
2,744
2025 Q3
7,339
2025 Q4
5,984
2026 Q1
80% of our buyer base has been with us less than six months. That's the whole story. We're not a mature platform with a leaky bucket — we're a young one with a filling one. The retention numbers you're about to see are on top of a denominator that's growing this fast.
Cumulative spend per buyer, by the quarter they signed up
NEWER COHORTS EARN MORE, FASTER.
Each line is a different batch of first-time buyers. Every new batch spends more per person than the one before it — and gets there faster. Q2 2025 hit €945 per buyer by month 12. Q4 2024 only hit €420. That's 2.25× more value per buyer in one year.
2024-Q4 · matured to €420
2025-Q1 · matured to €720
2025-Q2 · matured to €945
2025-Q3 · tracking €1K+
2025-Q4 · tracking highest
2026-Q1 · early but elevated
This is the most important chart in the whole deck. Every new buyer we bring in today is worth more than the one we brought in six months ago. Not a projection — measured. That's why the math on paid acquisition only points one direction from here.
19,833 buyers · how they actually behave
WHO'S IN THE POOL.
How our buyers actually behave, based on how they order. Superfan = ordering every week or so. Active Repeat = regular buyer. At Risk = dropped off but not gone. Churned = silent for six months. Plus a group whose pattern falls between our rules — we'll fix the rules, not panic about the people.
19,833
Buyers classified
Superfan2,375 · 12.0%
Active Repeat5,688 · 28.7%
At Risk5,685 · 28.7%
Churned (>180d silent)604 · 3.0%
Pattern between rules2,757 · 13.9%
One-Time / New2,724 · 13.7%
Forty percent of our buyers are Superfans or Active Repeats. They order every week or two. Read that twice — the average person on our platform isn't curious, they're loyal. True Churned is only 3%. That's the shape of a business with real product-market fit.
Who they are · how they buy · where we reach them
THEY'RE YOUNG, MOBILE, LOCAL.
Behaviour tells us what they do. These numbers tell us who they are. Every ad, every feature, every pharmacy we sign gets sharper once we know who we're actually building for.
72%
Age 18–34
Peak orders at age 25. Digital-native, not medical-establishment. They live on their phones and they expect the product to match.
52%
Native app
More than half of orders come from iOS or Android — not the browser. The app is our most important surface. Full stop.
60%
Pickup, not shipped
60% choose their local pharmacy. This is a neighbourhood product. Supply density isn't just convenience — it's the acquisition engine.
57% buy a single product per order. 98.6% buy flower. Average THC: 26.4%. Repeat-purchase, single-SKU-at-a-time. That's why retention compounds the way it does, and why Pillar 04 — supply density — matters as much as it does. Our job in 2026 is to put this experience in front of more of them.
Where our revenue actually comes from
28.6%
of all revenue comes from 5% of our buyers
Top-1,000 buyers
€3.62M
€3,620 average per buyer · lifetime spend
The other 18,833
€9.05M
€480 average per buyer · lifetime spend
The gap
7.5×
What a top-1,000 buyer is worth vs. the rest
One thousand people drive almost a third of everything we earn. That's a superpower, not a risk. We know exactly who to take care of — and every euro we spend finding more of them is worth many times what it would be at an average platform. Pillar 05 is how we protect these people. It's everyone's job in this room.
Top 1,000 · who they are inside
THIS IS THE WEDGE.
Who these 1,000 actually are. Over 82% are Superfans or Active Repeats — still ordering regularly. But 172 of them went quiet. That's the number to remember.
Class
In top-1,000
Revenue
Avg per buyer
Superfan
472
€1.94M
€4,110
Active Repeat
356
€1.08M
€3,034
At Risk (45–180 days quiet)
56
€179K
€3,196
Went quiet (>180 days)
116
€426K
€3,672
Total top-1,000
1,000
€3.62M
€3,620
828 of our top 1,000 are still ordering. But 172 stopped. These are people who spent €3,000+ with us each and drifted. If we get even 50 of them back in 2026, that's €180K of revenue we already earned once. This isn't a loyalty program problem. It's a phone call — and it's the most actionable item in this whole deck.
The product is working
FROM 14% TO 48%.
Month-one retention. November 2024 cohort versus January 2026 cohort. A 3.4× improvement in 14 months.
Month-1 retention by signup cohort
14%
Nov 2024
23%
Mar 2025
35%
Aug 2025
48%
Jan 2026
I want to be crystal clear about what this means. The product you're shipping today is a fundamentally better product than the one we shipped in November 2024. More than 3× the customers come back in month one. More than 3× come back in month three. This is not marketing. This is engineering, design, pharmacy operations, and support — all of you. Every other number in this deck compounds off this curve. And this curve is yours.
Mature cohorts plateau at ~30% through month 6 and 16% at month 12. That's ARR, not DTC decay. 76% of M1 retention survives to year one. We built something people keep coming back to.
Order & revenue distribution · by day of month
BUYERS ORDER AT MONTH-END.
Average daily orders and revenue, grouped by day-of-month across all elapsed months. Days 1–24 hover around 250 orders / day. Days 25–30 spike to 370–465 orders / day — a +55% lift versus baseline. Day 31 drops (only seven months have 31 days). This is a pay-cycle signal: post-payday, buyers top up.
Days 1–24 · baseline (~250 orders/day)
Days 25–30 · end-of-month spike (+55%)
Day 31 · only 7 months have 31 days (lower denominator)
This isn't noise — it's a pay-cycle. Over half of our monthly revenue lands in the last six days of the month. Three operational implications: (1) pharmacy inventory planning should align to this curve, not run flat; (2) Meta spend should skew earlier in the month to catch the consideration window before purchase intent peaks; (3) customer support staffing should scale for days 25–30. Behavioural signal we can plan around.
What we got wrong
187 SWEEDZ CAMPAIGN RECAP.
This one's on me. Full stop. I want to walk you through a deal that didn't work — and the story I told you about it last time, which was also wrong.
01 · What we spent
€250,000
A flat-fee deal with the 187 crew. Five members of the collective promoted us to their audience. Each had their own referral code so we know exactly who brought what.
02 · What we got
1,042 buyers · 115 kg · €685K
Their audience showed up. Over 4,100 people signed up with one of their codes — and 1,042 of them became real, paying customers. Between them they bought €685,000 of product from our pharmacies — above the platform-average basket. The audience was real. The audience was good.
03 · The honest number
We lost €150,000
Of that €685K their audience spent at the pharmacy, our share was about €99,500 — from prescription commission plus what the manufacturers pay us per gram sold. We paid €250K. Net, we lost €150K on the campaign. CAC: €240 per buyer. Meta is still €8.
Pillar 02 preview
39,676 PEOPLE ALREADY SAID YES.
They found us. They signed up. We paid to bring them to the door. They looked around... and didn't order. That's not a lost cause. That's an untapped inventory.
39,676
Stuck registrants
Already on the platform. Already qualified. Already paid for.
€2.5M
GMV if 10% convert
At our observed average basket. Conservative — many will order more than once.
€0
New ad spend required
We already paid the hardest part: getting them to sign up.
The hardest part — getting someone to sign up — is already done. We already paid for that. The question for 2026 is simple: what's standing between these 39,676 people and their first order, and can we remove it? Lifecycle email. Friction audit. A first-order incentive capped at €8. SMS re-engagement. Four levers. One very large unlocked door.
The plan
SIX PILLARS.THREE NO'S. ZERO AMBIGUITY.
We looked at everything. Here's what we're doing — and why we're not doing the rest.
No more guessing which channel works. UTMs. Live CAC dashboards.
45 days
YES
P04 · Pharmacy Monetisation
347 live · 280 on API · tiered plan (€50 basic / €250 premium). End free API. +€120–340K/yr recurring.
Q2
YES
P05 · BudsRewards Rebuild
Ask the 1,000 what they actually want. Then build that.
Q3
YES
P06 · Recurring Billing
Adyen + SEPA + Uber Direct. Turn pharmacies, manufacturers, and the top cohort into monthly revenue. +€240–680K/yr.
Q2
YES
Generic loyalty points
Industry default. Undifferentiated. No signal from our top 1,000 that this is what they want.
—
NO
Another flat-fee influencer deal
See slide 8. Until Pillar 03 is live, we don't write flat-fee checks. Period.
—
NO
International expansion
Germany is not won. Distraction until it is.
—
NO
Pillar 01
TIME TO POUR.
The biggest risk in 2026 isn't spending too much on acquisition. It's spending too little. We have proof that every euro returns €4–20. Now we scale it — responsibly, with guardrails, not recklessly.
How we scale
10× Meta budget over 90 days — phased, not cliff.
Add TikTok Shop and Pinterest as parallel channels.
30 ad variants per week minimum to find the 2–3 winners.
Monitor CAC daily. If per-buyer cost breaches €25, we pull back. No exceptions.
The guardrails
CPA-only partnerships — no flat-fee deals until Pillar 03 is live.
Payback target: ≤30 days on blended margin — meaning we pay back acquisition before the user's second order.
The unit economics are the most durable part of this plan. We don't gamble them.
Every euro we don't put in at these returns is a euro we chose to leave on the table. 2026 is the year we stop choosing that.
Pillars 02 & 03
RECOVER. INSTRUMENT.
Recover the inventory we already bought. See every euro we spend next.
P02 · Activate the 39K
Day-3, day-7, day-21 email flows tied to registration source. A first-order incentive capped at €8 — below incremental CAC. Opt-in SMS re-engagement (3–5× email response rates in regulated verticals). A full friction audit: pharmacy match, prescription confusion, shipping window.
Target: 10% recovery = 3,967 new buyers = €2.53M GMV · €0 new ad spend
P03 · Instrument Everything
Right now our CAC numbers come from Meta's own dashboard. That's fine today. It will not be fine at 10×. Before we pour, we measure. UTM every signup source. Live Metabase card per channel with auto-alerts when per-buyer CAC breaches €25. 30/90/180-day LTV curves by first-touch channel. Kill what doesn't pay back in 120 days.
€157K hole cost us. Pillar 03 is ~€40K. It pays for itself the first time we catch a bad channel.
Pillar 04
THE QUIET BUSINESS.
Most people think of us as a consumer platform. What most people don't see is the B2B business sitting underneath it — 347 pharmacies live today, 280 on API, ~175 with 50+ products — and it's about to flip from free to paid. That monetisation, compounded with manufacturer tiers, is a second business running on top of the first, at ~80% margin.
01 · Install base
347 live · 280 on API
This is the real number — not "zero signed, 150 in talks." 347 pharmacies are listed and live today. 280 are integrated via API. ~175 have 50+ products listed and are running real inventory through us. That's our paid-conversion pool.
02 · New tiered plan
€50 basic · €250 premium
Free API access ends. 1-month trial on new signups; 3-month grace for existing. Basic (€50/mo) unlocks API. Premium (€250/mo) adds visibility, analytics, and top placements. We go from €0 of pharmacy subscription revenue to a paying base in under 120 days.
Basic: €600/yr · Premium: €3,000/yr per pharmacy
03 · Pharmacy ARR · 3 scenarios
€120K → €340K / yr
Floor: 70% of 280 retain on basic → €118K/yr. Mid (plan): 80% retain, 25% of the serious 175 upgrade to Premium → ~€270K/yr. Stretch: full 280 retained, 40% Premium attach → ~€336K/yr. Plus manufacturer ladder (~€100K today, climbing).
The flywheel: consumer and B2B don't run in parallel — they feed each other. Every 10K new active buyers lets us raise what manufacturers pay ~15% and tightens the case for pharmacies to go Premium. The consumer business pays the rent. B2B — at ~80% margin — is what makes us rich.
Pillar 05 · BudsRewards
ASK THEM FIRST. THEN BUILD IT.
We're pivoting away from the current BudsRewards plan. Before we ship another feature, I want us to get on the phone with all 1,000 of our top spenders — especially the 172 who've gone quiet — and ask them what a rewards program should actually look like for them. Then we build that. Not what we assumed.
Why the old plan is dead
Generic points programs are a race to the bottom. The people we're trying to keep aren't sticking around for a 5% discount — they're sticking around because they get something they can't get anywhere else. We were building the wrong thing.
What we do instead
The next version of BudsRewards gets designed by the people it's supposed to keep. If the 172 who went quiet tell us why they left, we have a playbook — not a loyalty program. That's the whole difference.
No feature ships until we've had a hundred of these conversations. Product starts with listening this time.
Pillar 06 · Recurring Billing
ONE-OFFS → RECURRING.
Every euro we earn today is a one-off transaction — a prescription, a basket, a handshake invoice. That model ages badly. In 2026 we bolt recurring billing onto all three sides of the business — consumers, pharmacies, manufacturers — and turn one-time spend into monthly, predictable revenue. This is the infrastructure pillar that makes the other five compound.
01 · Consumer — Refill Club
+€180–280K / yr
57% of orders are a single product. 98.6% are flower. That's an auto-refill business hiding in plain sight. Opt-in monthly refill for our ~3K core + regular cohort, priced as either a subscription (€19.99/mo priority + curation) or a locked-price auto-reorder. Conservative attach: 15%. Stretch: 30%.
~100% margin on any subscription add-on. Auto-reorder lifts orders/buyer/yr by ~1.
02 · Pharmacies — Autopay SaaS
+€40–70K / yr
Pillar 04's tiered plan (€50 basic / €250 premium) lives or dies on collections. With SEPA mandate + Adyen on signup: +15% conversion from free-grace to paid, -5% involuntary churn, DSO drops from 45+ days to zero. On the €270K mid-case pharmacy base this is +€40K; at stretch (€336K base, heavier Premium mix): +€70K. Uber Direct plugs in on the same signup flow for same-day last-mile.
Every pharmacy signed in 2026 is autopay from day one. No exceptions.
03 · Manufacturers — Tier Autopay
+€15–25K / yr
The Silver → Diamond ladder becomes a real SaaS ladder: self-serve tier selection, monthly autopay, upgrade-in-app, usage-based overages. No more quarterly chase for €2.5K checks. Retention at Silver/Gold lifts ~15%; one in-app Diamond upgrade pays for the whole build.
Current mfr ARR ~€100K. Recurring lifts it ~15% on day one.
Total 2026 impact: +€240K floor · +€420K mid · +€680K stretch — all at near-100% margin. Build stack: Adyen (billing + SEPA + tier-upgrades) · Uber Direct (last-mile) · webhooks + Metabase. ~6 weeks of engineering, ~€15–20K one-time. Pillar 06 pays for itself inside Q1 on pharmacy autopay alone, then compounds every month after. Figures are best-estimate ranges, not booked ARR — to be validated against the actual cohort once billing is live.
The targets
THE NUMBER WE'RE BUILDING.
Three scenarios. One direction. All of them are multiples of where we are today.
€1.42M
Floor
50K new buyers · B2B flat. 2.7× last year's revenue. We don't cover fixed overhead here. This is the scenario that tells us we must move a lever. It's the floor — not the ceiling, and not acceptable as a final answer.
€3.25M ★
Plan — the one we're building
100K new buyers · pipeline converts. 6.2× last year. First profitable year. +€1.08M operating income. 25 pharmacies sign. This is the one we're building toward.
€6.50M
Stretch
175K new buyers · full pipeline. 12.4× last year. €3.54M operating profit on €6.5M revenue. Full pharmacy and manufacturer pipeline closes. That's the margin shape that wins an acquirer conversation.
Every B2B euro in Plan and Stretch has to be signed in 2026 — no contracted-ARR fiction. These numbers are real or they're nothing.
The Data Moat
WAYFINDER.
We built the only tool in Germany that learns exactly why someone consumes cannabis — and what they need. That data changes everything.
First-party motivation data · no competitor has this
Wayfinder · Part 1 of 3 · The Pipeline
QUIZ →MOTIVATION →MATCH.
01
User takes quiz
→
02
Captures why
→
03
Maps personality
→
04
Terpene match
→
FUTURE
AI-personalized site
Why they consume
Every quiz response maps to a specific motivation: relaxation, creativity, pain relief, sleep, social use, fitness, micro-dosing, or wellness.
Each personality maps to exact terpene/cannabinoid ratios. We know if they need high-myrcene sedation, limonene energy, pinene clarity, or balanced CBD.
Every user slots into a persona with a matching terpene profile. This isn't guesswork — it's a structured map that powers personalization and brand targeting downstream.
♪
Chill-Chaser
Myrcene + Limonene
✦
Connoisseur
High Myrcene
⚗
Microdoser
High Pinene
✺
Creative
Limonene + Pinene
✚
Healer
Myrcene + CBD
◐
After-Work
Balanced
➤
Athlete
Limonene + CBD
◆
Wellness
Balanced CBD
☾
Easy Dreamer
Myrcene + CBN
✧
Party-Goer
Limonene + Pinene
Wayfinder · Part 3 of 3 · The Monetization
THREE WAYS IT PAYS BACK.
The moat isn't the data — it's what we can do with it. Each of these is a revenue lever no competitor in Germany can match.
01 / Retention Lever
Personalized Rankings
Products sorted by terpene-profile match. A Healer sees CBD-forward; a Party-Goer sees energizing sativas. Better matches, higher repeat rates.
02 / Experience Lever
Dynamic Homepage
AI adapts hero content, blog recs, and education based on personality. The site feels built for each user — because it is.
03 / Revenue Lever
Brand Targeting
Brands target Wayfinder segments directly. A monetization channel no German competitor can offer — and it scales with every new user.
AI-FIRST.
This isn't a buzzword. It's our operating system.
How we work
AI-FIRST. NOT A BUZZWORD.
The old playbook — big teams, many layers, slow handoffs — was built for a world that doesn't exist anymore. Teams of 3–5 are now running entire verticals that used to need 30. We're going to be that kind of team. Not because we want to be small — because we want to be fast.
Principle 01
Build with AI, not around it
Every product decision starts with: "Can AI do 80% of this?" If yes, design the AI path first. Pharmacy onboarding. Support triage. Content at scale. AI-native by default.
Principle 02
10× output, not 10× headcount
Agents handle content generation, data analysis, support triage, code review. Your job is to steer — direct the tools, don't do the work the tools are already good at.
Principle 03
Every seat is a power user
There is no AI team. Everyone ships with AI tools. Prompt craft is a core skill, not a specialty. If you're not using AI daily, tell me — that's a gap we fix together, this quarter.
What I'm asking
HERE'S THE DEAL.
Four things I'm asking from each of you. And four things I owe back. I'll sign my name next to every one.
01 · You own more
Fewer layers, shorter meetings, more real decisions in your hands. Your call ships this sprint — not after three rounds of approval. In exchange, I owe you clarity on what "good" looks like and air cover when the call is hard.
02 · You multiply
One of you plus the right tools does the work of a team. That's the new bar — not "work longer," but "build more leverage." I owe you the budget, the training time, and the protected hours to actually get fluent.
03 · You shape the culture
In a team this size, there's no room to hide and no reason to. If something's wrong, say it early and say it to the person who can fix it. I owe you a room where that's safe — and I'll call it out if it stops being one.
04 · You grow with us
Being here, now, before the curve goes vertical — that's the window. I can't promise easy. I can promise the people who build 2026 with us are going to look back on this year as the one that changed their career. My job is to make sure that's true.
The close
DO WEED RIGHT.
No stigma. No shortcuts. No stereotypes.
A category that's been misunderstood for fifty years, being rebuilt by us, on purpose, in public. We are not the stoner stereotype. We are not a gray market. We are a legitimate platform connecting real patients with real medicine — and we're just getting started.
19,833 buyers already trust us. A million Germans are waiting for someone to get this right. We have the product. We have the data. We have the unit economics. We have each other.