Florida native Jared Whetstone appeared in Shark Tank Season 8 to pitch Atlantic Candy Company, his family business. In particular, his pitch revolved around a candy treat that’s enclosed inside a milk chocolate ball that’s safe for consumption. He explained that the traditional design was banned in the United States, but that his father’s new design could help bring the candy back to the States. Unfortunately, despite receiving sound advice from the sharks, Jared walked away without a deal after asking for $1,000,000 for 10% equity. This might leave you curious and wanting an Atlantic Candy Company update.
Here’s what we know of so far about what happened to Atlantic Candy Company after Jared failed to secure a deal.
Shark Tank Atlantic Candy Company Update
- Entrepreneur: Jared Whetstone
- Business: Surprise toy enclosed inside a milk chocolate ball
- Ask: $1,000,000 for 10% equity
- Result: No deal
- Shark: None
Jared entered the Shark Tank with a pitch that revolved around a product that had already made $2.5 million in sales worldwide the past year. As Jared explained, Atlantic Candy Company has a patented and FBA-approved design that puts toys inside chocolate-coated edible enclosures.
According to Jared, even though similar products were banned in the United States due to safety concerns, their new design could change this. After composing himself, Jared gave out samples that had tiny plastic toys inside the chocolate ball with a picture of each shark.
Jared then explained that the reason why their design is different than the banned one is that the chocolate doesn’t completely cover the egg, making it safer for children. After this, Jared broke down the numbers and revealed that the company only had two more years until its patent expired. Mark Cuban went out right after, saying that he’s not sure if Jared can handle retail and contract manufacturing. Daymond John agreed and went out as well.
On the flip side, Lori didn’t like that the patent is expiring and went out. Robert Herjavec followed suit with his concern being that Jared doesn’t seem to have a sales plan in place for the upcoming holiday season. Lastly, Kevin O’Leary bowed out, saying that the valuation was too high for the risk involved.
As you’ll soon learn in our Atlantic Candy Company update, Jared’s failure wasn’t all that bad. After leaving Shark Tank without a deal and faced with legal battles, along with an expiring patent, Atlantic Candy Company rebranded its product, calling it ToyBox.
The FDA-approved ToyBox chocolate uses a capsule design that encloses each toy inside organic, gluten-free, and non-GMO milk chocolate. It sells for $24 a box (12 pieces) and has quickly grown in popularity.
According to Atlantic Candy Company, ToyBox is available for purchase in Dollar General Stores, Claire’s, Walmart, Staples, and even Target. Unfortunately, we couldn’t find an estimated annual revenue for our Atlantic Candy Company update. However, we are glad to know that things worked out for Jared and his family’s business.
Before you go, be sure to check out some of the other Season 8 Episode 4 company updates:
For more on Shark Tank Season 8, be sure to check out our Season 8 Products page.