About Atlantic Candy Company
Jared Whetstone is from St Augustine, Florida and he is in Shark Tank Season 8 to pitch his family business, Atlantic Candy Company. He is pitching while his dad is back running the plant. He has candy treat that includes a toy inside a chocolate egg. This candy is banned in the United States, but his father invented a safe solution to bring this candy back into the United Staes.
In the 1930's thought it was a good idea to put metal toys in solid milk chocolate bars. The capsule Atlantic Candy Company contains a two part egg, and is legally approved with the FBA. They have $2.5 million in sales last year. They had a ten year manufacturing agreement, but their is only two years of patent life left so they need to get to market now.
The money they made last year is from the licensee. they have production capacity of eighteen million, and are expanding to 100 million units. They are projecting $3.5 million this year, and has contracts for this year.
They are looking for Shark expertise to rush it to market.
Atlantic Candy Company Episode Data
- Company: Atlantic Candy Company –Website
- Entrepreneurs: Jared Whetstone
- Ask: $1,000,000 for 10% equity
- Episode Season 8 Episode 804
- Companies in this episode:
- First Aired: 10/14/2016
- Deal: No Deal
What do the Shark Tank Investors say about Atlantic Candy Company?
- Mark Cuban – He has to learn the retailers and the rush doesn't fit when he has to learn, so he is out.
- Daymond John – dealing with retailers pits you against others making it difficult to get this to market in time. He is out.
- Kevin O'Leary – says the value if you have customers and you have distribution is five to seven times after tax. He is out.
- Lori Griener – is concerned that your patent is running out, and you don't have any retail experience. She is out.
- Robert Herjavec – the company needs a salesforce and you don't have the time to develop the salesforce. He is out.
Atlantic Candy Company after Shark Tank
And the candy pitched on Shark Tank is on hold, because it appears their is dispute over the patent. The company they spoke with in Australia filed lawsuit against Whetstone and a counter is alleged. This looks like the Sharks avoided a lawsuit on this one.