Cabinet Health Update | Shark Tank Season 14

Single-use plastics are a major environmental hazard, which led Russell Gong and Achal Patel to come onto Shark Tank Season 14 and pitch their company, Cabinet Health. They were seeking $500,000 for 2.5% equity in their company aiming to make everyday mediences more accessible and package them in a more sustainable manner. The small equity amount immediately worried the sharks, but let’s see how the negotiations proceeded before we give you the Cabinet Health update. 

Shark Tank Cabinet Health Update

Cabinet Health Update

  • 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

Cabinet Health prides itself on its refillable pouches and medicine containers that can easily organize various different medicines all at the same time. The value has been seen by more than 700,000 customers to date, which was a lot more than the sharks expected.

Cabinet: Cough Relief for Adults, 60 Softgels, Plastic Free Refills, 8-Hour Daytime, Non-Drowsy, Long-Lasting Wet or Dry Bronchial Suppressant, Dextromethorphan HBr 15mg, Ages 12+

Cabinet Cough Relief comes in a reusable glass jar with child-resistant cap so you can order non-plastic, compostable refill pouches and refill your OTC cough relief needs while reducing waste.

We earn a commission if you make a purchase, at no additional cost to you.

Kevin O’Leary was the first shark to speak up about the $20 million valuation. Russell and Achal shared that Cabinet Health had grossed more than $14 million during the 2022 calendar year and claimed to be profitable on a per-unit basis.

The entrepreneurs proceeded to claim that they believed their company would be profitable in the third quarter of the 2023 calendar year. Other sharks were skeptical and believed that they would never get their money back. 

Barbara Corcoran, Mark Cuban, and Lori Greiner decided that they weren’t interested and dropped out. However, Kevin O’Leary and guest shark Tony Xu were both interested.

Russell and Achal asked them if they’d be willing to team up, and Kevin and Tony agreed. After some negotiations, they made a deal for $500,000 for 7% equity along with 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 Season 14.  

After Russell and Achal secured a deal on Shark Tank they received a lot of media attention and managed to bring a lot of new interest and customers to the business.

Cabinet Health is still operating in business, but the company is still not expected to reach overall profitability until late in 2023. However, with Kevin and Tony on the team, we expect the company to exceed expectations in the coming years. 

When we get more news on a Cabinet Health update, we will let you know. In the meantime, you can learn more on the official website.

For more updates on companies from Shark Tank Season 14 Episode 11, be sure to check the links below.

Additionally, don’t forget to check out our Season 14 products page too!