Lee’s Ghee

Lee Dares of Toronto, Ontario pitched Lee's Ghee, asking for $50,000 for 20% of her business. Lee's Ghee makes certified organic, flavoured clarified butter sold in seven flavours in stores and online, with jars priced around $21 and margins in the high 40% to low 50% range depending on flavour and size. The company had done $79,000 in sales to date, with Lee Dares handling her own distribution mainly in the Toronto area, though she had interest from distributors to expand out of province.

Michele Romanow and Manjit Minhas went out, citing early stage and concerns about whether the product was a lasting trend or a fad. Michael Wekerle also declined to make an offer, saying it was too early for him. Jim Treliving offered $50,000 for 50% of the business, giving his offer a time limit, but Joe Mimran offered $50,000 for 33%, which Lee Dares accepted before Jim Treliving's deadline expired.

In this season 12 follow-up, founder Lee Dares reported that Lee's Ghee had grown from about $70,000 in sales at the time of her original pitch to a projected $200,000 for the year, with the product now available in 158 stores across Canada including Healthy Planet and Whole Foods. She had established an e-commerce site, landed a national distributor, and begun working with a co-packer in Quebec, and was launching a new product line called Lee's Tea, all with ongoing support from her investor Joe Mimran.