Single-use plastics are a major environmental hazard, which led Russell Gong and Achal Patel to come onto
Shark Tank 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 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.
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
After Russell and Achal secured a deal on
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.
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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!