BLACK HILLS CONSORTIUM
Annual Report 2026
13 Entities · $52.0M Capital Raise · 51 Staff · 9 Partner Cities
Executive Summary
| Metric | Value |
|---|---|
| Revenue Y1 Floor | $71.7M |
| Revenue Y1 Ceiling | $439.5M |
| Revenue Y5 Floor | $291.0M |
| Revenue Y5 Ceiling | $1.6B |
| Valuation Y1 Range | $523.0M – $783.0M |
| Valuation Y5 Range | $1.9B – $2.9B |
| Capital Raise | $52.0M |
| Entities | 13 |
| Staff (AI-Equivalent) | 51 / 255 |
| CRM Accounts | 18,786 |
| Partner Cities | 9 |
| Campus Acres | 15 |
Entity Grid
| Name | Type | Category | Y1 Floor | Y5 Floor | Team |
|---|---|---|---|---|---|
| GrowWise | LLC | Technology | $60.5M | $202.3M | 18 |
| BHC | 501c6 | Community | $3.1M | $13.7M | 5 |
| Seed Foundation | 501c3 | Community | $1.9M | $7.7M | 3 |
| Outpost Media | LLC | Media | $1.8M | $11.0M | 4 |
| Seed Academy | LLC | Education | $1.2M | $16.5M | 3 |
| Pass Creek | LLC | Real Estate | $610K | $13.2M | 2 |
| THE OP | LLC | Community | $490K | $2.4M | 4 |
| Settle the West | Program | Community | $470K | $6.4M | 2 |
| Auric Labs | LLC | Technology | $410K | $3.7M | 2 |
| Grow Campus | LLC | Real Estate | $390K | $2.6M | 2 |
| Delegate Digital | LLC | Technology | $310K | $2.5M | 3 |
| THE CULT | LLC | Community | $270K | $7.4M | 2 |
| AdventureCap | Holding | Real Estate | $130K | $1.6M | 1 |
| TOTAL | $71.6M | $291.1M | 51 |
Financial Summary
Aggregate Revenue
| Metric | Value |
|---|---|
| Y1 Floor | $71.7M |
| Y1 Ceiling | $439.5M |
| Y5 Floor | $291.0M |
| Y5 Ceiling | $1.6B |
Top 5 Entities by Y1 Revenue
| Entity | Y1 Floor | Y5 Floor |
|---|---|---|
| GrowWise | $60.5M | $202.3M |
| BHC | $3.1M | $13.7M |
| Seed Foundation | $1.9M | $7.7M |
| Outpost Media | $1.8M | $11.0M |
| Seed Academy | $1.2M | $16.5M |
GrowWise Pricing Tiers
| Tier | Price |
|---|---|
| Starter | $699 |
| Solo | $1,299 |
| Growth | $1,799/loc |
| Enterprise | $2,499/loc |
| MSO | $2,499/loc |
Team Overview
51 staff / 255 AI-equivalent
Departments
| Department | Headcount |
|---|---|
| Executive | 8 |
| Engineering | 15 |
| Sales | 10 |
| Operations | 8 |
| Marketing | 6 |
| Education | 4 |
Benefits
- Minimum Salary: $145K — All positions, all entities
- Car Allowance: $1,500/mo — Field sales representatives
- Campus Perks: Full Access — 15-acre Grow Campus, Custer SD
- AI Leverage: 5x Output — Every role augmented with AI agents
Fully-Loaded Costs
| Role | Annual Cost |
|---|---|
| Technical | $179K |
| Field Sales | $229K |
| Executive | $272K |
Investment Overview
$52.0M Capital Raise
Investment Thesis
- 13-entity flywheel creates compounding value across technology, media, education, real estate, and community
- GrowWise SaaS platform addresses $39B cannabis market with 27,656 pipeline businesses
- 21% perpetual equity distribution creates automatic downstream funding
- AI-native operations: 51 staff output equivalent of 255 with AI leverage
- First-mover advantage in rural economic development technology
- 262 revenue streams across 13 entities — diversified floor with exponential ceiling
Use of Funds
| Category | % | Amount |
|---|---|---|
| GrowWise Product Development | 35% | $18.2M |
| Sales & Go-to-Market | 25% | $13.0M |
| Campus Infrastructure | 15% | $7.8M |
| Entity Operations | 15% | $7.8M |
| Working Capital & Reserve | 10% | $5.2M |
Investor Tiers
| Tier | Range | Key Benefits |
|---|---|---|
| Seed | $25K-$100K | Quarterly reports, Annual meeting access, BHC merchandise pack |
| Growth | $100K-$500K | Monthly reports, Advisory board eligibility, Campus visit + tour, Entity naming opportunities |
| Institutional | $500K-$5M | Weekly updates, Board observer seat, 3-day campus experience, Co-investment in entities |
| Strategic | $5M+ | Direct board seat, Entity co-ownership options, Strategic partnership integration, Custom reporting dashboard |
Return Projections
| Metric | Value |
|---|---|
| Valuation Y1 | $523.0M – $783.0M |
| Valuation Y5 | $1.9B – $2.9B |
| Revenue Multiple | 8x-12x |
Goals
| Goal | Current | Target | Progress % |
|---|---|---|---|
| Year 1 Revenue | $0 | $71.7M | 0% |
| Year 5 Revenue | $0 | $291.0M | 0% |
| CRM Accounts | 18,786 | 50,000 | 38% |
| Partner Cities | 9 | 50 | 18% |
| Staff (AI-Equivalent) | 255 | 875 | 29% |
| Campus Development | 15 | 50 | 30% |
| Entities Operational | 13 | 20 | 65% |
| Regional Economic Impact | $0 | $170.0M | 0% |
The 21% Perpetual Flywheel
Flywheel Connections
- growwise → auric-labs: 7% equity
- growwise → seed-foundation: 7% equity
- growwise → bhc: 7% equity
- bhc → settle-the-west: Funds marketing
- settle-the-west → pass-creek: Workers need housing
- pass-creek → the-op: Residents spend locally
- the-op → outpost-media: Content fodder
- outpost-media → growwise: Attracts investors
Entity Flywheel Roles
GrowWise: Revenue engine — funds 21% perpetual flywheel (7% each to Auric Labs, Seed Foundation, BHC)
BHC: Strategic brain — receives 7% GrowWise equity, coordinates all entities, manages capital raise
Seed Foundation: Community anchor — receives 7% GrowWise equity, funds charitable programs
Outpost Media: Content engine — documents everything, creates social proof, attracts investors
Seed Academy: Talent pipeline — trains workforce for all BHC entities and partner businesses
Pass Creek: Housing provider — accommodates workers relocated by Settle the West
THE OP: Street-level presence — local spending hub for residents and visitors
Settle the West: Growth engine — brings remote workers to Black Hills, generating downstream demand
Auric Labs: Innovation engine — receives 7% GrowWise equity, accelerates portfolio companies
Grow Campus: Physical hub — houses all entities, hosts events, provides co-working and residential space
Delegate Digital: Services arm — provides digital services to local businesses and BHC entities
THE CULT: Community builder — creates tribal identity and high-energy gathering points
AdventureCap: Tourism anchor — adventure tourism assets attract visitors and remote workers