Meet Ross O’Brien, founder of Bonaventure Equity

Bonaventure is a boutique enterprise capital agency centered on corporations within the hashish house

Enterprise capital was a cottage trade, with only a few investing in tomorrow’s services. Oh, how occasions have modified! Whereas there are extra startups than ever, there’s additionally extra money chasing them. On this collection, we have a look at the brand new (or comparatively new) VCs within the early phases: seed and Sequence A.

However simply who’re these funds and enterprise capitalists that run them? What sorts of investments do they like making, and the way do they see themselves within the VC panorama?

We’re highlighting key members of the neighborhood to seek out out.

Ross O’Brien is the Founder & CEO of Bonaventure Equity.

O’Brien is a lifelong entrepreneur and, by means of enterprise investing, is on a mission to be personally liable for co-creating 1,000 millionaires by means of entrepreneurship. He established his thought management in VC by means of authoring, “Hashish Capital,” one of many preeminent books serving to to coach entrepreneurs in hashish on the capital elevating course of. He’s a frequent contributor to the EMI media platform and is a decide on Entrepreneur’s Elevator Pitch internet collection program.

Previous to closing the primary BVE Choose Fund centered on hashish corporations, O’Brien served a bunch of household workplaces liable for all of their self-directed enterprise capital, non-public fairness and actual property investments and lead twenty-two (22) syndicated financings throughout a wide range of sectors and industries with a deal with healthcare.

He has a broad spectrum of personal firm experience starting from beginning and working excessive development companies, quite a few enterprise capital and personal fairness transactions, advising portfolio corporations on mergers and acquisitions transactions, and capital introductions.  He has taught entrepreneurship and finance at Florida Atlantic College, holds a number of board positions and has spent his profession primarily working with household workplaces and early stage development prepared founders.  He has been an advisor for packages on investing, entrepreneurship and impression investing at MIT (2011) and Harvard (2014) and was on the steering committee that launched TechRunway at Florida Atlantic College, the place they nonetheless train the Entrepreneurship Bootcamp program he initially designed and authored.

Previous to relocating to Florida, O’Brien labored on Wall Avenue with a boutique New York funding banking agency, was a Supervisor at Geller & Firm and an Assistant Vice President at JPMorgan Chase.  He was a founding father of a digital expertise firm, which he and his companions exited in 2006. He started his profession at Sony BMG and has worldwide expertise working within the UK, Europe, Hong Kong and Canada.

O’Brien earned an MBA from Fordham College and obtained a BS in Enterprise Advertising and marketing & Administration from Ferris State College. He lives along with his canine, Gibson, in West Palm Seashore Florida and enjoys motorcycling in his spare time.

VatorNews: What’s your funding philosophy or methodology?

Ross O’Brien: I’m a lifelong entrepreneur; I opened a restaurant once I was 19 years outdated again house in Canada, and have been bothered with the entrepreneurial illness ever since. I have been by means of an entire collection of startups since then, some I began myself, some that I labored for, and had an entire string of spectacular failures alongside the way in which. I began companies out of my studio residence in Manhattan, ended up in New York with a extremely good community of different younger entrepreneurs, and realized that I used to be most excited in regards to the range and selection within the forms of corporations and the founders I met. The one factor that all of them struggled with was elevating capital, and I had truly efficiently raised capital a number of occasions beforehand and I checked out that and mentioned, “That is one thing that I have not struggled with, perhaps that is the way in which that I can assist these different entrepreneurs.” I set about an investor in service of entrepreneurship profession path from there. 

That led me down the finance path. I used to be at JP Morgan for a interval, ended up at an accounting agency in New York, bought my MBA from Fordham, and ended up with a bunch of shoppers as a non-classically skilled funding banker, actually as a solution to get into the transactional world, aligned with a boutique dealer vendor. I began facilitating transactions as an middleman between non-public buyers and excessive development, early stage corporations, most of which have been in healthcare. Then this market emerged known as household workplaces, which I did not actually know that there was even a title for on the time, and I ended up build up this community of people, very rich and profitable entrepreneurs in their very own proper, who favored investing in non-public corporations and that turned my type of area of interest. I discovered, at the moment, that one of many issues that turned a power of mine was the flexibility to actually relate to different entrepreneurs and founders and administration groups and simply go a little bit bit deeper operationally, having had loads of operational expertise alongside the way in which. That’s one thing that we predict largely informs how we make investments at present as properly; we predict we’re very suitable with entrepreneurial groups since we perceive what it means to need to make a payroll on a Friday and never having sufficient money within the financial institution, and we will empathize with that. It permits us to only go deeper and be extra collaborative on phrases and that is one thing that, as an funding banker or as an middleman, was one thing that I actually constructed my profession round. I’ve lots of these relationships nonetheless to at the present time and loads of them have became buyers with us now as properly. 

Part three of my profession was transferring to Florida: a neighborhood household workplace who I had completed a variety of transactions with, and had a long run relationship with right here in Florida, introduced me into their agency. I labored straight within the household workplace as, for lack of a greater title, their Chief Funding Officer, and basically I used to be liable for all of their self directed enterprise capital non-public fairness and actual property. I used to be deploying capital from the households’ steadiness sheets and bringing in co-investors and placing collectively syndicated transactions on a one off foundation with a variety of corporations, once more, nearly all of which have been in healthcare. That funding cycle all the time had an expiration date and I am nonetheless very shut with that group and we work with loads of them who’re buyers with us now. We had a few good liquidity occasions, and I made a decision to remain in South Florida and set up Bonaventure Fairness which was first incepted as a fundless sponsor seven years in the past. As we began placing collectively transactions with our investor relationships, we realized that not having a dedicated fund at the moment, and being extra transactional, we actually wanted to have loads of ongoing engagement and connectivity with our buyers, most of which spent half or all the yr within the Palm Seashore space. So, we began placing collectively some actually genuine programming, and we ended up, by means of no design, truly internet hosting an entire collection of occasions for household workplaces. There’s every kind of teams on the market that host household workplace occasions and it is all service suppliers, so we had these relationships. We did not must undergo these pathways and that is germane to the story of the place we’re at present as a result of we did loads of surveying, and loads of speaking with our buyers, to seek out out the place they’re most enthusiastic about deploying their capital. Far and away, hashish had change into a sector that they have been both deploying vital capital in, or an area the place they meant to deploy vital capital.

So, once we launched our first hashish fund, it was as a result of our buyers have been directing us in the direction of that; I went again to a bunch of my companions and mentioned, “We will begin taking a look at hashish offers,” they mentioned, “No, we’re not, you are going to be a fund, we’ll spend money on the fund, go put collectively a portfolio and work out the optimum technique for enterprise capital in hashish.” That is actually essential to our story: we consider that we’re differentiated and nearly alone within the house in our deal with pure enterprise investing and the institutional strategy to enterprise capital investing, specifically in hashish. And so what meaning is we’re taking a look at collection seed, Sequence A and we wish to follow that; that is the place we have been profitable previously in different sectors. What you are going to discover in hashish is there are loads of neophytes which can be becoming a member of the funding sport simply because hashish is turning into accessible. At Bonaventure Fairness, now we have a platform, we’re not simply deploying capital; we understand that it is essential that, while you spend money on early stage corporations, they require loads of care and feeding. We have now a finance and operations staff that our corporations can leverage to scale up with them to offer actually subtle operational assist. We have now a ton of entry from a regulatory standpoint, not solely in our capability to diligence corporations, however our capability to have a seat on the desk as rules are being knowledgeable, which is essential for our investing technique.

We’re centered on the overlay of hashish and healthcare; we predict healthcare is now going into this transformation because of optimistic hashish laws and we additionally actually studied the house earlier than we made any investments. We checked out over 300 corporations earlier than we wrote our first verify and through that course of I truly wrote a guide known as Hashish Capital, which is the primary guide on enterprise capital for hashish. 

VN: What’s taking place within the heathcare house in relation to hashish?

RO: The way in which we take into consideration hashish as an funding technique is that, with the entry to hashish and legalization, there’s every kind of blue sky in creating the science across the crops and the chance for the plant to transition into prescription drugs and healthcare purposes and for novel therapies, and so on. We simply see that as being a very new alternative.

We begin with the pharmaceutical perspective; prescription drugs all originate in some capability earlier than they change into synthesized and replicated in a manufacturing facility, whether or not it is as a fungus or micro organism or a plant. And, at this level, we’re most enthusiastic about corporations which can be pioneering new, novel therapies for sure indications which can be going after FDA approval. We see that as being a large open house; the case examine for that’s Epidiolex, the primary and solely drug that is been permitted by the FDA derived from hashish. They have been only in the near past offered for $7.2 billion to GW Pharmaceutical. That is someplace the place we’re very enthusiastic about specializing in.

We consider hashish because the hashish economic system, not simply an trade, which was one thing that we wrote about within the guide and meaning we predict hashish has reached each boardroom of each firm, interval. So, while you have a look at healthcare, whether or not it is telemedicine and even simply prescription drugs or pharmacy itself, all of those incumbent companies are having to adapt in some vogue to what will find yourself being the medical utility of hashish. The science is coming again that it isn’t a query about whether or not or not hashish has purposes for sleep administration, ache administration, irritation, and PTSD. It is broad in scope, and so now, as that science is being developed, we wish to be within the economies which can be being constructed round that. That will also be revolutionary expertise corporations which can be delivering well being care outcomes to sufferers by means of gaining access to hashish.

VN: There’s clearly lots taking place in hashish politically. So how does that issue into your funding technique? The Senate simply launched laws to make it nationally legalized, and that is most likely not going wherever, however I am simply questioning how that impacts your investing technique.

RO: One of many core tenets of our funding thesis is that the federal government is essentially going to play the function of market maker on this house and, as laws turns into enacted, you are going to see markets open up in several states in several methods, whether or not it is medical or leisure. We’re very enthusiastic about that as a result of it is progressively opening up all these micro economies inside the broader US and world economic system which can be going to learn from that.

We’re most centered on monitoring the Secure Banking Act proper now; we’re not notably centered on federal legalization as a result of there’s an explosion of entrepreneurship on this house that does not have the standard entry to institutional capital. So, we wish to have the ability to monitor the regulatory momentum, each from a diligence standpoint but additionally function within the markets which can be going to be defining the rules going ahead. For instance, California has probably the most sturdy testing lab necessities within the nation proper now. Effectively, we see different states simply following go well with in that, however these necessities needed to be designed sooner or later to start out with and the sooner we will go within the design of the laws, the simpler we could be, and founders could be, in delivering on the enterprise alternative. 

VN: Are you saying you are going after the states or the markets, like California which can be main on this house?

RO: We’re wanting on the laws on a state by state foundation; we’re agnostic to the place the businesses are situated that we’re investing in. Relying on whether or not or not they contact the plant, and loads of them do not, we’re completely satisfied to spend money on corporations in any state. So, it is much less about the place the science is being developed, or the entrepreneurs are being cultivated, however reasonably simply monitoring to the extra sturdy or extra superior regulatory regimes on a state by state foundation that we predict will, finally, translate to different states as they give the impression of being to enact their very own laws.

VN: What’s the dimension of your present fund and what number of investments do you sometimes make in a yr? How a lot is that in greenback quantity for you?

RO: Our fund one has eight lively investments in it. We’re at present beginning to make investments out of our Fund II, which is a goal of $50 million, the place we can be making 12 to fifteen investments. Our funding sizes is $1 to $3 million de novo funding, with the flexibility to make follow-ons as properly.

VN: What traction does a startup want so that you can make investments? Do you will have any particular numbers when it comes to income or customers?

RO: We’re much less involved about income inflection factors. We have a look at it extra when it comes to having a line of sight to the subsequent milestone for the enterprise, and every enterprise goes to be completely different. We have now some companies which can be constructing mental property and truly growing science; one in all our corporations is the primary to map the genome of the hashish plant. There’s an entire scientific momentum behind that and so that’s not a income focused kind funding. 

The place we get most comfy is when an organization has made some vital funding, traditionally by means of family and friends and their very own sources, to get to not less than having a plan that exhibits what the commercialization technique is. So, we’re not the appropriate match to go spend money on a pitch deck that’s an thought and now they need to go construct one thing round it, however we predict we’re an excellent match for an organization that is simply beginning to convey enterprise funds onto their cap desk.

We now have some investments the place we’re at present the one fund investor, however have a variety of angels and capital companions alongside the way in which as properly. So, that is extra of our candy spot. We do not have a selected filter of sure income traction; we might prefer to see that there is an inflection level for income and we actually wish to perceive what the valuation curve is and, as we get into loads of the pharma and biotech corporations, which will by no means obtain income however nonetheless hit some vital valuation metrics alongside the way in which.

VN: You are not doing an thought on a serviette, so I might assume that you just wish to see some product at that time.

RO: Yeah, undoubtedly. The product is essential to grasp and it isn’t essentially a product that has large traction however, notably within the scientific-based corporations, we wish to have the ability to present that they are confirmed commercialization. In the event you go construct a bunch of IP and put it in a fridge someplace, does anyone really need entry to that? What’s the working example and what’s the case examine? When anyone opens up their checkbook and pays in your science to make use of it of their enterprise, that is a extremely thrilling place for an organization to be in. We have now an entire operations staff and sources that we convey to bear, so we’re trying to scale. Meaning being on the again of the serviette is simply too early for us, however to nonetheless have to determine among the commercialization or enterprise improvement technique is okay with us.

VN: What do you search for within the staff?

RO: We’re clearly staff centered, individuals centered, first. However, for us, there’s some nuance to that and a few very particular issues that we search for. One is expertise and the context of, not essentially having an exit previously, however having some monitor document of expertise, both in different corporations or having individuals on the staff which have among the muscle reminiscence of what it takes to be an entrepreneur. The rationale I wrote the guide was to be principally a handbook for entrepreneurs; we had so many entrepreneurs coming to us in hashish that did not even have the language. They have been like, “We’d like some cash,” and we’d say, “What’s your valuation?” and so they’d say, “What’s a valuation?” So, simply these baseline issues are actually essential to grasp. We wish to see expertise however expertise could be a part of the staff, not all of the staff. 

After which within the personalities, there are traits which can be a finest match for us; I am not saying that is the optimum archetype for each entrepreneur however the place we have been actually profitable, as a result of it matches the persona of our staff, are founders which can be very clear and really collaborative when issues do not go properly. There’s all the time going to be issues in each firm and the founders we’ve been most profitable with are those which can be keen to say, “we did not perceive this,” or, “we did not get it proper.” So, one of many ways in which we tease that out in taking a look at loads of the pitch decks is simply actually testing the enterprise thesis behind the enterprise mannequin that they are presenting to us. It is to not say that there is a proper or fallacious reply, we simply wish to perceive the acumen that went into making these selections as a result of fast selections need to be made with imperfect info and with out sufficient sources and with out sufficient time. That’s the dynamic of entrepreneurship. When an entrepreneur will get very immune to that suggestions, that is an enormous pink flag for us.

VN: What about expertise within the hashish trade, is that one thing that you just search for

RO: Not essentially. Look, I began taking a look at hashish transactions with the household workplace most likely six or eight years in the past. We simply did not see a maturation but within the administration groups that was equal to administration groups that we noticed in different, extra incumbent industries, like healthcare. So, we’re very cautious to not go too far within the course of a ton of hashish expertise as a result of most hashish expertise is constructed round advocacy. I imply, the hashish sector has been getting it on ballots and now we have gratitude and thankfulness for everyone that has completed that, and that is arduous work, however we spend money on enterprise acumen not advocacy acumen. We have seen some nice combos in our administration groups of those that convey individuals from different sectors into the hashish house with a selected expertise that now interprets to the enterprise fashions which can be rising. And, sure, it’s important to have that authenticity and that muscle reminiscence of understanding how issues function, however we’re not as centered on it as anyone who’s investing in retail or cultivators. That is outdoors of our investments scope.

VN: As you mentioned, hashish is a reasonably new and nascent house, in order that will get me to my subsequent query, which is about valuations. Since hashish is one thing that’s solely been round for lower than a decade, how do you see valuations within the house? Are they comparatively low in comparison with different areas as a result of individuals aren’t as acquainted? And do you see them rising? 

RO: Our perspective is that valuations have been overheated in hashish, definitely in 2018 and 2019, and what we noticed taking place was this pleasure and investor exuberance to take part as a result of now hashish is authorized. So, we noticed lot of untimely IPOs, corporations going IPO in Canada and hitting these large valuations as a result of the retail investor wanted and wished an urge for food for hashish companies, and nearly turned a blind eye to the underlying fundamentals of companies that should not be public. We noticed corporations going public with little or no income and probably not public administration groups; we simply wished to avoid that. We type of checked out that as like a Klondike mentality that was not in our DNA. So, we went gradual to go quick. 

There was a reset in October 2019 within the public markets in hashish, which definitely helped, and now that we’re seeing issues stabilize. Quite a lot of the businesses that we see which can be in what you’ll consider as hashish, like cultivation and retail and provide chain and types, they’ve priced loads of the long run worth, or the long run development alternative, into their present valuations, notably within the public markets. We’re much more centered on M&A exits, non-public fairness exits down the road, and people valuation curves that are going to be extra thrilling, that means that we do see valuations coming again to Earth on the sooner stage. The truth is that there is so many alternatives to spend money on that if valuation turns into a sticking level, we will transfer on to the subsequent transaction, so we do not have to overpay for something at this stage.

VN: How have been valuation affected over the past 18 months valuations by COVID? When COVID first hit there was loads of concern in enterprise capital that they weren’t going to have the ability to deploy their capital, however 2020 turned a document yr. And 2021 has nearly matched that already, in order that undoubtedly didn’t occur. So, how did COVID have an effect on valuations within the hashish trade?

RO: Quite a lot of corporations did extraordinarily properly. As with all correction, there’s loads of attrition however that is simply pure; it isn’t distinctive to hashish, it occurs in each trade and in each economic system. And, sure, the strongest survive when it comes to being a Darwinian enterprise thesis. So, we did see some attrition however that is most likely wholesome in the long term. After which loads of the incumbent corporations, the pioneering corporations which were of their completely different sectors, noticed vital will increase in enterprise over the pandemic. 

Look, all of it stems from two issues: one, retail hashish was deemed a necessary enterprise in loads of states and so that you noticed simply this large holiday-level kind gross sales developments. The pandemic accelerated loads of issues in our world, however in hashish it accelerated the speed of pro-cannabis laws. So, with these two belongings you get loads of financial development inside the non-public firm sector inside hashish

VN: Was that resulting from elevated psychological well being points that arose from the pandemic? Is that a part of why that laws was quick tracked? What have been among the different causes for that?

RO: That is fascinating, we’ve not actually unpacked the psychological well being perspective, though that is definitely one thing that we’re centered on philosophically, and likewise as a result of Psilocybe is in our funding thesis as properly. We did not actually have a look at the correlation of regulatory velocity to psychological well being consciousness, but it surely’s an fascinating level and I might prefer to suppose extra about that. However, largely what’s driving it’s that the experiment’s over. If you wish to create tax income, you legalize hashish, and loads of states and communities are in search of methods to create extra sources of earnings. In the event you legalize hashish and are capable of tax it, that is a symptom of that.

VN: There are a lot of enterprise funds on the market at present, how do you differentiate your self to restricted companions?

RO: A few issues. One, now we have a monitor document and have some efficiency now within the house that is, candidly, monitoring quicker than we thought it might and is going on quicker than extra incumbent enterprise methods. Two, we have constructed a platform, not simply not only a move by means of of capital; now we have operational sources, we get hands-on with the businesses that we spend money on, now we have regulatory entry that can finally assist inform rules, which provides us, we predict, an unfair benefit within the regulatory arbitrage. And we’re the one enterprise fund that’s cannabis-centric, to our data, that has remained according to a enterprise investing technique. You’re not going to see the enterprise kind returns within the extra established areas, like cultivation, for instance, which had their moments in time. So, for us, we predict that the enterprise returns are sticking within the earlier stage, whereas loads of the funds in our house have both gone upstream, and name themselves non-public fairness now, or began SPACs or no matter it may be. We follow our knitting and there’s a lack of institutional capital for the best high quality entrepreneurs that we have ever seen. On account of of the guide, and our platform, we get off market, actually prime quality, unbelievable administration groups coming to us to accomplice with us.

VN: Enterprise is a two-way avenue, the place buyers additionally need to pitch themselves. How do you differentiate your fund to entrepreneurs?

RO: That is one thing we talked about with loads of our founders, as a result of now we have many different capital companions; we’re not the only investor in any firm that we’re in. We all the time say that the very first thing that you just wish to search for in a enterprise investor is operational expertise. There are loads of funding funds which can be conventional finance profession paths and that is nice and that works in some respects; we’re not making an attempt to financially engineer success, however we’re making an attempt to construct success as entrepreneurs. We have completed that and, as I mentioned earlier, we all know what it means to not be capable of make a payroll on Friday, and that brings empathy for the entrepreneur perspective that we discover is a superb match for the entrepreneurs that that resonates with. We’re not the appropriate match for everybody, and neither is everybody the appropriate match for us. 

Secondly, our Rolodex is extraordinarily helpful for corporations which have ambition to be world gamers. We have now the previous president of Mexico, Vicente Fox, he is on our advisory board, and now we have loads of worldwide relationships. Whereas we do not spend money on corporations internationally on this fund, we spend money on corporations which have the flexibility to look to scale at that type of stage. We have got the sources, whether or not it is finance, operations, regulatory, and/or advisory board and our capital companions, that wish to take part in taking corporations from the seed and Sequence A up till as much as the $100 million, $200 million, half a billion greenback in income kind inflection level.

VN: What are among the investments you’ve made that you just’re tremendous enthusiastic about? Why did you wish to spend money on these corporations?

RO: As I mentioned, we went by means of a ton of offers and it was very disciplined to say that we did not wish to rush into any investments earlier than we began writing checks. Clearly, as a basic accomplice, I am invested in the whole lot that we do. And so, the groups that basically rose to the highest, and that we’re persevering with to assist, are corporations like Leafworks, which has two PhD feminine founders primarily based out of California. It was one of many first teams to map the genome of the hashish plant and so they’re now growing commercialization of that IP, and every kind of purposes for agricultural expertise, which is basically what it’s; it simply occurs to be the hashish plant. We love the variety of founders in hashish: out of our eight corporations, now we have six feminine founders, now we have three African American founders, now we have an Asian American founder. We have simply seen this broader scope of entry to entrepreneurship, which actually excites us and that is a differentiator for our LPs as properly. 

There’s one other firm Nalu-Bio, they’re one of many first main corporations to create an artificial CBD compound, and this goes again to what I used to be speaking about earlier about prescription drugs originating in nature and so they’re now capable of replicate an artificial CBD compound. The way in which to consider it’s like aspirin got here from crops, now it is created in a lab and it is put in bottles and large pharma can roll it out. We have now one other firm, tcheck, that’s a handheld spectrometer system. That the corporate’s doing extraordinarily properly.

VN: You talked about the variety that you just spend money on. Is hashish a extra various house and, if that’s the case, why is that?

RO: We have simply seen, anecdotally, extra range within the founder set than we have that I’ve personally seen in different sectors previously.

A part of that’s as a result of there are loads of social fairness packages which can be constructed round hashish laws. So, it has been a part of the DNA of the hashish sector from the get go to make these enterprise alternatives accessible to everybody in our communities and, specifically, these which were most negatively impacted by prohibition previous to that. Additionally, as a result of it is an thrilling, new and revolutionary house you are simply getting loads of expertise in search of their methods to take part. 

VN: What are some classes you discovered?

RO: Do not fall in love with a deal. Any person mentioned to me at one level, I want I may discover out who it was, that offers are like trains: there is a new one each seven minutes. And, sure, you wish to fall in love with the appropriate founders and the appropriate alternative however the occasions that it harm to move on transactions have by no means come again to chunk us.

It is also understanding the persistence or calmness that comes with entrepreneurs who’ve been by means of sufficient storms, have weathered sufficient storms alongside the way in which, that issues will all the time go fallacious and each set of projections we have ever completed have all the time been fallacious; no one has a crystal ball. It is actually about constructing the appropriate partnerships with individuals that you just wish to go to endure the battle with and discover methods to go in, even when all the chances are in opposition to you.

VN: What excites you probably the most about your place as VC?

RO: I’ve a private mission to create 1,000 millionaires in my profession and, as a non-classically skilled finance individual, I view enterprise capital, and the flexibility to be a enterprise capitalist, as a platform by which to offer pathways for entrepreneurial success, which was one thing that had been largely elusive for me in my profession as properly. So, I get excited in regards to the founders we work with. I get enthusiastic about with the ability to be a major contributor to different individuals’s success and different firm’s success. 

We have now a mission to create a billion {dollars} in worth and positively impression a billion lives as a agency, and now we have a staff that is available in on daily basis to battle for that; we consider it is too essential to fail at. With that focus, we see this as one thing that’s going to be transformative in our communities if we’re profitable at it. I could not consider the rest I may have a higher quantity of impression.

Source link