Cabinet Health Shark Tank Update

Cabinet Health Shark Tank Pitch

Russell Gong and Achal Patel appeared on Shark Tank Season 14, Episode 11, which aired on January 13, 2023, with You order over the counter and prescription drugs through their online pharmacy. You receive a reusable, glass medicine container and you get your pills in a sustainably produced compostable pouch.

Cabinet Health is listed in the Services category. In plain terms, the business is described as You order over the counter and prescription drugs through their online pharmacy. You receive a reusable, glass medicine container and you get your pills in a sustainably produced compostable pouch.

Cabinet Health asked the Sharks for $500,000 for 2.5%, implying a valuation of about $20 million.

On the show, Cabinet Health made a listed deal with Kevin O'Leary for $500,000 for 7% + 2% royalty.

If treated as straight equity, the listed deal works out to about $7.1 million implied valuation, down from the original $20 million implied valuation.

This pitch is included as context for the more important question: what happened after Shark Tank.

Cabinet Health After Shark Tank

Cabinet Health accepted the Kevin O'Leary and Tony Xu offer, pairing equity with a royalty structure around its refillable, lower-waste medicine packaging. (Cabinet Health Shark Tank Update

The business was already large by Shark Tank standards: later update coverage put annual revenue around $25 million and noted a beta prescription-drug service with roughly 100 customers. (Cabinet Health Shark Tank Update

By August 2023, Cabinet Health had placed over-the-counter products in more than 700 CVS stores, while the current site continues selling medicines in refillable glass bottles and compostable pouches. (Cabinet Health Shark Tank Update

Sources

Sources used for this page: Shark Tank API pitches