Cannabis wellness brand Wholeleaf made a significant appearance on Shark Tank India Season 5, where founder Shivraj Sharma shared the journey of building a government-licensed wellness brand utilizing Cannabidiol (CBD) as a hero ingredient.
Inspired by the need for better relief for chronic conditions, the brand showcased its “hero products,” including Orthodexil for arthritis and inflammation and Migroheal for migraines and headaches.
Entering the Tank, the founder sought ₹50 lakh for 2.1% equity, valuing the business at ₹23.8 crore. During the pitch, Shivraj revealed how the brand has built a high level of medical defensibility, procuring cannabis leaves from state government-licensed sources and holding all necessary manufacturing and free sales licenses.
To further strengthen its scientific backing, Wholeleaf has engaged in 13 total clinical trials, with two already completed and one near completion. These trials, involving 50–75 participants each, have shown impressive results, with 76%+ of patients reporting significant pain relief. This clinical-first approach helped the brand stand out as a serious contender in the medicinal cannabis space.
Sharing operational insights, the founder explained that Wholeleaf follows a robust multi-channel distribution strategy with a strong offline presence across 600 stores.
The brand’s channel split currently stands at 60% online (where 85% of sales come from their own website and 15% from Amazon) and 40% offline. A major driver of their offline success is Apollo Pharmacy, which contributes 90% of their offline sales and operates on a 30-day credit period.
On the financial front, Wholeleaf demonstrated an explosive growth trajectory. The brand’s annual run rate (ARR) skyrocketed from ₹50 lakh in April 2024 to ₹9 crore by October 2025. While the business currently reports a -17% EBITDA margin, the unit economics remain strong with a 75% gross margin and COGS at 25%. The current burn is primarily attributed to logistics and commissions (13%), aggressive marketing spends (49%), and overheads (30%).
According to the founder, the brand is already seeing early signs of customer loyalty with an 18% repeat customer rate. This retention, combined with their sharp revenue jump, signaled high market potential to the Sharks.
The brand successfully closed a deal on the show, securing ₹1.5 crore for 7.5% equity, valuing Wholeleaf at ₹20 crore. The investment was a joint deal backed by Aman Gupta, Kanika Tekriwal, and Namita Thapar, who were impressed by the brand’s clinical validation and scale.
