Whatever Happened To PsiBands After Shark Tank?

Romy Taormina's efforts of getting a shark to invest in her acupuncture wristband product, PsiBands, initially left her empty-handed. However, the mild setback did little to halt her good-hearted mission of improving the lives of individuals who suffer from nausea. 

PsiBands is continuing to grow as a company as of 2023. The product's appearance on "Shark Tank" brought it massive exposure and it soon made its way to the shelves of major retailers such as Walmart, Target, Walgreens, CVS, and more. Despite having a website advertising its products, the company only sells online through Amazon. Additionally, Taormina and her product were featured on such notable outlets as CNN Money, BuzzFeed, and Inc. In 2018, Taormina received a STEP Grant, which allowed her business to explore international options. The same year, she presented her work at the Arab Health Exhibition, one of the Middle East's largest gatherings of healthcare experts, and got the PsiBand picked up by the leading maternity clothing retailer Destination Maternity. The company's annual earnings are estimated to be around $5 million. 

More than anything, Taormina obtained valuable lessons from her "Shark Tank" Season 4 appearance. In a 2019 CNBC interview, she reflected on the experience, saying, "Just when you think you have something dialed in, things change. The only thing constant is change. So, we all need to get comfortable with discomfort in business — and life." The entrepreneur certainly gained worthwhile knowledge from appearing in the tank, but it didn't come to her the easy way. 

Having suffered from severe motion sickness for months following two pregnancies, Romy Taormina set out to create her own alternative to typical acupuncture wristbands. The product provides a special form of pressure to the thumb which halts nausea, removing the need to take drugs. While similar products often look unappealing, PsiBands offers fashion as well as function with its wristwatch band design and array of colors. 

Taormina came onto "Shark Tank" with an offer of $250,000 for a 10% stake in the business. She informs the sharks that the business has brought in $1 million within the last year. Additionally, the company has 6,000 retail locations in the United States alone. However, her profits aren't stellar. Out of the $1 million, Taormina is only set to take $110,000 in profit, with much of the money going to back-end expenses. The company is also knee-deep in $600,000 worth of debt, which primarily consists of unpaid salaries to herself from the past years. 

Most of the sharks go out, citing her handling of the company's finances and discomfort with the product's effectiveness as concerns. Robert Herjavec is especially appalled by her claims that PsiBands helps those afflicted with cancer, telling the entrepreneur, "Every bit of my being cringes when you say that." The only one to make an offer is Kevin O'Leary, who demands 40% for the $250,000. Taormina refuses to budge from her stance and leaves the tank with no deal.