Cabinet Health Update | Shark Tank Season 14
The pharmaceutical industry generates billions of single-use plastic containers annually, contributing significantly to environmental waste. To address this issue, Russell Gong and Achal Patel developed Cabinet Health, offering a refillable glass medicine container and compostable pouches for medications. Will the entrepreneurs convince the sharks to back their eco-friendly vision? Let’s dive into our Cabinet Health update and pitch recap to find out.
If you’re short on time, here’s a quick overview of what happened to Cabinet Health after
Russell and Achal entered
In terms of a Cabinet Health update, the company raised $217,640 through a crowdfunding campaign while also securing a retail partnership with CVS.
| Shark | Result |
| Tony Xu and Kevin O’Leary | Accepted offer of $500,000 for 7% equity + 2% royalty until $1 million was recouped |
| Lori Greiner | No offer |
| Mark Cuban | No offer |
| Barbara Corcoran | No offer |
Shark Tank Cabinet Health Pitch
- Entrepreneurs: Russell Gong and Achal Patel
- Business: Accessible and sustainable healthcare
- Ask: $500,000 for 2.5% equity
- Result: $500,000 for 7% equity + 2% Royalty
- Sharks: Tony Xu and Kevin O’Leary
Russell and Achal stepped into
They explained that the healthcare sector produces 190 billion single-use medicine bottles every year, of which only 3%–7% are recycled.
If lined up, these bottles could stretch from Los Angeles to Australia 325 times.
Furthermore, their solution was a compostable medicine packaging system that includes refillable, stackable, and space-efficient bottles.
These bottles come with magnetic labels that users can easily switch to identify the medicines inside.
The entrepreneurs demonstrated their product to the sharks, emphasizing its eco-friendly design and practicality.
In addition, their company is a Certified B Corporation and has developed the first compostable system for over-the-counter medicine packaging.
Consumers using their system save 20%–30% on their purchases.
Kevin O’Leary asked if sustainability was their main selling point, and Russell replied that Cabinet Health already had 700,000 customers.
When Kevin questioned their $20 million valuation, Russell and Achal revealed that their company had grossed over $14 million in 2022 and was profitable on a per-unit basis.
They projected $25 million in revenue for 2023, but due to scaling efforts, they would lose 10%. They believed they would reach profitability by the third quarter of 2023.
Despite their compelling pitch, Barbara Corcoran, Mark Cuban, and Lori Greiner opted out, expressing skepticism about the business’s long-term profitability.
However, Kevin and guest shark Tony Xu showed interest.
Russell and Achal asked if the two sharks would be willing to partner, and they agreed.
After negotiations, the entrepreneurs secured a deal for $500,000 in exchange for 7% equity and a 2% royalty until $1 million was returned to the sharks.
Let’s quickly get a Cabinet Health update to see how the company has been doing since its appearance on
Shark Tank Cabinet Health Update
Our Cabinet Health update found that within weeks of their episode airing, over 96,000 visitors flocked to the Cabinet Health website.
At the time of writing, there is no confirmation that the deal with Kevin and Tony has closed.
In August 2022, the company launched a crowdfunding campaign on the Republic platform, raising a total of $217,640.
Furthermore, in May 2023, the company expanded its retail presence by launching its sustainably packaged medications in over 700 CVS stores nationwide.
They launched into retail with 14 SKUs, including Allergy Relief and Pain Relief.
Moreover, Cabinet Health also beta-tested a prescription drug service with around 100 customers.
By mid-2023, research for our Cabinet Health update found that the company reported annual revenues of approximately $25 million.
It looks like things are headed in the right direction for another positive Cabinet Health update in the future!
For more on
Before you go, be sure to check out our list of all the Shark Tank Season 14 products.
Jeremy is a regular contributor at Shark Tank recap. He has a ton of passion for the show and enjoys researching information about what all the companies are up to now. His favorite Shark Tank companies are The Cookie Dough Cafe and Kronos Golf!