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"We are thrilled to make New York the foundational cornerstone of our platform, and believe that its outsized cultural influence, limited licence program, and pending implementation of adult-use sales make it a uniquely attractive state."Įtain, the New York cannabis market's only women-owned and -operated business, is one of the state's original five medical cannabis licence recipients and one of only 10 approved vertically integrated operators.
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Our plan is to grow the Etain brand while creating a platform to bring successful, authentic West Coast brands to New York," Mr. "I am excited for the future of RIV Capital and our mission of providing the highest-quality products for consumers. "By capitalizing on growth opportunities in New York's emerging market and building upon Etain's foundation in the medical space, we intend to accelerate our strategy and continue to deliver value for shareholders." "The pending acquisition of the Etain business is the first step in the execution of the RIV Capital strategy, shifting from an investor in the cannabis value chain to a full-fledged operator of licensed cannabis cultivation and dispensary facilities in the U.S.," Mr. "I also want to thank Narbé for his valuable contributions to RIV Capital, which allowed the company to reach this critical turning point in its journey, and wish him ongoing success in his future endeavours." and drive the next chapter of growth for RIV Capital," said Asha Daniere, Chair of RIV Capital's Board of Directors. We are confident that Mark has the operational and leadership chops to lead our transformational pivot into the U.S. Mark has deep experience in successfully building out teams and infrastructure in complex businesses and has extensive M&A experience from his prior roles at Scotts Miracle-Gro. "On behalf of the entire Board of Directors, I would like to congratulate Mark on this appointment. He replaces Narbé Alexandrian, who departs RIV Capital to pursue other opportunities. Sims is a current director of RIV Capital, a role he will retain, and most recently was Senior Vice President of Strategy and M&A for The Scotts Miracle-Gro Company (NYSE: SMG) ("ScottsMiracle-Gro"), where he also previously served as its CIO and head of business transformation.
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market and expansion into licensed adult-use operations in New York. In the order of hundreds of hours and legal and travel expenses in the neighborhood of $20,000 or more.RIV Capital also announced today that its Board of Directors has named Mark Sims as President and CEO of RIV Capital, to lead the company's formal entry into the U.S. It was a monumental waste of time for us. If I could start all over again, I would not have even approached TTV. If you are expecting them to handle syndication, don't. If you are considering a smaller VC like TTV, make sure you are clear about your expectations from the start. I hope my fellow entrepreneurs can learn from this lesson.
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And it soured most of the current crop of prospective investors who were circling and watching the TTV deal. Internal investors who were about to write checks didn't. Our investors saw the TTV deal implosion as a bad sign. TTV's decision to pull the rug out from under us almost destroyed our company. And so as quickly as the term sheet materialized, TTV retracted it. Getting two or three more to join on to a syndication and say yes in the 60 day period TTV gave us was just impossible. It was hard enough to get one VC to say yes - a six month process. Well, that might suit them but it was hell on us. This helps them confirm their funding decision through the decisions of institutional investor colleagues. The onus of syndicating falls on the company, not on them. I've since learned that this is common practice amount smaller VCs. Now that I understand what happened here, I can tell you that what they really issued to us a "hunting licenses," not a term sheet. But was it? TTV promised to fund only a small part of their own term sheet. And our many interactions with them bore fruit. I can't say enough good things about TTV's team.