Juicy Box

Josh Brown, Tom Young, Dan McCushe and Jason Rose of Chelsea, QC asked for $10,000,000 for 33% of Juicy Box, a company that makes a vending-style machine allowing customers to mix custom e-liquid flavour combinations for vaping, with plans to adapt the technology for cannabis concentrate customization. The machines are leased to convenience stores; the company tested five stores, sold 180 units in the US since February and generated $74,000 in revenue over six months, and is negotiating with two of the largest convenience store retailers in North America. The team has raised $510,000 from friends and family and estimates it has built $5 million worth of R&D, projecting the deployment of 100 machines per month over five years to generate $50 million in revenue.

Michael Wekerle went out over the lack of founder financial stake and board control implications. Jim Treliving and Joe Mimran both said the $10 million valuation was too high given the early stage of the business. Michele Romanow suggested raising a smaller amount instead and went out. Manjit Minhas offered the full $10,000,000 but for 40% instead of 33%, which the founders declined, leaving the business without a deal.

We haven’t confirmed whether Juicy Box is still operating.