Built by Operators.
For a Market Others Avoid.
We came to this from the ground — operations, licensing, regulatory battles, and capital formation across the most contested, most misunderstood markets in the country. Two decades of that work built the thesis. This firm is how we act on it.
Built from the Inside
In 2006, SIVA Capital Founder Avis Bulbulyan entered the cannabis industry as an operator — cultivation, manufacturing, retail — at a time when the industry had no rules, no institutional capital, and no established playbook.
In 2012, when Massachusetts launched the first competitive state-level licensing process, the applications Bulbulyan submitted for his client scored highest in the state — a near-perfect 160 out of 163 points — and the results were impossible to ignore. That success formalized Bulbulyan Consulting Group, one of the first professional advisory firms in the sector.
In 2015, BCG became SIVA Enterprises — and over the following decade, SIVA built a track record that few in the industry could match: licensing, compliance, M&A, turnarounds, and capital formation across state markets as legalization expanded. When a state market opened, SIVA was on the front line.
Today, SIVA Capital is what over two decades of evolution has produced — operator knowledge deployed through a private equity structure built for LP returns.
The same dynamics that defined cannabis — regulatory complexity, stigma, and capital deployed by people who didn’t understand what they were buying — are now taking shape in psychedelics and behavioral health. SIVA Capital was built to fill that gap before the market prices it in.
The license is not the business, it simply authorizes an activity. Everyone who got that backwards — operator or investor — paid for it.
Avis Bulbulyan
Avis Bulbulyan has spent over twenty years at the intersection of cannabis operations, public policy, regulatory affairs, and capital formation. He has built licensed cannabis businesses, served as an expert witness in cannabis litigation, advised on M&A transactions, and shaped cannabis policy at the state and local level.
For over a decade, if you were serious about cannabis, his name came up. His work has taken him across CA, MA, NY, and more than a dozen other jurisdictions. He has testified before regulatory bodies, appeared as a subject matter expert in court proceedings, and worked with institutional investors as an independent authority on cannabis market structure. He has also been retained by court-appointed receivers to advise on distressed cannabis assets — experience that is directly relevant to how SIVA Capital intends to source acquisitions.
SIVA Capital is the next chapter — moving from advising on transactions to leading them.
Full background and track record at avisbulbulyan.com.
Top 10 Legal & Consulting Companies — Green Entrepreneur
THE TEAM
Operator Depth.
Institutional Discipline.
SIVA Capital is built on a deliberate premise: these markets require expertise that most capital allocators do not have. The firm combines deep cannabis and behavioral health operations, nine and ten-figure company-scaling experience, institutional fund management, legal and compliance infrastructure, and operating partners with sector-specific execution experience.
Full team bios and Investment Committee profiles will be announced at fund launch. They are available in the interim to qualified parties upon request.
- 20+ years operating in the most contested, license-dependent markets in North America
- Nine and ten-figure company-scaling experience
- Operating Partners — sector-specific execution for portfolio companies
- Investment Committee — capital deployment decisions are made collectively, not by any single manager
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